Cumberland Advisors Week in Review (Apr 13, 2020 - Apr 17, 2020)

Cumberland Advisors

Sun Apr 19, 2020

The Cumberland Advisors Week in Review is a recap of news, commentary, and opinion from our team.

These are not revised assessments, and circumstances may have changed in the market from the time of original publication. We also include older commentaries that our editors have determined may be of interest to our audience. Your feedback is always welcome.

CUMBERLAND ADVISORS' WEEKLY RECAP

As part of Cumberland Advisors' continuous effort to maintain strong customer relationships, we offer this week's short video discussing current market conditions and how we are positioning portfolios.

</p> <div id="content" class="style-scope ytd-expander"> <p>Thank you for joining Cumberland Advisors for this end-of-week update on market conditions, bonds & equities with me, Matt McAleer, and John Mousseau.</p> <p>David Kotok also shot a video to accompany his commentary this week which you can see below.</p> <p>I'm first up with my take on markets this week. I made it into the office with John Mousseau today though we sit about 50ft apart. We remain cautious and shoot our videos separately.</p> <p>Next, John tackles the bond market. We're still getting great feedback about the Federal Reserve's unprecedented action last week. If you haven't read it, Cumberland Advisors preceded their move with a public commentary and call to action entitled, "A Proposal for the Coronavirus Anticipation Note (CAN)" on April 01, 2020. Let us know what you think: <a href="https://www.cumber.com/cumberland-advisors-market-commentary-a-proposal-for-the-coronavirus-anticipation-note-can/" target="_blank" rel="noopener noreferrer">https://www.cumber.com/cumberland-advisors-market-commentary-a-proposal-for-the-coronavirus-anticipation-note-can/</a></p> <p>We all shot our own video this week and we appreciate you taking the time to join us.</p> <p>Please reach out with any questions/comments you may have about this update, we always appreciate your calls, comments, and emails.</p> <p>Watch in the player above or at this link: <a href="https://youtu.be/dkV9PjXfR6U" target="_blank" rel="noopener noreferrer">https://youtu.be/dkV9PjXfR6U</a></p> <p>Have a safe weekend and thank you for joining us at Cumberland Advisors.</p> <p><strong>-Matt McAleer</strong></p> </div> <div></div> <p><em>Matt enjoys your feedback. You can reach him at:</em><br /> -Link to Matt's Email: <a href="mailto:Matthew.McAleer@Cumber.com?subject=Weekly%20Update" target="_blank" rel="noopener noreferrer">Matthew.McAleer@Cumber.com</a><br /> -Link to Matt's Twitter: <a href="https://twitter.com/MattMcAleer4">https://twitter.com/MattMcAleer4</a><br /> -Link to Matt's LinkedIn: <a href="https://www.linkedin.com/in/matthew-c-mcaleer/">https://www.linkedin.com/in/matthew-c-mcaleer/</a><br /> -Call Matt: <a href="tel:800-257-7013p346" target="_blank" rel="noopener noreferrer">(800) 257-7013</a></p> <p>Other questions or comments? Email us at <a href="mailto:info@cumber.com?subject=Comment" target="_blank" rel="noopener noreferrer">info@cumber.com</a> or give us a call at (800) 257-7013.</p> <p><em>Contact Matt or any one of our advisors by following this link: <a href="https://www.cumber.com/our-people/" target="_blank" rel="noopener noreferrer">https://www.cumber.com/our-people/</a> </em></p> <p> </p> <hr /> <h1><img class="aligncenter size-full wp-image-39870" src="/sites/default/files/uploads/2014/12/InTheNewsLarge.jpg" alt="Cumberland Advisors In The News" width="685" height="376" /></h1> <h3>Lots of Muni Bonds Are Going to Be Just Fine</h3> <p>by Barry Ritholtz - April 13, 2020</p> <p>(Bloomberg Opinion) -- In an extraordinary attempt to help the economy in the midst of the coronavirus economic downturn, the Federal Reserve’s balance sheet has ballooned to more than $6 trillion.</p> <p>How this has affected fixed-income pricing, yield, risk and even trading is the subject of this week’s Masters in Business interview with John R. Mousseau, president, chief executive officer and director of fixed income at Cumberland Advisors. Mousseau also is the co-author of the book “Adventures in Muniland: A Guide to Municipal Bond Investing in the Post-Crisis Era.”</p> <p>He notes the current slump is very different from the 2008-09 financial crisis. That event was driven by credit deterioration and mortgage defaults. Things only came to a head only after defaults soared and bond markets developed liquidity problems after the collapse of Lehman Brothers. In the fixed-income world today, the coronavirus pandemic is characterized mostly by economic paralysis, but so far not mass defaults.