United States   Q2 GDP is anyone’s guess as demonstrated by the extended range found on the list to the right compiled by Charles Schwab. Former Fed Chair Janet Yellen said in a recent interview on CNBC that the annualized Q2 GDP hit will be -30%.  Largely this is driven…

COVID-19 is the 2008 mortgage crisis of the 2020s – if anything, the build-up, impact and reaction are even more rapid and extreme.  Therefore, subtle analysis must be set aside in exchange for either short, speedy execution or very long, slow positioning.  This month’s editorial will focus on the current…

During the month of March, the top 3 performing sectors were: Interest Rates (2.49%), the Barclays CTA Index (1.92%) and Grains (0.78%). The bottom 3 sectors were: Energies (-35.05%), S&P GSCI (-29.43%) and the S&P 500 Index (-12.51%). The month of March was historical to say the least. COVID-19 fears…

Macro: North America   Q1 2020 US Growth Estimate from the Atlanta Fed is holding strong at +3.1% as business investment, consumer spending and government outlays are all forecasted to increase. There may be some frontloading of consumer spending in particular so how long this lasts is an open question. …