Debt Ceiling Drama: Thoughts And Implications
The debt ceiling refers to a limitation imposed by Congress back in 1917 that caps the amount of outstanding debt that the US can offer. Currently $31 trillion, the debt ceiling relates to Treasury’s ability to fund appropriations Congress has already approved, not future spending.
Review and
Outlook
May 2023
“Q1 GDP missed, +1.1% vs. +1.9%, yet below the surface it was a fairly strong report.”
Learn MoreApril 2023
“The most surprising part of the failure of Silicon Valley Bank (SVB), the largest since 2008, was that it failed for very old-fashioned reasons.”
Learn MoreMarch 2023
“The ‘immaculate deflation’ narrative ended abruptly at the beginning of February after a series of data points dashed hopes for an early end to the Federal Reserve’s hiking cycle.”
Learn MoreFebruary 2023
“The standout moment of the Federal Reserve press conference on February 1st was when Chairman Powell was given an opportunity to pivot and push back against market faith but chose not to.”
Learn MoreEconomic and
Market Commentary
05.23.2023
Debt Ceiling Drama: Thoughts and Implications
“The debt ceiling refers to a limitation imposed by Congress back in 1917 that caps the amount of outstanding debt that the US can offer. Currently $31 trillion, the debt ceiling relates to Treasury’s ability to fund appropriations Congress has already approved, not future spending. The task faced by policymakers is hardly new – Congress has raised or extended the debt ceiling 78 times since 1960.”
Learn More03.02.2023
The Golden State is Forced to Confront Fiscal Challenges – California Credit Brief
“Persistently tightening monetary policy and a slowing economy have begun to work their way into state tax revenue collections. Across the nation, median growth in monthly revenues slowed from double-digit levels early in 2022 to low-single digits by year-end. While most states have faced tax revenue pressures, California is facing more acute revenue deterioration.”
Learn More01.17.2023
2023 Municipal Sector Outlook
“Appleton’s analysts strike a more cautious tone for 2023. A look at sector specific credit dynamics.”
Learn More09.19.2022
Beyond Ladders: Attributes of Active Bond Management
“The asset management industry has long wrestled with the active versus passive debate across a spectrum of asset classes. At Appleton, we are strong advocates of active municipal bond management as it affords us the ability to customize solutions and capitalize on opportunities to add incremental yield and total return.”
Learn MoreQuarterly
Perspectives
Q1 2023
Building Strength Through Diversity
“Human capital lies at the heart of business as well as society at large . . . The subject of diversity, equity, inclusion, and belonging (“DEIB”) transcends academic analysis and has recently taken on a heightened cultural focus.”
Learn MoreQ4 2022
Navigating Turbulent Times
“We will refrain from offering a comprehensive year-end market retrospective . . . Instead, our objective is simply to draw upon 2022’s investment experience as a means of reinforcing more personal, timeless planning guidance.”
Learn MoreQ3 2022
Managing Market Emotions and Biases
“Warren Buffett’s contrarian investment philosophy likely resonates with many who embrace a value-oriented mindset. While there is inherent logic in this time-tested recommendation, adhering to advice of this nature presents practical challenges.”
Learn MoreQ2 2022
Fortifying Financial Decision-Making
“Generation X households are likely to inherit a staggering $30 trillion in wealth over the next 25 years and overtake the Baby Boomers as America’s wealthiest generation . . . what is unfolding in an aging America is also likely to have a profound effect on individual relationships with money.”
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