Dorsey Farr
Dorsey Farr
attack clear continue effects financial industries rest ripple specific strong targets terror
If the targets continue to be specific industries such as financial firms and airlines, it's not clear that another terror attack will have strong ripple effects through the rest of the economy.
bad difficult percent prepared ride wound
We were prepared for a more difficult ride than we wound up with. An S&P 500 of 3 percent is not terrific, but it's not a bad year.
bonds close couple employment hike might months next perhaps reports
Right now bonds are reacting, and perhaps overreacting, to employment and CPI. What we will probably see in the next couple of months is that we aren't as close to an interest-rate hike as those two reports might suggest.
capital finds glut popular relatively search treasury
One popular explanation is that there is a glut of capital in the world in search of a home, and a lot of it finds its way into relatively risk-free assets, such as Treasury bonds.
companies expectation few general growth next profit quarters rates send start trend
My expectation is the general trend of the next few quarters is for profit growth rates to come down, and it will start by having companies send out that message.
earnings expected growth seeing slow slowing year
That's not what we expected to see in a year when earnings growth would slow slightly, and we were seeing some of that slowing already.
accurately corporate earnings expensive fortunes multiple prices remain represent statistics stocks valued
Stocks remain richly valued as a multiple of earnings. If earnings do not accurately represent the fortunes of Corporate America, then stock prices may be even more expensive than the statistics suggest.
believe coming hard huge prices raging start
We got off to such a raging start this year, it was hard to believe it was sustainable. There was very little that warranted the huge run-up in prices coming out of the gate.
curve good rule thumb yield
As a forecasting rule of thumb, the yield curve has been pretty good but it may not be a good rule of thumb today.
continue data economy fed growth humming job labor lean market raising signs strong toward watching
There is healthy, not rapid, job growth that is enough to keep the economy humming along. That strong labor market has potentially inflationary pressures. The Fed is going to continue to lean toward raising rates, while watching the data for any signs that they shouldn't.