Investing with Insight
At Appleton, we value active engagement and interaction with financial advisors and clients. Investing with insight helps us meet client objectives. And by sharing our economic and market perspectives, we foster deeper relationships. Here’s what we’re talking about this month.
Review and Outlook
"December’s FOMC meeting offered plenty for market participants to digest despite none of the main elements being surprising. For one, both the statement and Chairman Powell’s press conference made it clear the Fed now expects to be on hold for at least several months..."
"The federal government reopened on November 12th after the longest shutdown in American history. The resulting continuing resolution will only fund most of the government through January 30th, so a second shutdown is possible, maybe even probable. Until then, however, we will be wrestling with two concurrent problems..."
"October was largely a quiet macro month, thanks to the ongoing government shutdown, until the FOMC meeting ended the month with a bang. We thought Chairman Powell might cautiously open the door to a pause after October’s 25bps cut as we still see growing inflation pressures..."
Economic and Market Commentary
"Uncertainty is the norm in the capital markets, yet municipal bond investors have recently been forced to grapple with unusually high levels. Record YTD net issuance, monetary policy questions, and a recent government shutdown have all led to unsettled markets..."
"New York City recently published the Comptroller’s monthly “By the Numbers” report that confirmed that YoY tax revenue collections for FY25 increased by $6.1B (+8.3%) to $80.3B. Property taxes (43% of total revenue) rose 5.4% YoY, while non-property taxes surged by a combined 10.6%..."
Quarterly Perspectives
Q4
"Psychological barriers often present financial planning challenges and managing one’s emotions can be a key ingredient in achieving long-term success. This dynamic typically considers factors such as accepting risk as an inherent element of return and in finding a balance that makes your personal asset allocation strategy effective..."
Q3
"Noteworthy years in the stock market tend to be associated with specific events or themes. For veteran investors, 1987 invokes memories of “Black Monday,” while 1999 to 2001 will be forever linked with the “dot com” boom and bust. While not quite as dramatic as those periods, this has been the year of artificial intelligence (“AI”), a technology that has surged into the public consciousness and rippled through the economy..."
Q2
"As Harry Markowitz, the father of Modern Portfolio Theory, put it, “The only free lunch is diversification.” This quote underscores one of the most fundamental principles of investing: managing risk and reducing volatility by spreading investments across assets and asset classes with distinct risk exposures..."
2026 Municipal Sector Drivers