As the financial world obsesses about tariffs, we got to thinking about who these tariffs might impact: consumers. As regular readers of our memos know, the U.S. consumer is a powerful economic force. Consumer spending makes up nearly 70% of GD...

The story of 2025 has been tariffs. And yet, despite a significant market correction in April, markets have recovered nicely. But the tariff discussion isn’t over yet. They are happening. And there is no question they will have some level of im...

In politics, they frequently refer to the 24-hour news cycle. The flood of information it creates presents opportunities – and hazards – for candidates. The same cycle exists for the market. And right now, we’re in the midst of a nice swell of ...

The White House came out firing on tariffs last week. New tariffs were announced for the E.U., Mexico, Canada and a number of other countries. But the response from Wall Street was very different from the last time we did this. Instead of the p...

While the Nation was celebrating our 249th birthday over the weekend, Republicans in Congress were busy passing President Trump’s “One Big Beautiful Bill”. It is, as the name implies, BIG! At 897 pages, we haven’t read it all (yet). But we did ...