Cumberland Advisors Week in Review (May 26, 2020 - May 29, 2020)

Cumberland Advisors

Sun May 31, 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"><span class="style-scope yt-formatted-string" dir="auto">Dear Clients & Friends, </span></div> <div></div> <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. David Kotok joins us in a separate video further down in this commentary.</p> <div></div> <div>This week:</div> <div></div> <div><strong>John Mousseau's Update on the Fixed Income Market</strong><br /> -Very quiet week in the bond market<br /> -A continued narrowing between Munis and Treasuries, but not much<br /> -Demand for Munis is back - some can be in their own universe<br /> -Jobless claims are down a little - good sign<br /> -The economy continues to open up and progress<br /> -Overall a boring week. We like boring over all the volatility earlier this spring!<strong>Matt McAleer on Markets</strong><br /> -Encouraging to see a bid in small and mid caps<br /> -We have some charts to share with you<br /> -Lean on analytics and data to achieve a flexible view<br /> -Where do we have cash?<br /> -The strongest markets never let you in<br /> -The weakest markets never let you out<br /> -We're in a very strong market<br /> -1st chart - This chart measures the percent of stocks in the S&P 500 currently trading above their 10 week moving average<br /> -2nd chart - When the S&P trades 10% above its 50 day moving average - very rare! How rare? It's only occurred six times since 1955.</p> <p><strong>David Kotok talks about Masks, Markets, and ETFs</strong><br /> -Good to get outside (with a mask!)<br /> -Societies that wear masks have better outcomes, we're new to this<br /> -I wear a mask to protect myself and you if I contract the virus and am asymptomatic<br /> -Unusual times, incredible series of events, unthinkable in any forecast, unpredictable<br /> -Let's talk markets<br /> -In our US ETF portfolio we are:<br /> * Overweight Healthcare - we have remained that way and continue that way as of today<br /> * Overweight ESG - Solar, Wind, Water - we have been that way and we continue that way<br /> * Overweight Defense - the Defense Aerospace sector. I wish it weren't so but the world looks to be getting more dangerous<br /> * We are not fully invested today, we have a cash reserve, it has been there and it continues to be there. We'll see when we'll deploy it.<br /> * We do not know how the economics will unfold, we do not know if a second wave of the virus is coming, and we do not know when we will have widespread vaccination and effective treatments<br /> -Please be safe and careful</p> <p>Thanks for joining us again this week. Please reach out with any questions/comments you may have about this update; we appreciate your calls, comments, and emails. Watch in the player above or at this link: <a href="https://youtu.be/isgC8sSacEI" target="_blank" rel="noopener noreferrer">https://youtu.be/isgC8sSacEI</a></p> <p>Direct link to David's video is here or watch in the player below: <a href="https://youtu.be/ouXWLBu8SE0" target="_blank" rel="noopener noreferrer">https://youtu.be/ouXWLBu8SE0</a></p> </div> <p> </p> <p><iframe src='https://www.youtube.com/embed/ouXWLBu8SE0' allowfullscreen /></p> <p>Stay safe, healthy, and have a great weekend.</p> <p><strong>-Matt McAleer</strong></p> <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> <hr /> <h3>Bloomberg Daybreak Australia: David Kotok Discusses Dislocation in Markets/Economy</h3> <p>May 27, 2020 – Running time 48:27 – David joins at the 8:20 mark</p> <p>David Kotok, Chairman & Chief Investment Officer at Cumberland Advisors, discusses markets, market dislocation, the economy, coronavirus, growth rates, liquidity, the bargain he sees in municipal bonds, and more. Hosted by Haidi Stroud-Watts.