The Independent Market Observer

Sam Millette

Sam Millette is director, fixed income, on the Investment Management and Research team at Commonwealth. With the firm since 2013, he manages the fixed income research team, responds to advisor requests, analyzes individual bonds, and authors market research and commentary. Sam graduated from Tufts University with a degree in economics and is a member of the CFA Society Boston.

Recent Posts

Economic Release Snapshot: Consumer Sentiment Slides in May

May 13, 2024

Each week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead.

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Looking Back at the Markets in April and Ahead to May 2024

May 7, 2024

Markets pulled back in April, as high inflation and rising interest rates led to mid-single-digit declines for stocks during the month.

This result marked the first monthly decline for U.S. equities this year following a strong first quarter. International markets came in mixed, as developed markets were down in April while emerging markets saw a modest gain. Fixed income was also down for the month.

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Economic Release Snapshot: Hiring Slows in April

May 6, 2024

Each week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead.

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Economic Release Snapshot: GDP Growth Slows in the First Quarter

April 29, 2024

Each week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead.

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Monthly Market Risk Update: April 2024 [SlideShare]

April 24, 2024

Equity markets continued to rally in March, as all three major U.S. indices were up for the month. The S&P 500 gained 3.22 percent in March, while the Dow Jones Industrial Average was up 2.21 percent. The Nasdaq Composite lagged slightly, as the technology-heavy index gained 1.85 percent. Improving fundamentals and a supportive economic backdrop helped support equities during the month.

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Economic Release Snapshot: Retail Sales Surge in March

April 22, 2024

Each week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead.

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Economic Risk Factor Update: April 2024 [SlideShare]

April 17, 2024

March’s reports showed signs of continued economic growth. Hiring accelerated, with a strong 303,000 jobs added during the month. That said, service sector and consumer confidence both fell modestly in March, while the yield curve inversion widened.

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Economic Release Snapshot: Consumer Inflation Comes in Hot

April 15, 2024

Each week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead.

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Economic Release Snapshot: Hiring Accelerates in March

April 8, 2024

Each week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead.

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Looking Back at the Markets in Q1 and Ahead to Q2 2024

April 4, 2024

March was another positive month for markets, continuing the rally to start the year. Improving corporate fundamentals and a supportive economic backdrop drove solid single-digit returns for U.S. markets during the month. This capped off a strong quarter for U.S. stocks, an encouraging sign that the economic and market momentum from 2023 has carried over into 2024.

While stocks performed well during the month and quarter, fixed income was a bit more mixed. Investment-grade bonds were up in March but ended modestly down for the quarter due to rising interest rates. High-yield bonds, typically less driven by interest rate movements, ended both March and the quarter in positive territory.

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The information on this website is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation.

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.

The S&P 500 Index is a broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks. All indices are unmanaged and investors cannot invest directly in an index.

The MSCI EAFE (Europe, Australia, Far East) Index is a free float‐adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of 21 developed market country indices.

One basis point (bp) is equal to 1/100th of 1 percent, or 0.01 percent.

The VIX (CBOE Volatility Index) measures the market’s expectation of 30-day volatility across a wide range of S&P 500 options.

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