</p> <p>Full story at Yahoo Finance: <a href="https://finance.yahoo.com/news/lots-muni-bonds-going-just-153254865.html" target="_blank" rel="noopener noreferrer">https://finance.yahoo.com/news/lots-muni-bonds-going-just-153254865.html</a></p> <h3>Court rules Puerto Rico residents eligible for SSI program</h3> <p>by Robert Slavin - April 14, 2020</p> <p>A federal appeals court has upheld a decision that people in Puerto Rico are eligible for the Supplemental Security Income program.</p> <p>As many as 700,000 people may be impacted by Friday's ruling from the U.S. Court of Appeals for the First Circuit. The Social Security Administration runs SSI, which provides money to low-income people who are disabled, blind, or over 65. It also provides money to families with disabled children.<br /> The appeals court ruling may impact as many as 700,000 people in Puerto Rico.Bloomberg News</p> <p>Puerto Rico currently has a program jointly funded with the federal government that provides funds to these groups.</p> <p>According to Jenniffer González-Colon, Puerto Rico's non-voting representative in Congress, the average SSI beneficiary receives $553 monthly, whereas the average beneficiary under the Puerto Rico program receives $77 monthly. The maximum income permitted for an individual to qualify for SSI is $750 per month, compared to a maximum of $65 per month for the Puerto Rico program.</p> <p>Cumberland Advisors Portfolio Manager Shaun Burgess said that he expected SSI to have more impact by allowing the local government to save money on the existing program than as a stimulus on the local economy. Cumberland owns insured Puerto Rico bonds.</p> <p>Read the full story at The Bond Buyer: <a href="https://www.bondbuyer.com/news/court-rules-puerto-rico-residents-eligible-for-ssi-program" target="_blank" rel="noopener noreferrer">https://www.bondbuyer.com/news/court-rules-puerto-rico-residents-eligible-for-ssi-program</a></p> <p><strong>More News About Cumberland Advisors Here:</strong> <a href="https://www.cumber.com/news" target="_blank" rel="noopener noreferrer">https://www.cumber.com/news</a></p> <hr /> <div class="post-thumbnail"><img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2017/03/Market-Commentary-672x245.png" alt="Cumberland Advisors Market Commentary" width="672" height="245" /></div> <div class="static_cont_outer"> <p>Cumberland Advisors Market Commentary offers insights and analysis on upcoming, important economic issues that potentially impact global financial markets. Our team shares their thinking on global economic developments, market news and other factors that often influence investment opportunities and strategies. Our readers appreciate its timeliness, depth of analysis, and quality of research.</p> <p>To read current and past commentaries, visit <a href="https://www.cumber.com/category/market-commentary/" target="_blank" rel="noopener noreferrer">www.cumber.com/category/market-commentary/</a></p> </div> <p> </p> <hr /> <div class="news_row_main clearfix"> <div class="news_right"> <div class="categorysub"> <article id="post-51705" class="post-51705 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-credit-quality tag-municipal-bonds tag-patricia-healy"> <header class="entry-header"> <div class="categorysub"> <article id="post-51817" class="post-51817 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-coronavirus tag-covid-19 tag-europe tag-william-witherell"> <header class="entry-header"> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-narrow-banks/" rel="bookmark">Cumberland Advisors Market Commentary – Narrow Banks</a></h2> <h6><strong>Author:</strong> Robert Eisenbeis, Ph.D., <strong>Post Date:</strong> April 17, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-narrow-banks/"><img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2020/04/Market-Commentary-Cumberland-Advisors-Narrow-Banks-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/04/Market-Commentary-Cumberland-Advisors-Narrow-Banks-672x372.jpg 672w, /sites/default/files/uploads/2020/04/Market-Commentary-Cumberland-Advisors-Narrow-Banks-1038x576.jpg 1038w" alt="Narrow Banks" width="672" height="372" /></a></p> <p>In a move largely overlooked due to the virus pandemic, on March 25, Judge Andrew L. Carter, Jr., of the United States District Court for the Southern District of New York dismissed a case filed by principals of The Narrow Bank (TNB) against the Federal Reserve Bank of New York (https://www.tnbusa.com/wp-content/uploads/2020/03/2020.03.25-TNB-Order.pdf). What is The Narrow [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-narrow-banks/" target="_blank" rel="noopener noreferrer">Continued…</a>]</p> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-fed-goes-to-war/" rel="bookmark">Cumberland Advisors Market