</p> <p><a href="https://www.bloomberg.com/news/videos/2020-05-27/-bloomberg-daybreak-australia-full-show-05-27-2020-video"><img class="aligncenter size-large wp-image-52385" src="/sites/default/files/uploads/2020/05/2020-05-27-14_57_49-Bloomberg-Daybreak_-Australia-Full-Show-05_27_2020-Bloomberg-1024x548.png" sizes="(max-width: 474px) 100vw, 474px" srcset="/sites/default/files/uploads/2020/05/2020-05-27-14_57_49-Bloomberg-Daybreak_-Australia-Full-Show-05_27_2020-Bloomberg-1024x548.png 1024w, /sites/default/files/uploads/2020/05/2020-05-27-14_57_49-Bloomberg-Daybreak_-Australia-Full-Show-05_27_2020-Bloomberg-300x161.png 300w, /sites/default/files/uploads/2020/05/2020-05-27-14_57_49-Bloomberg-Daybreak_-Australia-Full-Show-05_27_2020-Bloomberg-768x411.png 768w, /sites/default/files/uploads/2020/05/2020-05-27-14_57_49-Bloomberg-Daybreak_-Australia-Full-Show-05_27_2020-Bloomberg.png 1377w" alt="Bloomberg Daybreak Australia with David R. Kotok (05-27-2020)" width="474" height="254" /></a></p> <p>Watch here: <a href="https://www.bloomberg.com/news/videos/2020-05-27/-bloomberg-daybreak-australia-full-show-05-27-2020-video" target="_blank" rel="noopener noreferrer">https://www.bloomberg.com/news/videos/2020-05-27/-bloomberg-daybreak-australia-full-show-05-27-2020-video</a></p> <hr /> <div class="post-thumbnail"><img class="attachment-post-thumbnail size-post-thumbnail wp-post-image aligncenter" 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">https://www.cumber.com/category/market-commentary/</a></p> </div> <hr /> <div class="categorysub"> <article id="post-52180" class="post-52180 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary"> <header class="entry-header"> <div class="categorysub"> <article id="post-52283" class="post-52283 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-china tag-coronavirus tag-covid-19 tag-trade-war tag-william-witherell"> <header class="entry-header"> <div class="categorysub"> <article id="post-52338" class="post-52338 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-economy tag-inflation tag-robert-eisenbeis"> <header class="entry-header"> <div class="categorysub"> <article id="post-52390" class="post-52390 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-chloroquine tag-coronavirus tag-covid-19 tag-david-r-kotok tag-hydroxychloroquine"> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-hydroxychloroquine/" rel="bookmark">Hydroxychloroquine</a></h2> <h6><strong>Author: David R. Kotok</strong> , <strong>Post Date:</strong> May 29, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-hydroxychloroquine/"><img class="attachment-post-thumbnail wp-post-image aligncenter" src="/sites/default/files/uploads/2020/05/Market-Commentary-Cumberland-Advisors-The-Debate-Over-Hydroxychloroquine-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/05/Market-Commentary-Cumberland-Advisors-The-Debate-Over-Hydroxychloroquine-672x372.jpg 672w, /sites/default/files/uploads/2020/05/Market-Commentary-Cumberland-Advisors-The-Debate-Over-Hydroxychloroquine-1038x576.jpg 1038w" alt="Market Commentary - Cumberland Advisors - The Debate Over Hydroxychloroquine" width="672" height="372" /></a></p> <p>The Debate Over Hydroxychloroquine President Trump’s surprise announcement on Monday, May 18, that he is taking hydroxychloroquine as a preventative against COVID-19 prompted Fox News host Neil Cavuto to quickly warn, “If you are in a risky population here, and you are taking this as a preventative treatment to ward off the virus or in [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-hydroxychloroquine/" target="_blank" rel="noopener noreferrer">Continued...</a>]</p> </div> </article> </div> <div class="categorysub"> <article id="post-52371" class="post-52371 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-coronavirus tag-covid-19 tag-david-r-kotok tag-federal-reserve tag-taxes"> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-money-taxes-fed-covid-19/" rel="bookmark">Money, Taxes, Fed & COVID-19</a></h2> <h6><strong>Author:</strong> David R. Kotok, <strong>Post Date:</strong> May 26, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-money-taxes-fed-covid-19/"><img class="attachment-post-thumbnail wp-post-image aligncenter" src="/sites/default/files/uploads/2020/05/Market-Commentary-Cumberland-Advisors-Money-Taxes-Fed-COVID-19-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/05/Market-Commentary-Cumberland-Advisors-Money-Taxes-Fed-COVID-19-672x372.jpg 672w, /sites/default/files/uploads/2020/05/Market-Commentary-Cumberland-Advisors-Money-Taxes-Fed-COVID-19-1038x576.jpg 1038w" alt="Market Commentary - Cumberland Advisors - Money, Taxes, Fed & COVID-19" width="672" height="372" /></a></p> <p>At the following link readers may download a PDF file of the May 15th Joint Committee on Taxation analysis of federal receipts attributable to the latest stimulus bill passed by the House: https://www.jct.gov/publications.html?func=startdown&id=5260. The pressure for the Senate to act is growing daily and will only intensify. We expect something to come in the way of [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-money-taxes-fed-covid-19/" target="_blank" rel="noopener noreferrer">Continued...