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OUTLOOK 2025

Gravitational Shifts

What’s in store in 2025? We see Gravitational Shifts influencing the markets, economy, politics, and the geopolitical landscape. Get our latest insights and guidance on how investors can lean into the changes underway and position portfolios to capitalize on these transformative shifts.  Watch a video summary here.

Stifel Chief Investment Officer, Michael O’Keeffe, and Stifel Chief Washington Policy Strategist, Brian Gardner hosted a webinar where they reviewed our economic, market, and political outlook for 2025.  Watch the webinar replay here.
READ REPORT

DeepSeek, AI, and U.S.-China Competition

Market Sight|Lines

U.S.-China competition, which is included in our update to our Geopolitical Risk Dashboard, made the news this month as the Chinese company High-Flyer launched the DeepSeek-R1 reasoning model. In this week’s Sight|Lines, our outlook spotlight discusses the implications of this model launch with a focus on the article Crossroads: Four Ways Forward.

READ

Outlook 2025 Spotlight No. 3: The World in 2035: From Vision to Value

Market Sight|Lines

We spotlight the article The World in 2035: From Vision to Value. We explore 10 groundbreaking innovations that could shape the next decade, all rooted in our long-term investment themes. Discover the potential of the Rise of Bionics, Flying Taxis, Humanoid Robots and more.

READ

Outlook 2025: Gravitational Shifts

January Investment Strategy Brief

Entering 2025, we observe potential shifts in government policy, monetary policy, and markets that will influence results this year. We look back at 2024 and review our outlook for 2025 on policy, the economy, and the markets.

READ

More Insights

Weekly Market Perspectives

January 31, 2025

The S&P 500 fell 1% last week, as strong earnings results and an uneventful Federal Reserve meeting only partially offset the negative fallout from the DeepSeek news that led to a tech sell-off last Monday.

Article

January in Review

Monthly Market Perspectives


The S&P 500 finished January with a gain of 2.78%, triggered by markets initially responding positively to President Trump’s actions and the absence of tariffs. This resulted in expectations of a boost in business investment, alleviating inflation fears. 

Article

Stifel Bits

A breezy, lighthearted approach to our insights

52%: The percentage of U.S. adult TikTok users that say they regularly get news there, roughly 17% of all U.S. adults.

Newsletter

Quarterly Market Perspectives

Q1 2025 

In this edition of our Quarterly Market Perspective's we discuss market returns for 2024 and the potential for market broadening in 2025. 

Article

Stifel Bits

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7.5%: The decline in total tolling traffic to Manhattan in the first week of congestion pricing compared to the same time last year, roughly equivalent to 43,000 cars a day.

Newsletter

Potomac Perspective

January 19, 2025, 

Expect a flurry of action from the new administration. Some of the moves could have an impact on financial markets, but most will not. It might take several days before some of Mr. Trump’s top priorities are announced. Just because they do not happen on Day 1 or Day 2 does not mean they are not happening.

Article

Outlook 2025 Spotlight No. 2: Our Outlook for the Year

Market Sight|Lines

We highlight our positive view, fueled by the positive momentum of 2024, while exploring two alternative scenarios, our bull and bear case. We anticipate a positive economic and market environment in 2025, supported by the business-friendly policy backdrop, resilient consumer spending, and robust capital investment.

Article

Favorite 15

January 2024

A selection of slides from our latest Investment Strategy Brief discussing the our annual outlook.

Article

Client Webinar: Economic Insight LIVE Thursday, January 30, 1:00 p.m. ET

Join Stifel’s Chief Economist, Dr. Lindsey Piegza, Ph.D., as she presents her latest quarterly economic update

Article

Outlook 2025 Spotlight No. 1: A Brief Summary

Market Sight|Lines

2025 should prove to be an exciting year full of change, and as is my team’s practice, this week we released our outlook report, Outlook 2025: Gravitational Shifts. You can read the full report, watch a video summary, or join our upcoming client webinar, but in this week’s Sight|Lines, we once again start the year by sharing a brief overview of the report.

Article

Stifel Bits

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10,000 hours: The hours of work per day that Chick-fil-A is saving in labor by using lemon-squeezing robots.

Newsletter

Potomac Perspective

January 6, 2025

Today, Federal Reserve Board Vice Chairman for Supervision Michael Barr announced that he will resign his leadership post on February 28, 2025, but will remain as a Governor. We explain why we think this is a positive for banks and what the next steps might be.

Article

Stifel Bits

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452: The equivalent of 2025, making this year a rare perfect square year. The last time it happened was 1936 and the next will be in 2116.
 

Newsletter

Potomac Perspective

January 9, 2025

A second Trump administration will promote a pro-growth and deregulatory agenda even as some policies deviate from a traditional Republican approach – it is a mix of populism and free market economics.  Parts of this ambitious agenda can be implemented administratively, while other parts, like tax cuts, must be passed by Congress.

Article

December in Review

Monthly Market Perspectives

The S&P 500 ended December down 2.38%, triggered by a more hawkish-than-expected Federal Reserve stance, with plans to "proceed cautiously" on rate actions going forward. This resulted in more rate-sensitive sectors in the market to fall over the month, specifically small caps.

Article

The Federal Reserve Signals a Slower Rate Cut Cycle

Market Sight|Lines

Inflation has firmed and seems to have settled above the Federal Reserve’s (Fed’s) 2% inflation target. Despite this, the Fed cut rates 0.25% at its final meeting of 2024, leaving monetary policy still restrictive. Investors are now eyeing the Fed’s expected policy in 2025, with fewer rate cuts now expected. We review inflation, Fed policy actions, and the economic and market implications of this modest policy shift. 

Article

Potomac Perspective

December 20th, 2024

Chances of a government shutdown have increased materially since the House rejected a Continuing Resolution (CR) last night. If there is a shutdown, it could be a very short one – maybe just the weekend.

Article

The Shift in Government May Impact Earnings in 2025

Market Sight|Lines 

My team and I closely monitor company earnings to gauge market trends and manage equity portfolios. The third quarter earnings season is wrapping up, offering key insights into the stock market. With the recent U.S. elections, it's also crucial to consider how upcoming policy changes in D.C. might impact future earnings. We review the third quarter results and explore the potential policy implications of the new administration.

Article

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$10,000: The current cost of one ton of cocoa futures. That’s one pricey chocolate bar.

Newsletter

Potomac Perspective

December 19, 2024

In the wake of bipartisan criticism of a spending bill, House leaders are considering Plan B to fund the government into March.  Although nothing is final, we think the odds of a government shutdown are low, but more importantly, this week’s developments in Congress are just an appetizer for next year’s main course on Capitol Hill. 