Commentary – Fed Goes to War</a></h2> <h6><strong>Author:</strong> David R. Kotok, <strong>Post Date:</strong> April 16, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-fed-goes-to-war/"><img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2020/04/CA-Market-Commentary-Columbia-Fed-Goes-to-War-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/04/CA-Market-Commentary-Columbia-Fed-Goes-to-War-672x372.jpg 672w, /sites/default/files/uploads/2020/04/CA-Market-Commentary-Columbia-Fed-Goes-to-War-1038x576.jpg 1038w" alt="Fed Goes to War" width="672" height="372" /></a></p> <p>The April 12, 2020, posting on the Money, Banking and Financial Markets site, entitled “The Fed Goes to War: Part 3,” expands on the discussion of the extraordinary measures taken recently by the Federal Reserve. Let me offer a personal endorsement: I find the site consistently and exceptionally helpful. Much has already been written about about this expansion of the Fed’s arsenal and the list of new facilities. Essentially, the playbook for last decade’s Great Financial Crisis has been reopened, and a whole new set of tools has been added. [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-fed-goes-to-war/" target="_blank" rel="noopener noreferrer">Continued…</a>]</p> </div> </div> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-a-very-british-affair-living-with-covid-19-in-the-uk/" rel="bookmark">Cumberland Advisors Market Commentary – A Very British Affair — Living with COVID-19 in the UK</a></h2> <h6><strong>Author:</strong> Kevin Humphreys, <strong>Post Date:</strong> April 15, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-a-very-british-affair-living-with-covid-19-in-the-uk/"><img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2020/04/Guest-Commentary-Cumberland-Advisors-A-Very-British-Affair-—-Living-with-COVID-19-in-the-UK-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/04/Guest-Commentary-Cumberland-Advisors-A-Very-British-Affair-—-Living-with-COVID-19-in-the-UK-672x372.jpg 672w, /sites/default/files/uploads/2020/04/Guest-Commentary-Cumberland-Advisors-A-Very-British-Affair-—-Living-with-COVID-19-in-the-UK-1038x576.jpg 1038w" alt="A Very British Affair — Living with COVID-19 in the UK" width="672" height="372" /></a></p> <p>Kevin Humphreys is a long-time commentary subscriber from the other side of the pond. He is a London-based independent financial market analyst and commentator with 23 years of trading and management in tier 1 UK banks followed by another 10 years in broking, management and market analysis roles, specializing in Eurozone and UK markets. Kevin [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-a-very-british-affair-living-with-covid-19-in-the-uk/" target="_blank" rel="noopener noreferrer">Continued…</a>]</p> </div> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-governors-and-the-states/" rel="bookmark">Cumberland Advisors Market Commentary – Governors and the States</a></h2> <h6><strong>Author:</strong> David R. Kotok, <strong>Post Date:</strong> April 13, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-governors-and-the-states/"><img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2020/04/Market-Commentary-Cumberland-Advisors-Governors-and-the-States-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/04/Market-Commentary-Cumberland-Advisors-Governors-and-the-States-672x372.jpg 672w, /sites/default/files/uploads/2020/04/Market-Commentary-Cumberland-Advisors-Governors-and-the-States-1038x576.jpg 1038w" alt="Market Commentary - Cumberland Advisors - Governors and the States" width="672" height="372" /></a>“Governor Gavin Newsom said that he would use the bulk purchasing power of California ‘as a nation-state’ to acquire the hospital supplies that the federal government has failed to provide. If all goes according to plan, Newsom said, California might even ‘export some of those supplies to states in need.’ “‘Nation-state.’ ‘Export.’ “Newsom is accomplishing [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-governors-and-the-states/" target="_blank" rel="noopener noreferrer">Continued…</a>]</p> </div> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-commentary-the-biblical-rembrandt/" rel="bookmark">Cumberland Advisors Commentary – The Biblical Rembrandt</a></h2> <h6><strong>Author:</strong> David R. Kotok, <strong>Post Date:</strong> April 12, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-commentary-the-biblical-rembrandt/"><img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2020/04/Rembrandt-Christ-Before-Pilate-672x372.png" alt="Rembrandt - Christ Before Pilate" width="672" height="372" /></a></p> <p>In Amsterdam in 1632 , a talented young artist, Rembrandt Harmenszoon van Rijn, was commissioned