Dear Clients & Friends,

My friend Brent Donnelly of Spectra Markets, tenured regular attendee at the annual gathering in Maine, has granted permission to share his excellent research note about US dollar strength and stock markets.

The FOMC began raising rates at its March meeting, by 25 basis points, and followed in May with a 50-basis-point increase, then began frontloading its policy tightening by 75 basis points in June and another 75 basis points in July.

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The Cumberland Advisors Week in Review is a recap of news, commentary, and opinion from our team. These are not revised assessments, and circumstances may have changed in the market from the time of original publication. We may include older commentaries that our editors have determined may be…

CCC spreads are now significantly higher than the pre-Covid December 31, 2019, level. This widening spread suggests that the Fed’s policy of tightening by raising rates while shrinking its balance sheet is starting to tighten financial conditions.  

My friends Philippa Dunne and Doug Henwood of TLRanalytics had the following observation about the GDP-versus-GDI debate: “Some argue that GDI is better in a creative economy, which seems to imply nothing is created!”

Chairman Powell kicked off the Kansas City Fed’s annual Jackson Hole symposium on Friday and sent a strong, clear message.

Readers, as promised, we have a longer video featuring Francis Suarez, Mayor of Miami. If you are intrigued by what is involved in leading a fast-growing gateway city that has become an international hub for business and finance, you will want to watch Mayor Suarez’s fireside chat from week two…

My friend and fellow Sarasotan Alejandra Grindal, Chief Economist at Ned Davis Research, was a first-time guest at Camp Kotok this year. This was her first time fishing, too, by the way, and she did well. But that’s her fish story to tell.