Before I offer the responses from Frank and Frank, let me offer a personal note. It pains me to write this, but I must. In the investment advisory business, one must separate the personal policy view from the actual investment decision. It is great when they are aligned. It is difficult when…

Dear readers, our quarterly stock market commentary is a little longer than usual today. We hope you enjoy the results of this effort.   

After 10 increases in its target rate for the federal funds, the FOMC paused but indicated that future moves were on the horizon if needed.

Bloomberg recently reported on the US Defense Department’s examination of the quality and safety of imported drugs.

“The national average price for regular gasoline is a full dollar (or more) a gallon lower than a year ago. Drivers paid over $4.60 in May 2022, and prices had reached $5 by the second week of June.

Cumberland Advisors’ Friday, Jun 09, 2023 Week in Review is available online. Our end-of-week update on markets generally features equities, bonds, and trading highlights. Thank you for joining us.

Last week, the report that China’s official Purchase Managers’ Index (PMI) for May came in below expectations was seen as evidence of weakening economic momentum in the second quarter. Investors had expected an uptick, but instead the manufacturing index fell for the second month, to 48.8,…

We thank Philippa Dunne and Doug Henwood for granting us permission to share the entire commentary below. For information about their excellent research services readers may contact them directly: We want to remind readers that economic growth originates from two separate areas.

Summary

For the last few weeks, we have published commentaries on the monetary policy dilemmas facing the Fed and central banks, the particularly American debt ceiling madness, and bank failures .