Article

A Shift from 2024 to 2025

Investment Strategy Brief

As the year comes to a close, we shift our focus to 2025. We discuss the incoming administration, developing geopolitical events, and their potential impact on the economy and markets.

Article

Year-End Reflections

Market Sight|Lines

December is a good time to reflect on this past year and consider some important issues as we look to start the new year. We offer some year-end reflections about 2024 with a look to 2025.

Article

Potomac Perspective

December 12, 2024

The BIOSECURE Act and China outbound investment legislation were both left out of the National Defense Authorization Act (NDAA). Congress has one more “must pass” bill this year – a Continuing Resolution (CR) to fund the government into March. Both bills that were left out of the NDAA could be included in a CR.

Email

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Spotify Wrapped came out this week, so it is time for your coworkers to see which finance podcasts you listen to at your desk that sound like Sabrina Carpenter blasting through your headphones. Taylor Swift was the most streamed artist this year, followed by The Weeknd.

Article

November in Review

Monthly Market Perspectives

The S&P 500 rallied in November, marking its ninth gain in the last 11 months. The primary driver was the reduction in political uncertainty following Donald Trump's re-election as U.S. President and continued artificial intelligence optimism.

Article

Longstanding, Elevated Inflation Prompts Federal Reserve to Focus on Labor Market for December Policy Decision

December 9, 2024

Inflation remains stubbornly elevated, with nearly all measures of price pressures above – or noticeably above – the Committee’s 2% target. That being said, the lack of downward momentum and an uneven pathway for prices has been longstanding.

Article

Potomac Perspective

December 3, 2024

In the days before Thanksgiving, President-elect Trump continued to fill out his economic policy team.  The picks are mostly in line with expectations and include a mix of traditional Republicans who will push for low taxes and deregulation, a protectionist who will push Mr. Trump’s tariff agenda, and a budget hawk who espouses typical Republican views on spending but could run into resistance on Capitol Hill. 

Article

Favorite 15

November 2024

A selection of slides from our latest Investment Strategy Brief discussing the policies of the new administration and their potential impact on the economy and market.

Article

The Impact of the 2024 U.S. Elections

November Investment Strategy Brief

Republicans will have a unified government in 2025, with narrow majorities. We discuss the policies of the new administration and their potential impact on the economy and markets.

Video

Potomac Perspective

November 26, 2024

The selection of Scott Bessent to be the next Secretary of the Treasury bolsters out view that financial regulation in the next Trump administration will be less populist than other areas. In our view, his nomination is yet another signal that the incoming Trump administration will pursue a pro-growth, deregulatory agenda.

Article

Tariffs, Inflation, and Federal Reserve Policy: Slow and Steady

Market Sight|Lines

November 25,2025 

While investors cheered the September Federal Reserve (Fed) rate cut with the anticipation of more, inflation remains sticky, which will slow the pace of further cuts. We review the state of inflation, the direction of Fed policy, and the potential impact of any tariffs imposed by the incoming Trump administration.

Article

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$17.7 billion: The estimated amount Americans spent on out-of-home cold coffee (iced coffee, cold brew, and frozen coffee drinks) in 2023, double the 2016 figure.

Newsletter

Positive Economic Results May Be Giving Way to a Slowdown Soon

Market Sight|Lines

Is a slowdown on the horizon? The job market is cooling, consumer sentiment is cautiously optimistic, and third quarter GDP was positive but below expectations. We explore these key economic indicators and their impact on the economy and markets as we look forward.

Article

Potomac Perspective

November 18, 2024

Several parts of the Tax Cuts and Jobs Act of 2017 (TCJA) expire after 2025, and the Congressional Budget Office estimated that extending these sunsets for 10 years would add almost $5 trillion to the debt. That is before inclusion of President-elect Trump’s campaign promises of additional tax cuts (especially restoring full state and local tax deductibility) are included.

Article

Stifel Bits

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What a week for the markets! Voters reelected Donald Trump, Republicans took control of the Senate, and the Federal Reserve (Fed) cut rates by 25 basis points. The result? The S&P 500 had its best week of 2024. Let’s try to understand what the market is thinking.

Newsletter

Looking Further at the Implications of the 2025 Transition of Power in Washington, D.C.

Market Sight|Lines

November 15, 2024 

We dive into the transformative new policies of the 2025 Trump administration and their potential ripple effects across the economy and markets. With a unified Republican government driving change, we’re exploring everything from deregulation to “America First” strategies and what these moves could mean for the future.

Article

Republicans Win Big in 2024: Economic and Market Implications

Market Sight|Lines

This week, American voters headed to the polls, reelecting Donald J. Trump and shifting the Senate to Republican control. In this week's Sight|Lines, we recap the election results and delve into the economic and market implications of this significant power shift in Washington, D.C. 

Article

Stifel Bits

A breezy, lighthearted approach to our insights

33%: The percentage of all companies that required workers to be in the office five days a week in the third quarter, up from 31% in the second quarter, according to Flex Index.

Newsletter

Weaker-Than-Expected Rise in October Payrolls amid Hurricanes Disruptions

Economic Insight
November 4, 2024

A meager 12,000 rise in October payrolls is certainly disappointing, but largely explained by the transitory impact of the recent hurricanes. Even with arguments of some earlier, emerging weakness in housing, construction, and manufacturing, the storyline of a solid economy remains intact.

Video

Favorite 15

October 2024

It’s been smooth sailing for the U.S. economy and markets recently. We review how uncertainties around the upcoming election, U.S. fiscal and monetary trajectories, consumer habits, corporate earnings, and other key topics may create some turbulence ahead.

Article

Potomac Perspective

November 6, 2024

Several media outlets have called the 2024 presidential election for Donald Trump. Not only has Trump won the Electoral College, but he is poised to win the popular vote and could be the first Republican candidate to win an outright majority of the popular vote since 2004.  Republicans have retaken the Senate, but the House is too close to call.

Article

October in Review

Monthly Market Perspectives

The S&P 500 broke a streak of five-straight monthly gains to end October lower. The month started strong with economic data showing continued strength in the U.S. economy. However, at the end of the month, investors focused back on AI spending and the path to monetization for the “Magnificent Seven,” leading to volatility.

Article

After a “Strong Start,” What’s Next?

Economic Insight
October 28, 2024

Driven by the fear of impending weakness in the labor market, the Fed opted to cut interest rates by a larger-than-expected 50 bps at last month’s meeting. Since that policy pivot, however, the data have come in surprisingly strong, calling into question not only the rationale for the Fed’s decision, but also the need for additional cuts in the near term.

Article

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$11.6 billion: The estimated total spending on Halloween this year. This includes $3.5 billion on candy. 

