

Demographics, Deficits & Deflation
Secular trends are conspiring with the Pandemic to reduce demand in the US. Favorable demographics should enable higher productivity and constrain inflation. In contrast, expanding debt service and higher tax rates will crimp future growth while declining household formation further slows demand. Future policy choices' precision is irrelevant to the greater need to avoid a change of consumer behavior that a continuing Pandemic may bring. A newfound thrift by consumers from th


A Volatile Season
It is the best of times for equities. It is the worst of times for employment and interest rates. Cooling temperatures augur the imminent arrival of a resurgent virus that threatens further closures. The earnings season arrives with its insight into the durability of business during the Pandemic. Into this mercurial maelstrom steps a duplicitous debate on justice with a cost measured with integrity. To further heighten this noxious brew, a polarized election arrives with wide