02/22/2012
Just as automobile sales have rebounded since the fall and provided the economy with a much needed boost, might not the housing market be similarly poised to awaken from its lethargy as the spring selling season gets underway?
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02/14/2012
A Positive Step in Greece:
With the Greek parliament’s passage of their latest austerity plan, Europe is closer towards an agreement on a second bailout package for Greece. However, other hurdles remain before the European Union, the International Monetary Fund, and the European Central Bank agree to release the funds. Those steps include political assurances from Greece to stick with the austerity plan after upcoming elections; identification of specific budget cuts; and private sector acceptance of the terms of debt forgiveness. But the parliamentary vote was a necessary first step and the initial reaction of global markets is positive. Stocks are higher, peripheral European bond yields are lower, the Euro is stronger, and commodity prices have firmed.
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02/14/2012
In a shift from our asset allocation position last quarter, we have added to equities and are now positioned neutral to portfolio benchmark weights. Market sentiment has improved as U.S. economic data — particularly labor and manufacturing — are showing some signs of improvement and the housing market appears to be stabilizing. Worries remain that uncertainty surrounding an agreement on extending payroll tax relief and other unemployment benefits could be a drag on economic growth in 2012. The Federal Reserve continues to expect modest growth and has announced their intention not to raise rates until 2014. Fears of a euro-debt crisis have abated somewhat.
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02/06/2012
01/31/2012
01/23/2012
01/17/2012
01/11/2012
