Dear Clients & Friends,

Several readers have asked about the Covid surge in Florida.  For Cumberland‘s office status, if you are planning a visit, please call for the most current status and office protocols. We are open with a blended schedule of in-person and some work-from-home.

In April, business activity in China slowed dramatically, following a contraction in March. This development is of global importance to policymakers and investors. The Chinese economy is the world’s second largest, behind only the US economy.

Commentators on the current state of equity markets have no shortage of explanations. Here is a brief list, which is by no means complete:

Today, we feature the second installment of the virtual and in-person series, “Ukraine: What’s Next?” sponsored by the University of South Florida and the Global Interdependence Center, in partnership with Cumberland Advisors and others.

We are going to open this commentary with five of the slides used at the April 27 USF-GIC virtual (and in person) conference on the Russia-Ukraine war and its impacts.

Manatee Educational Television (METV) and the University of South Florida are in the process of airing a five-part series, “Ukraine: What’s Next?” Cumberland Advisors is a sponsor and supporter, and the Global Interdependence Center is a program partner.

…

On Thursday, May 19, 2022, the Global Interdependence Center and the Solve Long Covid Initiative will offer a one-day conference, “Long Covid: Research, Policy and Economic Impact.” This signature event offers attendees the opportunity to learn about the latest scientific research on Long Covid…

We’re talking bonds and the Fed today. Here are two links and a rant.  

Today we are going to look at the credit spread of a Bloomberg intermediate-term BBB-rated bond cohort which is determined and priced AFTER removing the bonds of energy, metals, and mining. The series from Bloomberg is “BBB 5–10yr ex Energy, Metals, and Mining (H33730US Index).”