Happy New Year Wishes.

The final Congressional Budget Office (CBO) scoring of the tax bill was submitted to the House Ways and Means Committee on December 15. A summary of the scoring is available here in PDF form: https://www.cbo.gov/system/files/115th-congress-2017-2018/costestimate/…

The fourth quarter of 2017 continued to produce records in the equity market, while the yield curve in the fixed-income market continued a flattening trend. The largest movement in yield was on the short end, as short-term rates continue to rise. As of December 20th, the 1-year and 2-year…

The strong advance in international (global ex-US) equity markets this year slowed down in the final quarter as advanced-economy markets consolidated their substantial gains and some emerging markets gave back part of their earlier advances. Latin American markets were hit by weakness in…

Many readers (copied below) responded to our commentary that described the attempt of Senator Pat Toomey (R-Pa) to “carve out” a special provision in the tax bill for Hillsdale College in Michigan.

Natural disasters appear to be on track for a record year. Numerous wildfires in the West and back-to-back hurricanes in the Southeast raise questions about how the affected areas will fare in terms of people and businesses remaining in the area, the continuance of federal aid, and the…

With the Dow Jones Industrial Average approaching 25,000, the S&P 500 touching 2,700, and the tech-heavy Nasdaq Composite topping 7,000, our quantitative strategy has once again harvested considerable quarterly gains.

The US stock market is likely to have its second-best year since…

The question of what investments are suitable for funds held in trust for the benefit of private persons or corporations is a topic that has engaged the legal and financial communities for centuries. In the United States, the legal framework defining the manner in which funds held in trust for a…

Recent changes in US policies toward Cuba have reinvigorated debate over US-Cuba relations. How will these revised policies affect American business, trade, and travel, as well as the well-being of the Cuban people? What does the future hold?

The FOMC delivered on the expected 25-basis-point increase in its target range for the federal funds rate and has penciled in three more rate hikes for 2018. Of course, all of this future activity is “data-dependent.” How likely is it that the data will justify those three rate hikes, and what…

The most recent tax-reform agreement between the US House of Representatives and US Senate is less hurtful to municipal bonds than initially expected. Here are some points.