Category: News
65 posts categorized as "News"
11May
Employment Trends meets Federal Reserve Decisions

Astor’s CEO Rob Stein and CIO John Eckstein explore the interplay between employment trends and Federal Reserve decisions. MAS-M-380952-2023-05-08
4May
Staying Ahead of the Curve: Navigating Fed Policy, Robust Inflation, and the Economy

Astor’s CIO John Eckstein and Portfolio Manager/Vice President – Research, Nick Porter provide insights on the current economic landscape and the challenges the Fed is facing in controlling inflation. MAS-M-378863-2023-05-02
27Apr
Inflation & Duration: Navigating Rising Fixed Income Volatility
One can be forgiven for looking back on Fixed Income markets in the period between the Global Financial Crisis and the pandemic with something approaching fondness. The Great Recession and the period thereafter were dominated by concerns about the lower zero bound for rates and the need to stretch duration to get anything approaching reasonable…
19Apr
April 2023 Update on the U.S. Economy
The data for the month of March showed a slight cooling of the U.S. economy but wasn’t fundamentally view changing for the domestic near-term trajectory. The Astor Economic Index® stayed in the same range that it began in 2023, at a level consistent with below-average growth. One of the big puzzles of the current macroeconomic…
15Aug
Latest inflation news and the outlook for the Fed

Astor’s CIO, John Eckstein, and research associate, Nick Porter, deep dive into the latest inflation news and the outlook for the Fed.
8Aug
What does the latest payroll report tell us about inflation and the fed?

Astor’s CEO, Rob Stein, and CIO, John Eckstein, discuss the latest payroll report and what it tells us about inflation and the fed.
15Jul
July 2022 Update on the U.S. Economy
The U.S. economy is at an interesting crossroad: the labor market is showing continued strength despite weakening output, burgeoning inflation, and an increasingly hawkish Fed. The Astor Economic Index has taken the side of the naysayers, posting consecutive declines for the last 11 months. The index now lies somewhere in the below-average to weak range….
8Jul
You Can’t Buy Love and You Can’t Buy An Expansion
As the markets hit that magical percent drawdown number, market experts tell us we are in a bear market. If only they told us sooner… Inflation was not transitory after all, and the Fed needed to react which led to the typical result from raising rates quickly… Again, who could predict that mailing money to…
8Jun
June 2022 Update on the U.S. Economy
The Astor Economic Index crossed the Rubicon (or perhaps just the Delaware) in May, ending the month just below the 0 line and at a level consistent with (barely) below average economic growth. Note that the AEI is suggesting that the pace of growth in the US has slowed, but is not yet at a…
19May
Market Commentary: Super-Hyper Inflation, So What’s the Plan?

Wednesday (5/18) was a day of turmoil in equity markets with the S&P 500 down about 4% as investors sold risk assets for the safety of government bonds. I personally wouldn’t jump into bonds for the long term at this point, but yesterday investors needed to do something and bonds were the easiest choice. Markets…
12May
Market Commentary: It’s all about the Fed… Still
The markets have had a challenging time the past few weeks, quickly retracing back to the levels of a year ago. Perspective is always important, but the Fed’s perspective is essential! As I said at the beginning of the year, it’s all about the Fed and how they navigate interest rates. The Fed got it wrong when…
7Apr
April 2022 Update on the U.S. Economy
The Astor Economic Index continued its slide in March, consistent with our reading of a cooling but still strong economy. The domestic macroeconomic outlook is at an interesting crossroads, with persistent inflation, negative real wages, and high input costs on one hand, and very strong labor market dynamics, corporate earnings, and solid output growth on…
4Apr
Commodity Market Update – Q1 2022
Many of the most visible commodities – energies and grains – appreciated a great deal during the first quarter as shown in the charts below for eight of the more well known commodity contracts. There are macro factors both boosting and restraining commodity prices: On the bullish for commodities side: Shift in the composition…
11Mar
March 2022 Update on the U.S. Economy
With the ebbing of the global pandemic, one may have hoped February would mark the beginning of business as usual and a return to focusing on supply chains and other macroeconomic fundamentals. Unfortunately, the war in Ukraine has added another exogenous shock to the system. We’ll delve into the U.S. economic situation below, and touch…
11Feb
February 2022 Update on the U.S. Economy
January proved an exciting month for macroeconomic data, with some clarity gained on the near-term trajectory of the U.S. economy and the state of inflation. We’ll begin with the Astor Economic Index, which has begun to move down rather precipitously of late. Although the AEI’s movement over the past month might make for a concerning…
15Jan
January 2022 Update on the U.S. Economy
As usual, we’ll be looking at recent economic data this month, but we’ll also expand on some of the themes we’ve seen this year and look ahead to our base case for 2022. It’s worth noting that our portfolio decisions are made by the current state of the U.S. economy, rather than any forecast, but…
14Dec
Inflation Isn’t The Biggest Problem
Is the recent spike in inflation data and recent price moves in many products and commodities transitory? Is the reopening of supply chain disruptions going to relieve shortages? When is the Fed going to act? These questions are being debated more than ever, with both sides digging in on their views. To be honest, I…
7Dec
December 2021 Update on the U.S. Economy
Another month has passed as we hurtle to the New Year, and we find the Astor Economic Index at a similar level as in weeks past. In aggregate, the AEI (and our) view of the U.S. economy is that of continued strength, with a vigorous labor market and consumer demand. We discuss some of the…
29Nov
The “Fear Gauge”
The Cboe Volatility Index® (herein “VIX®” or “VIX® Index”) has become something of a household name. Known sometimes as the “Fear Gauge”, the VIX tracks market participants’ expectations for future S&P 500 Index volatility. In other words, the VIX provides information about the prospect for fluctuations (up or down) in equity markets. When the VIX…
23Nov
Inflation Hedges: A Look at the Record

TO DOWNLOAD A PRINTABLE VERSION (CLICK HERE) Many of our clients are concerned about a rise in inflation. This note takes a hard look at various supposed inflation hedges. We will look at stocks, bonds, REITs, gold, commodities, T-bills and TIPS: the answer may surprise you. I don’t see one size fits all answers to…