The strength of the US economy threatens to put the Fed in a bind. S&P 500 appears to be in an “earnings recession”. US-China trade negotiations appear to be going nowhere and an escalation of tensions is possible. Read more...

Risks to our overall outlook are about average although they have in-creased in the past month. Read more...

Targets for primary asset class allocation have moved from 50%-50% equities-fixed income to 20%-80% equities-fixed income. Read more...

The potential economic impacts of a full-fledged US-China trade war – if it were to actually occur -- are being severely underestimated by government officials, private economists and financial markets. Read more...

Within the fixed income asset class, we are redeploying cash from the sale of the equity positions to initiating a position in BIV. Read more...