</a>]</p> </div> </article> </div> <div class="categorysub"> <article id="post-52357" class="post-52357 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-covid-19 tag-david-r-kotok tag-memorial-day"> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/memorial-day/" rel="bookmark">Memorial Day</a></h2> <h6><strong>Author:</strong> David R. Kotok, <strong>Post Date:</strong> May 24, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/memorial-day/"><img class="attachment-post-thumbnail wp-post-image aligncenter" src="/sites/default/files/uploads/2020/05/MemorialDay-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/05/MemorialDay-672x372.jpg 672w, /sites/default/files/uploads/2020/05/MemorialDay-1038x576.jpg 1038w" alt="Memorial Day" width="672" height="372" /></a></p> <p>“Originally, Memorial Day was known as Decoration Day, meant to honor the Union and the Confederate soldiers who died during the American Civil War. By the 1900s it had become a day to celebrate all American soldiers who died while serving in the military. It wasn’t until 1967 that it was legally named Memorial Day.” (Source: https://www.softschools.com/facts/holidays/memorial_day_facts/158/) When I served in [<a href="https://www.cumber.com/memorial-day/" target="_blank" rel="noopener noreferrer">Continued...</a>]</p> </div> </article> </div> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-inflation-and-capacity-utilization/" rel="bookmark">Inflation and Capacity Utilization</a></h2> <h6><strong>Author:</strong> Robert Eisenbeis, Ph.D. & David R. Kotok, <strong>Post Date:</strong> May 22, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-inflation-and-capacity-utilization/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image aligncenter" src="/sites/default/files/uploads/2017/12/Cumberland-White-Logo-Blue-BG-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2017/12/Cumberland-White-Logo-Blue-BG-672x372.jpg 672w, /sites/default/files/uploads/2017/12/Cumberland-White-Logo-Blue-BG-1038x576.jpg 1038w" alt="Cumberland Advisors' Robert "Bob" Eisenbeis, Ph.D." width="672" height="372" /> </a></p> <p>At Cumberland, we continuously have internal strategy discussions. We decided to make one such discussion, on the subject of inflation and US capacity utilization, available in the form of a commentary to clients, consultants, and all readers. Below you’ll find a summation of our discussion, written by Bob Eisenbeis, Cumberland Advisors Chief Monetary Economist. -David [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-inflation-and-capacity-utilization/">Continued…</a>]</p> </div> </article> </div> <div class="categorysub"> <article id="post-52323" class="post-52323 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-coronavirus tag-covid-19 tag-david-r-kotok tag-senate"> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-covid-19-stock-market-some-senators-behavior/" rel="bookmark">COVID-19, stock market, some Senators’ behavior</a></h2> <h6><strong>Author:</strong> David R. Kotok, <strong>Post Date:</strong> May 21, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-covid-19-stock-market-some-senators-behavior/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image aligncenter" src="/sites/default/files/uploads/2019/05/CA-David-Kotok-With-Description-Blue-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2019/05/CA-David-Kotok-With-Description-Blue-672x372.jpg 672w, /sites/default/files/uploads/2019/05/CA-David-Kotok-With-Description-Blue-1038x576.jpg 1038w" alt="David R. Kotok" width="672" height="372" /> </a></p> <p>It’s no wonder that citizens, voters and disaffected non-voters, investors and market agents, as well as others who observe the United States, have a low opinion of the