to produce five etchings of biblical scenes. Rembrandt was born in 1606 and this was his breakthrough engagement, at age 26. His patron was Stadtholder Frederik Hendrik, Prince of Orange, the Dutch sovereign. Rembrandt was inspired by Rubens’s altarpiece in [<a href="https://www.cumber.com/cumberland-advisors-commentary-the-biblical-rembrandt/" target="_blank" rel="noopener noreferrer">Continued…</a>]</p> </div> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-repos-revisited/" rel="bookmark">Cumberland Advisors Market Commentary – Repos Revisited</a></h2> <h6><strong>Author:</strong> Robert Eisenbeis, Ph.D., <strong>Post Date:</strong> April 9, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-repos-revisited/"><img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2020/04/Market-Commentary-Cumberland-Advisors-Repos-Revisited-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/04/Market-Commentary-Cumberland-Advisors-Repos-Revisited-672x372.jpg 672w, /sites/default/files/uploads/2020/04/Market-Commentary-Cumberland-Advisors-Repos-Revisited-1038x576.jpg 1038w" alt="Market Commentary - Cumberland Advisors - Repos Revisited" width="672" height="372" /></a>On March 12, a Wall Street Journal headline announced, “Fed to Inject $1.5 Trillion in Bid to Prevent ‘Unusual Disruptions’ in Markets” (https://www.wsj.com/articles/fed-to-inject-1-5-trillion-in-bid-to-prevent-unusual-disruptions-in-markets-11584033537). The inference was that the Fed was embarking upon a massive injection of funds into short-term money markets. That is, the first three offerings of $500 billion each were but the first [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-repos-revisited/" target="_blank" rel="noopener noreferrer">Continued…</a>]</p> </div> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-guest-commentary-timely-data-matters/" rel="bookmark">Cumberland Advisors Guest Commentary – Timely Data Matters</a></h2> <h6><strong>Author:</strong> Samuel E. Rines, <strong>Post Date:</strong> April 8, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-guest-commentary-timely-data-matters/"><img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2020/04/Guest-Commentary-Timely-Data-Matters.png" sizes="(max-width: 650px) 100vw, 650px" srcset="/sites/default/files/uploads/2020/04/Guest-Commentary-Timely-Data-Matters.png 650w, /sites/default/files/uploads/2020/04/Guest-Commentary-Timely-Data-Matters-300x167.png 300w" alt="Guest Commentary - Timely Data Matters" width="650" height="362" /></a>My friend and Camp K veteran, Sam Rines ( Chief Economist at Avalon Investment and Advisory), has an excellent discussion on high frequency data and how critical it is in the current environment. He is kind enough to give us permission to share the entire piece entitled, “Timely Data Matters,” with our readers. Thank you, [<a href="https://www.cumber.com/cumberland-advisors-guest-commentary-timely-data-matters/">Continued…</a>]</p> </div> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-ww2-versus-wwc-the-doolittle-moment/" rel="bookmark">Cumberland Advisors Market Commentary – WW2 versus WWC: The Doolittle Moment</a></h2> <h6><strong>Author:</strong> David R. Kotok, <strong>Post Date:</strong> April 7, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-ww2-versus-wwc-the-doolittle-moment/"><img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2020/04/WW2-versus-WWC-The-Doolittle-Moment-1280x720-1-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/04/WW2-versus-WWC-The-Doolittle-Moment-1280x720-1-672x372.jpg 672w, /sites/default/files/uploads/2020/04/WW2-versus-WWC-The-Doolittle-Moment-1280x720-1-1038x576.jpg 1038w" alt="WW2 versus WWC - The Doolittle Moment 1280x720" width="672" height="372" /></a></p> <p>We’re going to look at World War 2 (WW2) versus the World War COVID-19 (WWC) events now unfolding and see what we can glean about markets, economies, interest rates, inflation rates, and the overall outlook. Let’s start with the stock market. We expect this will be a multi-part series. Below is a chart that shows [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-ww2-versus-wwc-the-doolittle-moment/" target="_blank" rel="noopener noreferrer">Continued…</a>]</p> </div> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-the-war-in-europe/" rel="bookmark">The War in Europe</a></h2> <h6><strong>Author:</strong> William Witherell, Ph.D., <strong>Post Date:</strong> April 3, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-the-war-in-europe/"><img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2020/04/CA-Market-Commentary-War-in-Europe-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/04/CA-Market-Commentary-War-in-Europe-672x372.jpg 