Whither Wage Growth?

Over the past few years we have periodically highlighted improving labor markets, with the domestic economy adding roughly 250,000 jobs per month and the U.S. unemployment rate recently falling to 5.5%. Yet one aspect of the labor markets has not improved, at least to …Read More

Productivity Doesn’t Grow on Trees

Productivity–doing more with less–has been one of the lynchpins of American economic prowess in the decades following World War II. Rising productivity allows for growth in both wages and profits, creating wealth for workers and the capital owners (i.e., shareholders) …Read More

Taking Stock… Literally and Figuratively

This quarter marked the sixth anniversary of the market bottom reached during the throes of the 2008-09 financial crisis and recession. This quarter also marked the 15th anniversary of the dot-com boom and bust, as measured by the March 10, 2000, peak on the NASDAQ Composite …Read More

The Bond Box – Notes from Our Bond Trading Desk

Contrary to the endless predictions of higher interest rates, long-term rates dropped again in the first quarter for the fifth straight quarterly decline. Thirty-year Treasury rates hit all-time historical lows at the end of January before rebounding modestly in February. …Read More