Newsletter

Potomac Perspective

October 30, 2024

Picking sector winners and losers is not as clear cut in this election as in the past. 2024 is not 2016 or even 2020. Political rhetoric aside, the economic policy differences between the two presidential candidates and the two political parties are narrower than in the past, Congress is likely to be even more evenly divided than in the past two administrations, and the fiscal situation will likely limit policy outcomes.

Article

Allocation Insights

Q4 | 2024

While macroeconomic risks remain, we have growing confidence that U.S. economic growth will continue, extending the current business cycle. As the Fed progresses with its rate cuts, we expect market leadership to continue to broaden beyond big tech. We expect increased market volatility into and through the November U.S. elections, and we’re mindful of building global risks.

Article

Stifel Bits

A breezy, lighthearted approach to our insights

2: The increase in number of hours between 2003 and 2022 that people between the ages of 15 and 34 spent at home.

Newsletter

Quarterly Market Perspectives

Q4 2024 

In this edition of our Quarterly Market Perspective's we examine the U.S. economy’s strength in the second and third quarters, and our expectations going forward.

Article

A Smooth Flight Perhaps… Or Turbulence Ahead?

Investment Strategy Brief

It’s been smooth sailing for the U.S. economy and markets, but in our October Investment Strategy Brief we discuss how uncertainties around the upcoming election, U.S. fiscal trajectory, and Middle East conflicts may create some turbulence ahead.

Video

Potomac Perspective

October 22, 2024

Among the most common questions we field from clients are “when will we know the outcome of the presidential election” and “will there be chaos if the results are contested.” The second question suggests not only concerns about the civic response to a contested outcome, but also concern about the financial market’s response.

Article

The U.S. Debt Trajectory: The Need for a Fiscal Transition

Market Sight|Lines

Given increased levels of debt and a higher-for-longer interest rate environment, we've been raising the alarm about a pending Fiscal Transition across our economy. Learn about the potential risks in this Sight|Lines.

Article

Economic Insight LIVE webinar Replay

Q3 2024 

Economic Insight LIVE, with Lindsey Piegza, where Dr. Piegza offers her quarterly economic outlook and views on the current environment.

Video

An Update – From Vision to Value: Our Long-Term Investment Themes

Market Sight|Lines

Recently, we've covered short-term topics, but it's crucial for investors to keep an eye on the long-term changes in our world. Let’s dive into our long-term investment themes, highlighting value-creation opportunities that will shape the way we live, interact, and consume goods and services.

Article

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84%: The increase in the number of “Northerners” going to Southern public colleges over the past two decades. Between 2018 and 2022, it rose 30%.

Newsletter

Potomac Perspective

October 9, 2024

With Election Day less than a month away, the presidential race seems too close to call. In the latest episode of Potomac Perspective, Stifel Chief Washington Policy Strategist Brian Gardner and co-host Neil Shapiro discuss what to watch in the campaign’s homestretch – and look at how political party realignment could help reshape the electoral college map.

Podcast

Stifel Bits

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40%: The percentage of Gen Z (ages 18-27) workers who think that they’re behind where they should be on their retirement savings.

Newsletter

Stronger-than-Expected Rise in September Payrolls Muddies Outlook for November Policy Action

October 7, 2024
Economic Insight

A significantly stronger-than-expected 254,000 gain in September nonfarm payrolls not only calls into question the Federal Reserve (Fed)'s latest outsized rate cut decision in September, but also the size of additional rate cuts needed going forward.

Article

After the Election: Challenges and Opportunities

Market Sight|Lines

With the election coming up, investors are on edge, thanks to the worry about volatility and the media's hype about shifts in political power. Let's look past the election to some areas of long-term focus for the next administration and investors.

Article

September in Review

Monthly Market Perspectives

Breaking the pattern of the last four years, this September saw markets rally, fueled by cooling inflation and the start of the Federal Reserve’s rate-cutting cycle. Unemployment fell to 4.2%, and retail sales rose at a faster-than-expected pace, suggesting consumer spending will remain a strong contributor to third quarter economic growth.

Article

From Vision to Value: Our Long-Term Investment Themes

Anticipating the megatrends influencing the economy and markets is a cornerstone for successful investing. That’s why our long-term investment themes consider how megatrends such as artificial intelligence, geopolitical tensions, and an aging population are presenting value-creation opportunities for long-term investors.

Article

Potomac Perspective

October 1, 2024

With five weeks until Election Day (and the day of the vice presidential debate), Vice President Kamala Harris maintains a small lead in the polls over Donald Trump, but we think Trump has a slight advantage in the Electoral College.

Article

Varying Fed Speak Indicates a Lack of Consensus Among Officials Amid Ongoing Uncertainty

September 30, 2024
Economic Insight

Appeasing market demands, the Fed opted to initiate the latest policy pivot with a sizable 50 bp cut – a move Fed Chairman Jerome Powell called a “strong start.” With the Fed signaling a willingness to do whatever it takes to support the labor market and, by extension, the economy, investors are questioning whether or not a soft landing is on the horizon and if further sizable cuts are on the way.

Article

Favorite 15

September 2024

A selection of slides from our latest Investment Strategy Brief discussing how recent economic and market data continues to reflect a resilient economy, Fed policy, and the run-up to the 2024 elections.

Article

Heightened Geopolitical Risk and a Slowing Global Economy Threaten the Soft Landing

Market Sight|Lines
September 27, 2024

Feeling good about the stock market? Not so fast. Artificial Intelligence and Federal Reserve rate cut optimism may be driving markets higher, but global risks could trigger a recession and a bear market.

Article

Stifel Bits

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“Not sure what she bought, or if she was even able to use her Target app to save 5%. We did let her finish her Frappuccino. We’re not mean.”

-Bedford, Ohio police in a Facebook post after locating an 8-year-old girl who drove her mom’s car for 20-25 minutes to Target.

Newsletter

2024 U.S. Elections Are Close, What Does That Mean for Investors?

Market Sight|Lines

With the 2024 U.S. elections just over a week away, investors are eager to know the impact on markets, portfolios and investment opportunities. We preview the election and client webinar that Brian Gardner, Stifel’s Chief Washington Policy Strategist, and I will be hosting.

Article

Headwinds and Tailwinds

September Investment Strategy Brief

We discuss Headwinds and Tailwinds affecting the economy and the markets going forward, even as we navigate changing Federal Reserve monetary policy and the run-up to the 2024 U.S. elections.

Article

The Federal Reserve Cuts Rates 50 Basis Points amid Still “Solid” Economy and “Elevated” Inflation

September 23, 2024
Economic Insight 

Meeting the market’s expectations for a more rapid reversal in policy, the Federal Open Market Committee (FOMC) opted to cut rates 50 basis points out of the gate.