672w, /sites/default/files/uploads/2020/04/CA-Market-Commentary-War-in-Europe-1038x576.jpg 1038w" alt="The War in Europe" width="672" height="372" /></a>During the first quarter of 2020, Europe once again found itself to be in the center of a global war, this time against an invisible, very deadly enemy, the virus SARS-CoV-2, which causes COVID-19. At the end of the quarter, on March 31, the 19 countries of the Eurozone had 359,296 confirmed cases of the [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-the-war-in-europe/" target="_blank" rel="noopener noreferrer">Continued…</a>]</p> </div> </article> </div> </header> </article> </div> <div class="categorysub"> <article id="post-51652" class="post-51652 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-cdc tag-cdc-foundation tag-david-r-kotok tag-judith-monroe"> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-the-cdc-foundation/" rel="bookmark">The CDC Foundation</a></h2> <h6><strong>Author:</strong> David R. Kotok, <strong>Post Date: </strong>March 23, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-the-cdc-foundation/"><img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2018/08/CDC-Judy-David-Play.jpg" sizes="(max-width: 560px) 100vw, 560px" srcset="/sites/default/files/uploads/2018/08/CDC-Judy-David-Play.jpg 560w, /sites/default/files/uploads/2018/08/CDC-Judy-David-Play-300x169.jpg 300w" alt="CDC Foundation Dr Judy Monroe & David Kotok" width="560" height="315" /></a>Dear readers. The CDC Foundation is not widely known. It’s a 501(c)3 that was created by Congress as a special charitable agency. The Foundation works right alongside the CDC and other national health agencies but is an independent charity. It has a special-purpose charter. Its purpose is to respond rapidly to threats like COVID-19 or [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-the-cdc-foundation/" target="_blank" rel="noopener noreferrer">Continued…</a>]</p> </div> </article> </div> </div> </div> <hr /> <p><a href="/sites/default/files/uploads/2020/04/Money-Show-webinar-4_23-1200x628-Mousseau.jpg"><img class="aligncenter size-large wp-image-51985" src="/sites/default/files/uploads/2020/04/Money-Show-webinar-4_23-1200x628-Mousseau-1024x536.jpg" alt="" width="474" height="248" /></a></p> <p>John Mousseau will be part of a MoneyShow presentation next week (Apr 23, 2020 1:00 PM - 7:30 PM EDT) and his talk will be <strong><a href="https://attendee.gotowebinar.com/register/3104734270148656398?source=JohnMousseau" target="_blank" rel="noopener noreferrer">Bond Markets Through the Coronavirus.</a></strong> He'll cover analysis of treasury, taxable, and municipal markets, federal monetary policy, and administration of fiscal policy. More info, talks by other speakers, and registration can be found here: <a href="https://attendee.gotowebinar.com/register/3104734270148656398?source=JohnMousseau" target="_blank" rel="noopener noreferrer">Resetting Your Portfolio in a Changing World</a></p> <div class="news_row_main clearfix"> <div class="news_right"> <hr /> <p>Links to other websites or electronic media controlled or offered by Third-Parties (non-affiliates of Cumberland Advisors) are provided only as a reference and courtesy to our users. Cumberland Advisors has no control over such websites, does not recommend or endorse any opinions, ideas, products, information, or content of such sites, and makes no warranties as to the accuracy, completeness, reliability or suitability of their content. Cumberland Advisors hereby disclaims liability for any information, materials, products or services posted or offered at any of the Third-Party websites. The Third-Party may have a privacy and/or security policy different from that of Cumberland Advisors. Therefore, please refer to the specific privacy and security policies of the Third-Party when accessing their websites.</p> <p><strong>Sign up for our <a href="https://www.cumber.com/market-commentary-email-sign-up">FREE Cumberland Market Commentaries</a></strong></p> <p>Cumberland Advisors Market Commentaries offer insights and analysis on upcoming, important economic issues that potentially impact global financial markets. Our team shares their thinking on global economic developments, market news and other factors that often influence investment opportunities and strategies.</p> </div> </div>

Material and commentaries published in the past may or may not be helpful in analyzing current economic or financial market activity. Please note publishing date when reviewing materials. Please email [email protected] for our current thoughts or to reach an advisor.

Cumberland Advisors Week in Review (Apr 13, 2020 - Apr 17, 2020)

CUMBERLAND ADVISORS' WEEKLY RECAP

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