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Heading Toward a National Bank?

Commentary: Week of March 20, 2023 The late great Supreme Court Justice Antonin Scalia was often in dissent in key legal cases during his long career.  Almost thirty years ago, he wrote that “Day by day, case by case, the Supreme Court is busy designing a Constitution...

What Happened to the Recession?

Commentary: Week of March 06, 2023 In multiple ways, this is the most difficult time we have ever seen to make a forecast.  “Unprecedented” actions by government – locking down the economy, printing, borrowing, and spending trillions of extra dollars – artificially...

Hard, Soft, or No Landing?

Commentary: Week of February 27, 2023 In the past few weeks, a growing chorus of economists and investors have decided that the pessimistic narrative had it wrong all along, that the US isn’t headed for a hard landing, which would mean a recession, it isn’t even...

Monetary Mayhem Muddies Crystal Ball

Commentary: Week of February 20, 2023 You can’t read or watch financial news these days without a heavy dose of speculation about what the Fed is going to do with short-term interest rates, when it’s going to do it, and how long it’s going to do it for. There’s...