For a variety of reasons ranging from growth in the money supply and easy access to credit to massive fiscal stimulus from the One Big Beautiful Bill Act and a ballooning federal deficit, both the economy and the financial markets are awash in liquidity...

The third quarter of the year has a well-earned reputation for being a period of volatility and substantial change and, at least thus far, the third quarter of 2026 has served to further justify that reputation.  To start with, some updated Federal Reserve estimates suggest that third quarter U.S. economic growth could essentially triple...

British economist John Maynard Keynes famously noted that “the markets can remain irrational longer than most investors can remain solvent.”  If there was any doubt regarding the legitimacy of that perspective, the just-concluded second quarter provided an excellent example of just how counterintuitive... 

On the surface, the U.S. economy continues to look quite impressive, as it is not just proving resilient in the face of both macroeconomic uncertainty and the conflict with Iran, but also appears to be accelerating.  However, when one looks under the surface, economic strength is not as broad based as we would ideally like...