Video

Potomac Perspective

September 24, 2024

In the latest episode of Potomac Perspective, Stifel Chief Washington Policy Strategist Brian Gardner and co-host Neil Shapiro run through the latest menu of presidential proposals from the campaign trail. Plus, how Congress appears to have avoided a potential government shutdown – for now.

Podcast

The Federal Reserve Cuts Rates 50 Basis Points: “Threading the Needle” Will Be Tough

Market Sight|Lines

The Federal Reserve cut its funds rate by 0.5%, or 50 basis points, in line with expectations, after having hiked rates 5.25% from March 2022 to July 2023 to soften demand and tame high inflation. Importantly, we also learned more about Fed officials’ views of the future from its Summary of Economic Projections. We review the results of this Fed meeting and assess the risk of monetary policy error, in one direction or the other.

Article

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18,125 miles: The total distance Lael Wilcox rode in setting her cycling record. It took her 108 days, 12 hours, and 12 minutes.

Newsletter

A Policy Pivot Leaves Unanswered Questions Regarding Size and Pace

September 16, 2024
Economic Insight

With inflation improving somewhat and indications the labor market is cooling, monetary policymakers have signaled the time is now upon us to begin a reduction in policy firming. Federal Reserve Chairman Jerome Powell said as much at the annual Jackson Hole Symposium, declaring, “The time has come for policy to adjust.”

Article

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29%: The growth in solo dining reservations in the U.S. over the last two years, according to OpenTable.

Newsletter

Federal Reserve Officials Wait for Further Confidence as Pivot Point Nears

August 19, 2024
Economic Insight

The July Federal Open Market Committee statement offered no guarantee of a September rate cut, falling well shy of market expectations.

Article

Potomac Perspective

September 9, 2024

Tuesday’s presidential debate is shaping up as a “make or break” moment in the upcoming election. The race could be among the closest in history. With time running out in the campaign, the debate could be the most consequential event between now and November 5.

Article

Will Rate Cuts Be Enough to Sustain the Bull Market, or Is a Bear Market Inevitable?

Market Sight|Lines

September 13, 2024

We consider if Federal Reserve (Fed) rate cuts likely starting next week will be enough to prevent a recession and sustain the bull market, or whether a recession or a bear market is on the near-term horizon. 

Article

Stifel Bits

A breezy, lighthearted approach to our insights

4,400: The number of athletes competing in the Paris 2024 Paralympic Games that started last week.

Newsletter

The Time Has Come: Chair Powell Concedes to Policy Pivot

September 9, 2024
Economic Insight

According to Federal Reserve Chairman Jerome Powell, the time for rate cuts is upon us. While devoid of specifics in terms of the expected timing and speed of future policy adjustments, he gave a clear nod to the market when speaking at the annual Jackson Hole symposium on August 23, that amid cooling conditions it was now appropriate to adjust policy off of a 23-year high.

Article

Reprise: Get Ready for Market Volatility, In One Direction or the Other

Market Sight|Lines
September 6, 2024

We revisit the topics of increasing market volatility and the prospect of a breakout market, in one direction or the other.

Article

August in Review

The S&P 500 rose 2.43%, but experienced increased volatility at the start of the month, logging its worst and best sessions since 2022. The increased volatility was triggered by a weak jobs report, raising concerns about a faster than-expected economic slowdown. 

Article

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$6,463 to $15,559: The cost of a one-week trip to Disney for a family of four, not including flights or souvenirs, according to NerdWallet.

Newsletter

Allocation Insights

Q3 2024

U.S. economic indicators signal ongoing expansion, yet a rise in the unemployment rate coupled
with a more discerning consumer, has raised worries that the economy may be slowing faster than
anticipated and that the Federal Reserve (Fed) may be behind on lowering rates.

Article

Stifel Bits

A breezy, lighthearted approach to our insights

2+ hours: The time a typical American’s laundry load sits unattended in the washer, according to data from GE Appliances.

Newsletter

A Positive Earnings Season

Market Sight|Lines
August 16,2024

We review the second quarter “earnings season,” unpacking the quarter’s results so far, as well as implications for the future, including AI and the potential for a consumer slowdown.

Article

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A breezy, lighthearted approach to our insights

0.005 seconds: American sprinter Noah Lyles’s margin of victory in the men’s 100-meter race, winning a gold medal. That time is faster than a blink of an eye.

Newsletter

Potomac Perspective

August 19, 2024

The successful outcome of much of Donald Trump’s or Kamala Harris’s agendas will rest with Congress. In this note, we therefore look at where the race to control Congress stands. The Senate map favors Republicans, while the House looks like a toss-up.

Article

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$9.29: The average cost of a Big Mac meal in the U.S., up 27% since 2019.

Newsletter

Embracing Change: Market Rotations and U.S. Elections

July 2024 Investment Strategy Brief

We discuss Embracing Change happening in the second half, like an anticipated economic slowdown after a strong first half, the upcoming U.S. elections, and the market rotation that began in July.

Article

Client Webinar Replay | 2024 U.S. Elections

August 1, 2016

Stifel Chief Washington Policy Strategist Brian Gardner and Chief Investment Officer Michael O’Keeffe discussed the potential outcomes and investment implications of the upcoming 2024 U.S. elections. 

Video

The Health of the Labor Market: Stabilization Versus Weakness

August 12, 2024

The latest July employment report fell notably below expectations, buoying calls for the Federal Reserve to take action in order to stem further potential weakness. In fact, amid rising fears of a more precipitous downturn in the labor market, some have called for a larger 50-basis-point cut at the Federal Open Market Committee meeting next month, or even an emergency reduction before then. But while hiring conditions have clearly cooled from peak levels, a less tight labor market is merely the desired effect of policy firming.

Article

Favorite 15

July 2024

A selection of slides from our latest Investment Strategy Brief discussing the election timeline and investment considerations that come along with it. We also mention the coming shift in earnings growth and a revised version of equity return composition.

Article

Softer Economic Data Roils Markets: Setting up For a Breakout Market

Market Sight|Lines

August 9, 2024
Market experts have been focused on a softening job market, weaker manufacturing, and a rate hike in Japan as drivers of recent market moves. We review these catalysts for the recent market volatility and explore the potential for breakout markets going forward, in one direction or the other.

Article

Potomac Perspective

August 7, 2024

According to numerous press reports, Kamala Harris has picked Minnesota Governor Tim Walz to be her running mate. The pick could help Harris compete in rural areas where Walz has a record of attracting votes.

Article

Will They or Won’t They? July Federal Open Market Committee Statement Falls Short of Committing to September Rate Cut

August 5, 2024

As expected, last week the Fed opted to keep rates unchanged — currently in a range of 5.25%-5.50% — for the eighth consecutive meeting. However, the Committee’s forward-looking guidance did fall shy of expectations; while policy makers kept the prospect of a September rate cut alive, they stopped short of committing to it. Reiterating a focus on the data, they were clear that further confidence is needed.

