Material and commentaries published in the past may or may not be helpful in analyzing current economic or financial market activity. Please note publishing date when reviewing materials.  Please email [email protected] for our current thoughts or to reach an advisor.


Market Commentary


Cumberland Advisors Market Commentary offers insights and analysis on upcoming, important economic issues that potentially impact global financial markets. Our team shares their thinking on global economic developments, market news and other factors that often influence investment opportunities and strategies. Our readers appreciate its timeliness, depth of analysis, and quality of research.

  • Midsummer Muni Musings
     Author(s): John R. Mousseau, CFA | Tue August 1, 2017

    As the summer doldrums roll on, we thought it was a good time to recap where the muni market has come since the Trump sell-off of last fall.

    A number of factors have helped the overall muni market.

  • Cryptocurrency
     Author(s): David R. Kotok | Thu July 27, 2017

    For an in-depth discussion of blockchain and cryptocurrencies see the June 2017 white paper published by the World Economic Forum: “Realizing the Potential of Blockchain: A Multistakeholder Approach to the Stewardship of Blockchain and Cryptocurrencies” (…

  • Draghi Reassures as Eurozone Leads Developed Economies
     Author(s): Bill Witherell, Ph.D. | Sat July 22, 2017

    The European Central Bank (ECB) decided on July 20th to maintain its extraordinary monetary stimulus with no change in policy interest rates. ECB President Mario Draghi’s remarks reassured markets that the eventual move towards normalization of rates and the ECB’s balance sheet will not be made…

  • Mystery Solved: Why Wages Won’t Rise in Japan
     Author(s): David R. Kotok | Fri July 21, 2017

    Jeff Uscher’s Japan Insider is one of my daily reads and regularly delivers insights I value and rely upon. Jeff has generously given me permission to share with you his research on why overall wages in Japan are stagnant despite a compelling labor shortage and thus why, despite the best efforts…

  • Taxes, Politics and Mr. Bannon
     Author(s): David R. Kotok | Wed July 19, 2017

    "Since the Great Recession, which is now 8 years old, we've been growing at 1.5 to 2 percent in spite of stupidity and political gridlock, because the American business sector is powerful and strong. What I'm saying is it would be much stronger growth had we made intelligent decisions and were…

  • Still Favoring Japan
     Author(s): Bill Witherell, Ph.D. | Sat July 15, 2017

    Over the past 12 months, as of July 6th, the Japanese equity market  outperformed. The TOPIX index  increased 31.1% and the NKY 225 30.5%. These figures compare with increases of 14.8% for the S&P 500, 19.35% for the STOXX Europe 600, and in Asia, 22.4% for the MSCI AC Asia Pacific ex Japan…

  • When Medians Don't Represent Consensus
     Author(s): Robert Eisenbeis, Ph.D. | Fri July 14, 2017

    The minutes of the FOMC’s June meeting are especially interesting this time. Not for because of what the FOMC said about raising its policy rate this time, but rather because of the insights that the minutes provide regarding participants’ widely divergent views on the policy path going forward…

  • Munis, Defaults, Chicago
     Author(s): David R. Kotok | Wed July 12, 2017

    In her quarterly missive, Cumberland’s Patty Healy offered a terrific summary of credit conditions in the US muni market. Here’s that John Mousseau furthered a dissection of the subject on Asset TV.

  • More on First Amendment
     Author(s): David R. Kotok | Sun July 9, 2017

    We received many replies after we published my commentary “America’s Birthday” ( A sampling of readers’ responses follows, and then we will turn to the implications of the First Amendment for markets.

    The majority agreed with us and offered “well done” or “…

     Author(s): Patricia Healy, CFA and Shaun Burgess | Fri July 7, 2017

    We closely follow the bond insurers because they remain an important part of the municipal market, and they are integral to our Insured Puerto Rico Strategy.

    Cumberland exited all uninsured Puerto Rico exposure in 2011, as it was clear that population loss and economic circumstances…



"The mind is not a vessel to be filled but a fire to be kindled."