Congress. Behavior of one reflects on all. Nothing new there. But the virus crisis has taken regard for Congress to a new low level as the country [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-covid-19-stock-market-some-senators-behavior/">Continued…</a>]</p> </div> </article> </div> <div class="categorysub"> <article id="post-52331" class="post-52331 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-brazil tag-coronavirus tag-covid-19 tag-jair-bolsonaro tag-latin-america tag-oecd tag-william-witherell"> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-cry-for-brazil-and-also-for-latin-america/" rel="bookmark">Cry for Brazil, and also for Latin America</a></h2> <h6><strong>Author:</strong> William Witherell, Ph.D., <strong>Post Date:</strong> May 20, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-cry-for-brazil-and-also-for-latin-america/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image aligncenter" src="/sites/default/files/uploads/2020/05/Market-Commentary-Cumberland-Advisors-Cry-for-Brazil-and-also-for-Latin-America-by-William-Witherell-Ph.D-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/05/Market-Commentary-Cumberland-Advisors-Cry-for-Brazil-and-also-for-Latin-America-by-William-Witherell-Ph.D-672x372.jpg 672w, /sites/default/files/uploads/2020/05/Market-Commentary-Cumberland-Advisors-Cry-for-Brazil-and-also-for-Latin-America-by-William-Witherell-Ph.D-1038x576.jpg 1038w" alt="Market Commentary - Cumberland Advisors - Cry for Brazil, and also for Latin America by William Witherell, Ph.D" width="672" height="372" /> </a></p> <p>The coronavirus is tearing through Brazil, a country ill-equipped to fight the pandemic. It’s hard-right populist leader, Jair Bolsonaro, has dismissed the virus as a “little flu.” COVID-19 is spreading through the population of 210 million, savaging both the inhabitants of the indigenous villages of the Amazon and the 13 million people packed together in [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-cry-for-brazil-and-also-for-latin-america/">Continued…</a>]</p> </div> </article> </div> <div class="categorysub"> <article id="post-52321" class="post-52321 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-coronavirus tag-covid-19 tag-david-r-kotok tag-zika"> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-zika-vaccine/" rel="bookmark">Zika Vaccine</a></h2> <h6><strong>Author:</strong> David R. Kotok, <strong>Post Date:</strong> May 19, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-zika-vaccine/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image aligncenter" src="/sites/default/files/uploads/2019/02/Zika-Web-Banner-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2019/02/Zika-Web-Banner-672x372.jpg 672w, /sites/default/files/uploads/2019/02/Zika-Web-Banner-1038x576.jpg 1038w" alt="Zika-Pamphlet-by-David-R-Kotok" width="672" height="372" /> </a></p> <p>What seems like ages ago, we wrote about Zika. Multiple commentaries became a pamphlet which was and is available free. Here’s the link: https://www.cumber.com/zika/. In that pamphlet is a chapter about how a political fight held up Zika vaccine research for a year. The costs in human and monetary terms are estimated in the pamphlet. [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-zika-vaccine/">Continued…</a>]</p> </div> </article> </div> <div class="categorysub"> <article id="post-52305" class="post-52305 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-deflation tag-federal-reserve tag-inflation tag-robert-eisenbeis"> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-inflation-deflation-what-do-we-know-now/" rel="bookmark">Inflation/Deflation: What Do We Know Now?