Article

The U.S. Elections Take Shape: Investment Implications

Market Sight|Lines
August 2, 2024

We review the investment implications of the various outcomes for the U.S. elections. 

Article

Stifel Bits

A breezy, lighthearted approach to our insights

10,000+: The number of people that have carried the Olympic torch from Greece to France to celebrate the arrival of the 2024 Games in Paris.

Newsletter

The U.S. Elections Take Shape: Platform and Policy Implications

Market Sight|Lines
July 26, 2024

We review the main platforms of each candidate as the U.S. elections take shape. 

Article

Potomac Perspective

July 30, 2024

A week into the Harris campaign, we look at what, if anything, has changed. Spoiler alert: A lot, but not much. We begin this note with a brief comparison of the Trump and Harris agendas regarding tax, health care, and trade. We expect Vice President Harris will run on the Biden platform, but we include proposals from Ms. Harris’s 2020 campaign.

Article

Jumping Ship: A Once Again Lonely Boat of Higher For Longer

July 29, 2024

In the aftermath of a cooler-than-expected June Consumer Price Index report and some cooler labor data in the second quarter, market expectations for a near-term Fed rate reduction surged. In fact, even some of the most steadfast members of the “higher for longer” camp have wavered as the pace of disinflation has improved – albeit modestly.

Article

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8.5 million: The amount of Windows devices that were affected from CrowdStrike’s botched software update.

Newsletter

Potomac Perspective

July 23, 2024

On Sunday, President Joe Biden did what many had expected and dropped his reelection bid. Vice President Kamala Harris followed that by announcing that she will run for the Democratic nomination. We think there is a good chance that she could effectively wrap up this process within the next 48 hours. The nomination is Harris’s to lose.

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Potomac Perspective

July 19, 2024

We have reached critical mass. Based on developments of the past few days, we now think it is more likely than not that President Joe Biden will drop out of the presidential race. Vice President Kamala Harris is his most likely successor as the Democratic Party’s nominee.

Email

The Speed of Market Rotation: Staying the Course

Market Sight|Lines 
July 19, 2024

We further discuss the potential for a stock market rotation and use the market shifts of the last week to illustrate how quickly a meaningful rotation can occur.

Article

Markets Are Poised for Rotation: What To Do, and Not To Do

July 11, 2024

We discuss the potential for both a bond market and stock market rotation, and why some actions may be warranted while other actions may not.

Article

The New Consumer: Findings from our 2024 Summer Intern Survey

In the second year of our intern survey, over 150 of Stifel’s summer interns offered insight into their preferences, spending habits, and perceptions of the world.

Find out what our interns think about artificial intelligence, investing, big ticket purchases, climate change, and more.

Article

Stifel Bits

A breezy, lighthearted approach to our insights

Elon Musk dodged a $500 million lawsuit claiming he stiffed Twitter employees on severance, proving even legal battles can be rocket science.

Newsletter

Potomac Perspective

July 16, 2024

The selection of Senator J.D. Vance (R-Ohio) to be Donald Trump’s running mate is yet another sign that this isn’t your father’s Republican Party. Senator Vance’s nomination probably says more about the long-term direction of the GOP than it does about this election, and it’s a move away from capital and towards labor.

Article

Potomac Perspective

July 15, 2024

The shooting of Donald Trump will likely increase his chances of winning the fall election. The scale of political boost he will receive, however, remains uncertain. These events will also freeze Democratic efforts to replace President Biden as their party’s nominee. Near term, these factors point to a risk-on trade.

Article

Economic Insight LIVE webinar Replay

Q2 2024 

Economic Insight LIVE, with Lindsey Piegza, where Dr. Piegza offers her quarterly economic outlook and views on the current environment.

Video

Favorite 15

June 2024

A selection of slides from our most recent Investment Strategy Brief discussing what's in focus for the second half of 2024, including elections, inflation, and Federal Reserve policy.

Article

Stifel Bits

A breezy, lighthearted approach to our insights

Time to make up? Boeing has agreed to repurchase key supplier Spirit AeroSystems Holdings Inc. in an all-stock deal worth $4.7 billion, reversing a split dating back almost two decades. That’s the Spirit!

Newsletter

Potomac Perspective

July 8, 2024

This could be make or break week for Joe Biden’s campaign.  If he can survive it without significant defections from key Democrats, we think that it is likely he will stay in the presidential race.

Article

Stifel Bits

A breezy, lighthearted approach to our insights

Amazon Prime Day will run July 16-17, and pink Stanley Quenchers will be sent all across the country.

Newsletter

Focus for the Second Half

June Investment Strategy Brief 

We discuss what’s in focus for the second half of 2024, including elections, inflation, Federal Reserve policy, a potential economic slowdown, and what these forces might mean for market performance going forward.

Video

Quarterly Market Perspectives

Q3 2024

We review the prior quarter's capital market returns and economic developments in this context of our outlook and asset allocation themes. 

Article

June in Review

The S&P 500 rose 3.59% in June, recording several record highs driven by better-than-expected inflation readings, lower Treasury rates, and strong economic data. The consumer price index and producer price index reports were better than expected and added to the disinflation narrative.

Article

Potomac Perspective

July 2, 2024

Recently, the U.S. Supreme Court issued several decisions that could impact tax policy and economic regulation. We take a quick look at four important cases and discuss what these rulings could mean for future policy.

Email

Gauging Appropriate Policy Amid Potential Upside Risks to Inflation and a Higher Neutral Rate

July 1, 2024


While arguably rebalancing at a gradual pace in the aftermath of the fastest backup in rates in four decades, the expected slowdown in demand and overall impact on the U.S. labor market remains muted. Momentum is slowing in many key categories of economic activity, however, the readjustment remains less than anticipated.

Article

Stifel Bits

A breezy, lighthearted approach to our insights

23: The number of sets of twins who graduated from a single Massachusetts middle school this month. They made up almost 10% of the graduating class.

Newsletter

INVESTORʼS HANDBOOK FOR ELECTION YEARS

In each election year, the prevailing narrative seems to suggest that our country stands at a crossroads with the potential for significant consequences. This often creates uncertainty for investors and leads to market volatility. The temptation to react impulsively to political changes can be strong, but amid this uncertainty, a disciplined and long-term approach to investing becomes paramount. 

Brochure

Potomac Perspective

June 28th, 2024

President Joe Biden continued the trend of incumbent Presidents stumbling in their first debate when running for reelection. Mr. Biden’s problem is that his performance reinforced voters’ worries about his age and ability to serve another term.

