Life Gets More Expensive, A Milestone for Corporate Pensions, and Inflation Ticks Up in Asia
CPI is in, and climbing fast. Driven largely by airfare, household furnishings, and used cars, prices are up 5% annually—the fastest annual rate since 2008. But as the Fed would likely remind us...
BCM 1Q21 Market Commentary: A Fundamentally Different Market Environment
There are ample reasons to be optimistic about the direction of the economy in the near term, but the direction of security markets is much murkier. It seems all but certain that this is a fundamentally...
VIDEO: BCM’s 4Q20 Quarterly Market Update Call with the PM
It was a year of firsts and unprecedented events, but—at a high level—2020 was almost the perfect continuation of the trends established in the decade that preceded it. Still, important differences...
New Records from the Labor Market, Climbing Consumer Prices, and a Big Week for Bitcoin
The labor market is setting new—and concerning—records in the U.S. as Covid restrictions ease, life gets a little more normal, and “return-to-office” efforts begin in earnest; job openings have hit...
Wages Climb Higher, A Generational Shift, and Real Treasury Yields Sink Deeper into Negative Territory
Friday’s jobs report came in below economists’ forecasts, though not due to lack of demand. The supply shortage is pushing wages higher, particularly in the recently revitalized leisure and...
Services PMI Hits Highest on Record, a Labor Market Update, and is a QE Taper Approaching?
More good news from ISM this week: services PMI saw gains in every sector and climbed to its highest level on record in May—though again, not without a corresponding hike in prices. This morning’s jobs...