</a></h2> <h6><strong>Author:</strong> Robert Eisenbeis, Ph.D., <strong>Post Date:</strong> May 18, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-inflation-deflation-what-do-we-know-now/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image aligncenter" src="/sites/default/files/uploads/2017/12/Cumberland-White-Logo-Blue-BG-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2017/12/Cumberland-White-Logo-Blue-BG-672x372.jpg 672w, /sites/default/files/uploads/2017/12/Cumberland-White-Logo-Blue-BG-1038x576.jpg 1038w" alt="Cumberland Advisors' Robert "Bob" Eisenbeis, Ph.D." width="672" height="372" /> </a></p> <p>The most recent CPI numbers show a decline of 0.8% for the month of April, triggering questions about both a possible deflation and where prices are likely to go in the future. The fact is that no one knows what inflation will do in the short run, and all we have to go on, as [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-inflation-deflation-what-do-we-know-now/">Continued…</a>]</p> </div> </article> </div> <div class="categorysub"></div> </header> </article> </div> </header> </article> </div> <div class="categorysub"></div> <hr /> <p><strong>Financial Markets & the Economy - Financial Literacy Day.</strong></p> <p>Cumberland Advisors in partnership with the University of South Florida, Sarasota-Manatee (USFSM) and the Global Interdependence Center (GIC) are proud to host this annual event.</p> <p>If you were able to attend our February 14, 2020 event in person, you know how valuable the information was and still is. Didn't make it? Enjoy it now, on-demand.</p> <p><a href="https://mediasite.usfsm.edu/Mediasite/Play/b1093c21f612418e83b4f36e274f1c531d"><img class="aligncenter wp-image-52406 size-large" src="/sites/default/files/uploads/2020/05/Financial-Markets-The-Economy-Financial-Literacy-Day-Stream-Play-Now-1024x576.jpg" alt="Financial Markets & The Economy - Financial Literacy Day Stream Play Now" width="474" height="267" /></a></p> <p>As news of the coronavirus and its spread was mounting, we offered anyone in attendance a facemask as a precaution. This was two weeks in advance of the CDC making its recommendation and is an example of one of the forward thinking positions we endeavor to employ when it comes to our firm.</p> <p>The University of South Florida, Sarasota-Manatee (USFSM) has once again provided a replay of the day’s event via their streaming server. Please click the graphic above or visit the following link to watch “Financial Markets and the Economy – Financial Literacy Day 2020.”</p> <p><a href="https://mediasite.usfsm.edu/Mediasite/Play/b1093c21f612418e83b4f36e274f1c531d" target="_blank" rel="noopener noreferrer">https://mediasite.usfsm.edu/Mediasite/Play/b1093c21f612418e83b4f36e274f1c531d</a></p> <h3>Presentation Documents</h3> <p>The documents are supplementary and provide further information and context to the presentations.</p> <ul> <li><a href="https://www.interdependence.org/resources/bloomberg-at-usfsm/">USFSM Bloomberg Terminal: Eddie Sanchez</a></li> <li><a href="https://www.interdependence.org/resources/federal-government-debt-an-accident-waiting-to-happen/#.Xkb_3WhKiUk">Session I: Jay Bryson</a></li> <li><a href="https://www.interdependence.org/resources/financial-literacy-day-jm/#.XkwhuGhKiUk">Session I: John Mousseau</a></li> <li><a href="https://www.interdependence.org/resources/digital-currencies-defining-disruption-demographic-shifts/">Session III: Nick Colas & Jessica Rabe</a></li> <li><a href="https://www.interdependence.org/resources/alt-money-what-is-this-stuff-2/">Session III: Dave Nadig</a></li> </ul> <p>Also, see Bloomberg's website for Mike McKee's interview with Loretta Mester, President and CEO, Federal Reserve Bank of Cleveland. Loretta was our keynote speaker and Mike joined us for the day at the University Of South Florida Sarasota-Manatee.</p> <p><center><br /> <a href="/sites/default/files/uploads/2020/02/Cleveland-Fed-President-Loretta-Mester-Video-with-Play-Button.jpg"><img class="aligncenter wp-image-51226 size-full" src="/sites/default/files/uploads/2020/02/Cleveland-Fed-President-Loretta-Mester-Video-with-Play-Button.jpg" alt="Cleveland Fed President Loretta Mester Video with Play Button" width="600" height="337" /></a></center>To watch, click the picture above or follow this link: <a href="https://www.bloomberg.com/news/videos/2020-02-14/fed-s-mester-on-u-s-economy-coronavirus-risk-and-rates-video" target="_blank" rel="noopener noreferrer">https://www.bloomberg.com/news/videos/2020-02-14/fed-s-mester-on-u-s-economy-coronavirus-risk-and-rates-video</a></p> <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>

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 (May 26, 2020 - May 29, 2020)

CUMBERLAND ADVISORS' WEEKLY RECAP

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