Article

One Headwind to AI Optimism: The Looming U.S. Fiscal Transition

June 28, 2024

We review the concept of Fiscal Transition and discuss the implications of the latest Congressional Budget Office budget update. 

Article

State of the Economy: Leading, Lagging, and Coincident Indicators

June 24, 2024

A cooler-than-expected May inflation report following minimal improvement in April has reinforced the Fed’s position on the sidelines, now for the seventh consecutive meeting, with the Committee noting “modest” progress toward the Fed’s 2% target.

Article

Stifel Bits

A breezy, lighthearted approach to our insights

$19.9 trillion: The amount of wealth forecasted to be passed on by 2033 by about 155,000 individuals with a net worth of $30 million or more, according to London-based data firm Altrata.

Newsletter

Potomac Perspective

June 24, 2024

In this note, we look at several sectors that could be impacted by the outcome of the 2024 presidential election. Populism continues to gain strength in both political parties, so a greater emphasis on industrial policy and central planning are the likely results no matter which candidate wins.

Email

Key Takeaways from the June Federal Open Market Committee Meeting: A Message of Patience for “Eventual” Easing

June 17, 2024

As expected, the Fed opted to keep rates unchanged in a range of 5.25% to 5.50% for the seventh consecutive meeting since September 2023. But while the policy announcement itself was uneventful, there were several key takeaways for investors desperately trying to gauge the outlook and expected timeline for any adjustment in policy.

Article

The 2024 Global Election Supercycle: Implications for the U.S. Elections

June 21, 2024

We share a brief update on some elections around the world, and then discuss how these results may affect our internal relations, as well as potential implications for our U.S. elections later this year.

Article

The Federal Reserve Sees Improving Inflation, Yet Signals Higher Rates Through 2024

June 14, 2024

We unpack the results of the Fed’s June 2024 meeting and the recently released Summary of Economic Projections.

Article

Stifel Bits

A breezy, lighthearted approach to our insights

32%: The increase in morning commutes of 75 miles or more between a four-month period in 2023-24 and 2019-20 as many workers are now hybrid.

Newsletter

Favorite 15

May 2024

A selection of slides from out most recent Investment Strategy Brief discussing inflationary pressures, Fed policy and market performance.

Article

Tight Labor Market Conditions Overshadow Cooler Start to the Year

June 11, 2024

The U.S. economy slowed significantly across the first three months of 2024. While nominally still positive, GDP shed significant momentum from an earlier outsized increase of 4.1% in the second half of last year to just 1.3% in Q1.

Article

May in Review

The S&P 500 rose 4.96% in May, driven by lower Treasury rates, a still strong economy, and company earnings growth surprising to the upside. With 98% of companies in the S&P 500 having reported results, earnings are estimated to have grown 5.9% year over year, above the 3.4% estimate at the start of the quarter.

Article

The U.S. Dollar as the World’s Reserve Currency: Secure in the Near Term, But…

May 31, 2024

We discuss the U.S. dollar’s (USD) position as the world’s reserve currency and the risks, both near and longer term, to the USD’s reserve currency status.

Article

Stifel Bits

A breezy, lighthearted approach to our insights

Golden Goose, the luxury shoe brand known for selling sneakers with a lot of character, is reportedly making plans for an IPO in Milan at a €3.3 billion valuation.

Newsletter

Central Bank Policy Divergence

June 4, 2024

The latest bout of commentary from Federal Reserve (Fed) members reiterated not just the Fed’s broader message of patience, but offered a clearer indication of how many more months of improved data are needed to justify a rate reduction.

Article

Stifel Bits

A breezy, lighthearted approach to our insights

706: The number of people named Kyle that gathered recently in a city in Texas named Kyle.

Article

Potomac Perspective

May 31, 2024

A New York jury found former Donald Trump guilty of falsifying business records. We offer no opinion on the trial, the verdict, or the prospects regarding an inevitable appeal. Politically, we do not think the verdict changes the 2024 presidential race, nor do we believe that it will have a material impact on financial markets over the near term.

Article

Higher for Longer

May 2024

Recent economic and market data continue to reflect a resilient economy and corporate profits. We discuss the economic and market implications of market interest rates staying higher for longer.

Video

Inflation, the Federal Reserve, and Higher for Longer Trigger Weak April Market Performance

May 3, 2024

We review inflation, economic results, the Fed’s policy update, and how those forces influenced April market performance.

Article

Putting Behavioral Finance in the Palm of Your Hand: The Stifel Financial ID

May 10, 2024

We review the Stifel Financial ID, a behavioral finance model designed to help clients understand themselves and work more effectively with their Stifel Financial Advisor. 

Article

Potomac Perspective

May 31, 2024

A New York jury found former Donald Trump guilty of falsifying business records. We offer no opinion on the trial, the verdict, or the prospects regarding an inevitable appeal. Politically, we do not think the verdict changes the 2024 presidential race, nor do we believe that it will have a material impact on financial markets over the near term

Article

Learnings From the Stifel Blueprint Conference

May 24, 2024

Every year or so, Stifel wealth colleagues, Stifel leadership, and other industry professionals gather for our Blueprint conference. The agenda includes time for one-on-one discussions, small group engagement, larger breakout sessions, and a few “main stage” sessions where all participants gather to learn. We share some of our learnings from the 2024 Stifel Blueprint conference.

Article

Allocation Insights

Q2 2024

U.S. equity markets continue to ride a wave of optimism anchored on the strength of the U.S. economy and the potential of artificial intelligence. As we look forward to the rest of 2024, we challenge ourselves to think differently. Learn how we are positioning portfolios.

Article

The Federal Reserve Continues to Recommend Patience amid Uncertain Inflationary Pressures

May 21, 2024

Opting to keep rates on hold for the sixth consecutive meeting earlier this month, Federal Reserve (Fed) Chairman Jerome Powell reiterated a message of continued patience for policy easing – eventually – as the Committee awaits further evidence inflation is on a sustained downward trajectory toward 2%.

Article

Potomac Perspective

May 21, 2024 

After the close on Monday, Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg announced his willingness to step aside from his position once a successor is confirmed.

Article

Stifel Bits

A breezy, lighthearted approach to our insights

872: The number of trading sessions through last Wednesday for the Dow to reach its latest 10,000-point milestone of 40,000.

Newsletter

Potomac Perspective

May 20, 2024

The House is scheduled to vote this week on two cryptocurrency bills, including one regarding central bank digital currencies. We do not expect either piece of legislation is likely to become law, but the votes on each bill are still important.

Email

Potomac Perspective

May 16th, 2024

A House hearing with the banking regulators did not provide any groundbreaking news on the Basel III Endgame proposal. It did, however, reinforce our view that the proposal could be significantly altered or even scrapped.

