No Risk-Free Path

Published on December 12, 2025

The Federal Reserve concluded its last meeting of 2025 with another quarter-point rate cut, while maintaining its outlook for only one cut in 2026.

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When, or If, Does Treasury Supply Matter?

December 12, 2025
Despite the concern post-2024 election about rising U.S. deficits and a potential return of "bond vigilantes," the supply side of the Treasury market has remained stable, with deficits settling near the $1.8 trillion baseline.

Equities Edge Higher as Holiday Spending Shows Resilience

December 12, 2025
U.S. equities edged higher last week, approaching all-time highs, fueled by steady consumer spending reflected in strong Black Friday retail sales, though data indicated consumers are increasingly prioritizing value.