Jerome Powell’s Mixed Legacy

Published on May 7, 2026

By remaining on the US Federal Reserve board of governors after the end of his term as chair, Jerome Powell can keep the focus on his widely celebrated role as the “defender of the Fed.” But if that allows him to sideline substantive criticism of Fed policy during his tenure, the institution may suffer for it.

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The Market’s Cultural Headwaters

May 7, 2026
The generational divide is a part of the human condition – and the investor condition. It’s not just that one group has more experience than the other, or that one is more eager to make its own way, but that both groups can learn totally different lessons from the same event.

When is 100 Not a Good Score?

May 7, 2026
While the Middle East war takes on the lion’s share of headlines, and rightfully so, there has been another development in bond-land that has gone relatively unnoticed. Indeed, one concern that crops up in the U.S. Treasury (UST) market is the potential for higher budget deficits from the already lofty current reading.