Michael's Blog

The Federal Reserve not only held rates once again in July, but a surprisingly hawkish tone has likely pushed back the timing of any rate cut until at least December. We look at some of the key drivers and why markets may need to prepare for a return...

Market rallies are in essence a double-edged sword. The S&P 500’s recent rally has been terrific, but it’s pushed the market’s valuation back up to lofty levels. Today we will discuss key drivers of the valuation expansion and how investors should factor...

The One Big Beautiful Bill Act (OBBBA), U.S. President Trump’s mega-legislation implements sweeping changes across the U.S. economy. Let’s examine the highlights, and overall economic impact. Individuals: The One Big Beautiful Bill Act (OBBBA) did what...

While U.S. equities continue navigating waves of volatility on the way to new highs—the environment certainly was not as favourable. Today, we’ll look at four key catalysts the drove recent outperformance and examine whether they can be sustained. The...

While inflation has stayed calm in 2025, concerns about potential tariff-related price hikes have kept the Fed sidelined. Today we’ll analyze recent commentary, the impact of market forces and political pressure on yields, and the probability of future...

Navigating equity bear markets requires greater-than-usual patience. Given the potential cost of missing periods of strong returns, the more suitable course of action for most investors is to remain disciplined and invested. Corrections Are Normal Equity...

Three years ago, all Recession Scorecard indicators were rated expansionary green, suggesting to us that the U.S. economy—and by association, global stock markets—were on a firm footing with a long way to run. Today, only one green indicator remains—the...

The centerpiece of U.S. President Donald Trump’s economic agenda is winding its way through Congress. What’s inside the current legislation that’s of key interest to markets and investors, and how could this change ? The tax and budget bill recently passed...

Following an 18.9 % plunge due to substantial tariffs, the S&P 500 shot up 19.7 % from April 8 through May 19 after very high tariffs were paused. Since then, it has backed off some but is still above the levels before big tariffs were levied and is now...