The Independent Market Observer

The Market Observatory: Tariffs and Trade Policy [Audio]

April 23, 2025

In this month's Market Observatory episode, Sam Millette and I discuss the dominating news story of the year: tariffs and trade policy. Uncertainty has weighed on markets and investors, and the on-again, off-again nature of these policies continues to change the range of outcomes for the economy and corporate earnings.

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Is It Time for Investors to Play the Long Game?

April 21, 2025

During periods of market volatility and declines, investors get concerned. They question their long-term objectives and whether they have more risk in their portfolios than they can tolerate. These are reasonable thoughts to have at times like these.

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Looking at the Economic Data and Volatility in the Bond Market

April 14, 2025

Last week, the S&P 500 was up 5.7%, the strongest week for the market since November 2023. The Nasdaq rose 7.3%, which was the best week for that index since November 2022. The rally was a result of President Trump’s announcement that he was pausing reciprocal tariffs for 90 days. And while there was no relief for China and the back-and-forth escalation between the two countries, markets latched onto the good news and rallied after a tough couple of months for equity investors. 

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Tariffs Shock Economy and Markets

April 9, 2025

The markets are in the middle of a historic decline. Not so much in the magnitude—while we are approaching a bear market, these happen fairly regularly—but in the speed of the drop. We have rarely, if ever, seen this kind of a sudden decline, especially from close to record levels. People are nervous, of course, and understandably so. But that makes it even more important to take a step back and understand how we got here because that will inform where we are going.

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Putting the Market Sell-Off into Perspective

April 7, 2025

At the start of last week, the S&P 500 rallied three days in a row, with investors believing that the tariffs announced on Wednesday would be targeted. But with increasing expectations comes the potential for disappointment. On April 2, the much-anticipated tariff announcements arrived—and investors did not like the news. President Trump announced 10 percent tariffs across the board on all imports from all other countries, excluding Canada and Mexico. Had that been the extent of it, the market’s expectations would most likely have been met. But it also included tariffs on countries identified as bad actors when it comes to trade, which included 34 percent tariffs on China, 24 percent on Japan, and 20 percent on the EU.

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Market Thoughts for April 2025 [Video]

April 2, 2025

March was a tough month for U.S. stocks, as all three major indices were down for the month and quarter. Bonds performed better, as falling interest rates supported prices, and developed and emerging markets both ended the quarter positively. Hiring and inflation also improved, and the solid economic backdrop should keep driving earnings growth. Despite this, we continue to face uncertainty—including tariff concerns and weakening consumer confidence.

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Q1 2025 in Review: Investors Take a Wild Ride

April 1, 2025

The first quarter of 2025 took investors on a rollercoaster, driven by on-again, off-again tariff policy announcements. From Election Day through February 19, 2025, the S&P 500 experienced a 5.7 rally, including a 3.9 percent increase to start the year. Tariffs were initially tempered from what had been discussed on the campaign trail, and investors focused on the pro-growth elements of the Trump administration agenda.

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Unpacking My Suitcase: The Fed, Policy, and International Markets

March 24, 2025

Last week, I had the pleasure of presenting at a Commonwealth conference. I love spending time and sharing ideas with our advisors. They are the best in the business.

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The Market Has Corrected: What’s Ahead?

March 17, 2025

As of the end of trading on Thursday, March 13, the S&P 500 closed down 10 percent from its all-time high, marking an official correction. It was the first correction since October 2023—17 months ago. From an investment horizon perspective, that isn’t that long. While there wasn’t an official correction in 2024, there was an 8 percent drawdown. Still, those two years ended with the S&P 500 up 24 percent and 23 percent, respectively.

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The Market Observatory: What Will the Fed Do Next? [Audio]

March 12, 2025

In our Market Observatory audio series, Sam Millette and I break down the latest market and economic signals that we believe will shape the month ahead. From tariffs to big tech, we share our perspective on what's happening now and what it could mean for investors going forward.

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Episode 4
February 19, 2025

Episode 3
January 22, 2025

Episode 2
December 17, 2024

Episode 1
November 19, 2024

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Certain sections of this commentary contain forward-looking statements that are based on our reasonable expectations, estimates, projections, and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not indicative of future results. Diversification does not assure a profit or protect against loss in declining markets.

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