May 2021 Economic Update, Anirban Basu

Pandemic Lingers, Recovery Continues Anirban Basu, Sage Policy Group What a difference a few months can make.  At last year’s conclusion and this year’s onset, only high-risk health workers were being vaccinated, the nation faced another spike in COVID cases, job growth had turned negative. But late last year, as the nation’s recovery began to
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Reopening Surge, Bradley Williams

April 16, 2021 Summary: Solid quarter for stocks overall, although there was a change in sector leadership with Technology lagging Energy and other sectors. Bonds saw on of their worst quarters historically. Interest rates began to rise along with equity markets reflecting the growing optimism of economic recovery, consumers being “unleashed” to spend and anticipated
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Anirban Basu’s February 2021 Economic Outlook

New Year Brings Old Problems January has not been kind to America over the past several years.  In 2019, the nation entered the year amidst what would turn out to be the longest federal government shutdown in American history.  In 2020, the country found itself in the middle of presidential impeachment proceedings and staring down
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Recovery Rolls On, Bradley Williams

January 18, 2021 In the final quarter of 2020, stocks posted their third consecutive gain after the big slide in the first quarter when COVID emerged in the U.S.  Tech stocks continued to be among the best performers, though the fourth quarter finally saw a lift in lagging sectors like energy and financials.  Bond yields
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1st Quarter Commentary — Bradley Williams, Chief Investment Officer

Pandemic April 13, 2020 The first quarter of 2020 witnessed some of the most dramatic events in recent history.  Most importantly, our thoughts are with those that have been impacted by Coronavirus and the displacements in its wake.  Society will persevere once again, but the pieces won’t all neatly fall back into place for many. 
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Trillion Dollar Deficits and Negative Rates

  According to data just released by the Treasury Department the U.S. budget deficit topped $1 trillion through the first 11 months of the current fiscal year.  The figure exceeds the official forecast and adds to the nation’s growing debt balance, which is now in excess of $22 trillion.  The gap is especially noteworthy as
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Are Lower Rates Really Worthy of a Celebration by the Market?

Crosscurrents following the June Fed meeting have been significant, particularly given there was no change to existing rate policy.  Market expectations anticipated a more dovish policy stance, and the shift was consistent citing slower economic growth and weaker business investment.  While there was no action at this meeting, the Fed all but confirmed it would
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National Economic Update from Anirban Basu (Early 2019)

Conflicting Economic Numbers Paint a Confused Portrait Heading into 2019 The year 2018 will go down as a fine year for the U.S. economy.  Despite evidence of a slowing global economy, America’s still managed to expand 2.9 percent last year.  The U.S. ended the year in fine fashion, with the nation adding 227,000 net new
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Local Economic Update from Anirban Basu (Early 2019)

Maryland Posts a Decent 2018 Federal Shutdown Isn’t Enough to Reverse Momentum Directly bordering the nation’s capital, Maryland is in a unique position.  Its proximity offers a steady flow of government contracts, thousands of handsomely compensated and abundantly educated federal workers, and a number of agencies like the National Institutes of Health, Food & Drug
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