Article

Special Edition Economic Insights A Closer Look: Artificial Intelligence: Helpful or Harmful to Workers and Businesses?

May 13, 2024

While the earliest notable work in the field of AI dates back to the 1930s, it is only in the past few years that AI has captured public attention. However, what is it really? We rely on various technologies every day, including computers and smartphones, so what makes AI different or revolutionary?

Article

Stifel Bits

A breezy, lighthearted approach to our insights

63%: The percentage of U.S. workers that say they are satisfied with their job, the highest level recorded since the survey began in 1987, according to the Conference Board.

Newsletter

Potomac Perspective

May 10, 2024

An annual report on the financial condition of Social Security and Medicare forecasts the programs’ trust funds will cease to be fully funded by 2033 and 2036, respectively. Although that does not seem like much time to a lot of people, it is light years away for Congress. We don’t expect serious action to remedy the situation until at least after the 2028 elections.

Article

Weaker-Than-Expected Job Gains in April Boost Expectations for Rate Cuts

May 3, 2024

April nonfarm payrolls rose by 175,000, falling short of the 240,000 gain expected. While still broadly indicating tight conditions, the labor market appears to be cooling somewhat, resulting in some upward movement in the unemployment rate and more muted pressure on wages.

Video

Stifel Bits

A breezy, lighthearted approach to our insights

Not the interns! Tesla rescinded offers to interns three weeks before they were supposed to start.

Newsletter

April in Review

May 1, 2024

Markets fell in April as strong inflation dampened optimism of a Fed rate cut in June. Equities recovered some of their losses on stronger earnings, particularly from the “Magnificent Seven.”

Article

Stifel Bits

A breezy, lighthearted approach to our insights

Chipotle customers are loyal! It has raised prices six times in the last three years, but the company reported this hasn’t dented demand.

Newsletter

A Scenario-Based Fed: What if Inflation Does Not Retreat as Expected?

April 29, 2024

The latest March Federal Open Market Committee forecast showed the majority of Fed officials anticipate three rate cuts by year-end. However, with inflation reversing its downward trajectory since the start of the year, Fed officials have dialed back expectations for rate cuts both in number and timing.

Article

Potomac Perspective

April 29, 2024

A Wall Street Journal article reports on possible actions that a future Trump administration might take vis-à-vis the Federal Reserve. We explain why we are skeptical that the courts would allow some of the proposals.

Email

The Protectionist Vote: How Are Elections Shaping Global Trade?

April 26, 2024

Earlier this year, we shared a view on how the 2024 election supercycle is bringing focus to an evolving world order, with the U.S. and China competing in what is increasingly a multipolar world. We continue the discussion, digging deeper into protectionism and the implications for global competition, China’s trade relations, and geopolitical hotspots.

Article

Favorite 15

April 2024

A selection of slides from our most recent Investment Strategy Brief discussing continued inflationary pressures, Fed policy and the health of the U.S. consumer.

Article

Caution or Optimism: Can AI Counter a Potential Economic Slowdown?

April Investment Strategy Brief 

We delve into continued inflationary pressures, Fed policy, and the health of the U.S. consumer. We also examine the rally in commodity prices, the global election supercycle, and related investment implications.

Article

Stifel Bits

A breezy, lighthearted approach to our insights

Dubai saw streets transform into rivers following almost six inches of rain within 24 hours. The city typically receives 3.7 inches of rain in a given year, meaning almost two years’ worth of rain fell in just one day.

Article

Special Edition Economic Insight: A Closer Look: Disruptions and Costs of Shipping

April 22, 2024

Supply chains are back in focus after Dali, a massive 95,000-ton container ship, collided with the 1.6-mile Francis Scott Key Bridge in Baltimore on March 26. The bridge crosses the only water route in and out of the harbor where the port is located. Additionally, the 3,600 commercial trucks that crossed the bridge each day prior to the collapse have also been disrupted.

Article

First Quarter Earnings Season: Insights Into Forward Guidance

April 19, 2024

Earnings season, where companies report results for the previous quarter, provides views into recent results and company management’s forward guidance, or view as we look forward. We share a brief update as the first quarter 2024 earnings season begins.

Article

Part-time, Adjustments, Immigration Boost Employment Headline

The March employment report surged past expectations, reinforcing the notion of a solid labor market and complicating the outlook for a Fed seemingly desperate to cut rates. After all, coupled with inflation reversing course for the past three months, a tight jobs market provides little justification for a reduction in policy firming. 

Article

Stifel Bits

A breezy, lighthearted approach to our insights

Costco is selling out of one-ounce 24-karat gold bars, leaving treasure hunters to settle for the next best thing: giant tubs of mixed nuts.

Article

AI Will Change Our Future; It’s Transforming Our World Today

April 12, 2024

The strong stock market results this year celebrate the potential for artificial intelligence (AI). And while big, tech-oriented companies are driving this performance, the opportunity goes well beyond tech-oriented stocks. We review the concept of AI and zoom in on some real-life uses that are already transforming our world today.

Article

Potomac Perspective

April 16, 2024 

The House could vote this week on a package of foreign aid bills. This vote represents the best chance of approving assistance for Israel and Ukraine. We think passage is likely, but not guaranteed. A House committee will mark up trade legislation this week which could eventually be included in year-end legislation.

Article

Potomac Perspective

April 10, 2024

Congress returns this week from its Easter break to a packed agenda. The first item Congress will work on this week, Foreign Intelligence Surveillance Act reauthorization, will not have market implications.

Article

Robust Job Gains in March Complicate Federal Reserve’s Rate Cut Pathway

April 8, 2024

March nonfarm payrolls rose by 303,000, reinforcing the notion of a tight labor market and solid economy, complicating the outlook for Federal Reserve (Fed) policy. Coupled with unruly inflation pushing higher for the past two months, the likelihood of a change in policy, let alone of sizable downshift in rates, is becoming increasingly less likely.

Video

A Strong First Quarter 2024: We’re (Still) Watching for a Slowdown

April 5, 2024

The U.S. stock market posted strong first quarter results, riding a wave of optimism anchored in a still-strong economy and the potential of artificial intelligence. We review these strong first quarter results and the potential for cracks that may lead to a slowdown and a possible market pullback.

Article

Stifel Bits

A breezy, lighthearted approach to our insights

Last week, NATO – the North Atlantic Treaty Organization – celebrated 75 years of collective defense. Woohoo! So with this as a backdrop, we thought we’d dig into some geopolitical happenings and focus in on the Havana Syndrome. 

Newsletter

Stifel Bits

A breezy, lighthearted approach to our insights

As the world marvels at the wonders of artificial intelligence, there’s a quirky tale lurking behind the scenes – AI’s demand for resources. Let’s briefly talk about the energy and water required to operate AI chat bots like ChatGPT.

Newsletter

Potomac Perspective

April 2, 2024

Congress is out of town this week, but the wheels are moving to construct a foreign aid package that could pass the House later this month. Some conservative Republicans oppose providing more aid for Ukraine, but the House Republican leadership is looking to attach provisions, such as blocking the Biden administration’s liquefied natural gas export moratorium (which would be popular among conservatives), in order to secure Republican votes and repel any effort to remove Speaker Mike Johnson from the Speaker’s chair.

Article

March in Review

The S&P 500 set a record high, ending March up 3.22% and bringing its year-to-date return to 10.55%. Earnings for the S&P 500 were up 4.1% year over year versus the 1.5% expected before earnings season began.

Article

Quarterly Market Perspectives

Q2 2024 

We review the prior quarter's capital market returns and economic developments in this context of our outlook and asset allocation themes.

Article

Stifel Bits

A breezy, lighthearted approach to our insights

Dell implemented a return-to-office mandate with the stipulation that remote employees are no longer eligible for promotions.

Newsletter

No March Change in Monetary Policy Will the Federal Reserve Paint Itself into a Corner?

March 25, 2024

Recent inflation reports disappointed to the upside, meaning inflation still hovers above the Federal Reserve’s (Fed’s) 2% target. Despite this, as the Fed concluded its March meeting, it left monetary policy unchanged but continued to signal its intent to cut rates later in the year. In this week’s Sight|Lines, we unpack the results of this Fed meeting and assess the risk that the Fed may not be able to cut rates later this year if inflation remains elevated.

Article

Key Takeaways from the March Federal Open Market Committee Rate Decision

March 25, 2024

Without convincing proof of inflation retreating, the Committee, he said, is in no rush to initiate rate cuts, setting the stage for a prolonged position on the sidelines.

Article

Potomac Perspective

March 22, 2024 

As the week draws to a close, it appears Congress will avoid a partial government shutdown and, more importantly, sequestration cuts next month. While this is a positive for the market, prospects are diminishing that Congress will pass a tax bill that would have positive implications for sectors with high R&D spending. 

Article

Stifel Bits

A breezy, lighthearted approach to our insights

4 minutes, 28 seconds: The longest duration that the Moon will completely cover the Sun during the solar eclipse on April 8.

Newsletter

Stifel Bits

A breezy, lighthearted approach to our insights

75%: The percentage of U.S. individuals that have confidence that retirement plan accounts can help individuals meet retirement goals.

Newsletter

Inflation Concerns Keep Federal Reserve on Sidelines for Much – Much – Longer

March 18, 2024 

Ahead of the Federal Reserve (Fed)’s March rate decision, Fed Chairman Jerome Powell headed to Washington, D.C. to testify before Congress on the current state of policy and expectations for rates going forward. Without convincing proof of inflation retreating, the Committee, he said, is in no rush to initiate rate cuts, setting the stage for a prolonged position on the sidelines.

Article

The Ides of March: Watching for a Slowdown

March 15, 2024

Facing what seems to be unwavering economic optimism in the media and among some market watchers, we challenge ourselves to think differently. In this week’s Sight|Lines, we share some insights on the current environment as we watch for a slowdown.

Article

Watching for a Slowdown Despite the Optimism

Investment Strategy Brief 

There’s lots of optimism out there on both the economy and markets. In our March Investment Strategy Brief, we discuss how we’re watching for a slowdown, including a focus on the consumer, Federal Reserve policy, and other stresses related to higher interest rates, like with regional banks.

Article

Still Solid Job Gains in February Continue to Support Higher for Longer

March 11, 2024

With the February report exceeding expectations despite downward revisions to the January print, nominally, the pace of job creation remains still solid, pulling the three-month average up from 243,000 to 265,000.

Video

The 2024 Election Supercycle Brings Into Focus an Evolving World Order

March 8, 2024

Elections can drive change, and as we further assess the issues faced by voters globally, shifting global relationships come into focus. In this week’s Sight|Lines, we provide an update on the 2024 election supercycle and offer insights on the evolving world order fueled by economic competition.

Article

Potomac Perspective

March 11, 2024

President Joe Biden’s fiscal year 2025 budget will be released. Like most budgets, it will be DOA, but will still be important for the political message it sends as the 2024 campaign revs up.

Article

Stifel Bits

A breezy, lighthearted approach to our insights

$118,600: The average 401(k) balance at the end of 2023, up 14% from a year ago, according to Fidelity.

Newsletter

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“Patient, Careful, Methodical, and Deliberative:” Rate Cuts Delayed Amid Ongoing Inflation Concerns

March 4, 2024

Since reaching a presumed terminal level of 5.50% in July of last year, the Federal Reserve (Fed) has offered a consistent message of “patience” when it comes to the next stage of policy adjustment. While willing to include the notion of an eventual rate cut(s) into the conversation, Fed officials have been clear they will take a tempered approach towards a removal of accommodation.

Article

AI Boom: Temporary or Enduring?

March

As we start 2024, Artificial Intelligence (AI) remains top of mind for investors. Our February Investment Strategy Brief delves into the transformative impact of AI and related market dynamics. We also examine continued inflation concerns, monetary policy, and investment implications.

Article

February in Review

Momentum continued in February as the S&P 500 reached an all-time high, closing the month up 5.34%. By month-end, 97% of S&P 500 companies had reported fourth quarter earnings, with earnings growing 4.0% year over year.

Article

Favorite 15

A selection of slides from our most recent Investment Strategy Brief discussing the transformative impact of AI and related market dynamics.

Article

Equities Have a Strong Start in 2024, Warranting a Further Focus on Earnings

March 1, 2024

The stock market has started this year off strong, with the index ending February at 5,096.27 and a year-to-date return of 7.11%. Earnings, and a view of future earnings, are influencing this market behavior. In this week’s Sight|Lines, we provide an update on the fourth quarter earnings season.

Article

State of the Economy

February 2024

Leaving rates unchanged for the fourth consecutive meeting in January, Federal Reserve officials continue to tout a message of patience, reminding market participants no further rate hikes do not necessarily translate into rate cuts, at least not yet.

Article

Stifel Bits

A breezy, lighthearted approach to our insights

11.3%: The percentage of Americans consumers’ disposable income spent on food in 2022 according to the USDA, the highest since 1991.

Newsletter

Potomac Perspective

February 27, 2024

Congress returns to Washington this week to face yet another spending deadline. A partial government shutdown is possible, but we expect it would be short in duration and not market moving. The bigger issue is whether Congress will approve a spending bill that funds the government to fiscal year-end and averts sequestration cuts which could take effect in May.

Article