---
title: The Independent Market Observer | Outlook. Opinion. Insight. | Commentary (13)
description: Commentary | Commonwealth’s chief investment officer, Brad McMillan, provides insight on the economic, market, and political events of the day—both domestically and on a global scale. (13)
---

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[![](https://blog.commonwealth.com/hubfs/Rebrand-Blog-Images/IMO-images/Stock-Markets/stock-market-d.jpg)](https://blog.commonwealth.com/independent-market-observer/what-mattered-this-week-economy-slows-markets-cheer)

## [What Mattered This Week? Economy Slows, Markets Cheer](https://blog.commonwealth.com/independent-market-observer/what-mattered-this-week-economy-slows-markets-cheer)

November 3, 2023

This was the week that the economy showed real signs of slowing down—and markets cheered! All right, it wasn’t quite that simple. But that captures pretty much what happened, so let’s look at the details.

[Continue reading →](https://blog.commonwealth.com/independent-market-observer/what-mattered-this-week-economy-slows-markets-cheer) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/what-mattered-this-week-economy-slows-markets-cheer#comments-listing)

[![](https://blog.commonwealth.com/hubfs/Rebrand-Blog-Images/IMO-images/The-Fed/the-fed-c.jpg)](https://blog.commonwealth.com/independent-market-observer/digesting-the-fed)

## [Digesting the Fed](https://blog.commonwealth.com/independent-market-observer/digesting-the-fed)

November 2, 2023

The Federal Open Market Committee (FOMC) met this week and voted unanimously to hold rates steady for the second consecutive meeting. This leaves its policy range at 5.25 percent to 5.5 percent. After a historic run where the committee increased that range by 5.25 percent over the course of 11 meetings, no change can certainly feel like a change. So, what are the driving forces behind the continued pause? Let’s look at some of the details the FOMC is keeping its eyes on, as well as what we should be paying attention to moving forward.

[Continue reading →](https://blog.commonwealth.com/independent-market-observer/digesting-the-fed) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/digesting-the-fed#comments-listing)

[![](https://blog.commonwealth.com/hubfs/Rebrand-Blog-Images/IMO-images/Bull-vs-Bear/bullbear-b.jpg)](https://blog.commonwealth.com/independent-market-observer/bear-market-or-intermediate-correction)

## [Bear Market or Intermediate Correction?](https://blog.commonwealth.com/independent-market-observer/bear-market-or-intermediate-correction)

October 31, 2023

In my last [blog post](https://blog.commonwealth.com/independent-market-observer/will-markets-rally-by-year-end) on whether markets might rally by year-end, I detailed a few technical indicators that suggested taking a cautious approach, as well as a reason for potential optimism. Today, I’d like to provide updates on two of those indicators, introduce new data, and wrap up with some thoughts on where we go from here.

[Continue reading →](https://blog.commonwealth.com/independent-market-observer/bear-market-or-intermediate-correction) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/bear-market-or-intermediate-correction#comments-listing)

[![](https://blog.commonwealth.com/hubfs/Rebrand-Blog-Images/IMO-images/Volatility/volatility-b.jpg)](https://blog.commonwealth.com/independent-market-observer/what-mattered-this-week-markets-kept-dropping)

## [What Mattered This Week? Markets Kept Dropping](https://blog.commonwealth.com/independent-market-observer/what-mattered-this-week-markets-kept-dropping)

October 27, 2023

This week was about the markets, which kept dropping even as the economic news continued to be good. Growth last quarter was well above expectations, at almost 5 percent, and personal spending increased for the sixth month in a row. Despite that good news, markets pulled back again, with the S&P 500 looking like it will slide into a correction, down more than 10 percent from the most recent peak in August.

[Continue reading →](https://blog.commonwealth.com/independent-market-observer/what-mattered-this-week-markets-kept-dropping) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/what-mattered-this-week-markets-kept-dropping#comments-listing)

[![](https://blog.commonwealth.com/hubfs/Rebrand-Blog-Images/IMO-images/Housing/housing-c.jpg)](https://blog.commonwealth.com/independent-market-observer/curbed-appeal-for-would-be-homebuyers)

## [Curbed Appeal for Would-Be Homebuyers](https://blog.commonwealth.com/independent-market-observer/curbed-appeal-for-would-be-homebuyers)

October 25, 2023

Being a “forever renter” is an idea many millennials (myself included) have been grappling with in recent years. Buying a home, once considered a milestone on the adulting journey, feels more out of reach than ever for some of us. I know I’m not alone in this feeling, as there are plenty of would-be homebuyers to share in my woes. So, let’s take a look at some of the barriers to homeownership now and whether there is reason to believe circumstances may change in the future or if some of us will be tenants for eternity.

[Continue reading →](https://blog.commonwealth.com/independent-market-observer/curbed-appeal-for-would-be-homebuyers) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/curbed-appeal-for-would-be-homebuyers#comments-listing)

[![](https://blog.commonwealth.com/hubfs/Rebrand-Blog-Images/IMO-images/Inflation/Inflation-b.jpg)](https://blog.commonwealth.com/independent-market-observer/what-mattered-this-week-interest-rates-jump)

## [What Mattered This Week? Interest Rates Jump](https://blog.commonwealth.com/independent-market-observer/what-mattered-this-week-interest-rates-jump)

October 20, 2023

When I look at what mattered each week, there are often multiple candidates. What usually gets the nod for more discussion is what changed that week. That is certainly the case this week. Lots of things mattered, including the war in Israel, and I don’t want to minimize that ongoing tragedy. But what changed this week—and what mattered most in economic terms—was the sudden jump in interest rates.

[Continue reading →](https://blog.commonwealth.com/independent-market-observer/what-mattered-this-week-interest-rates-jump) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/what-mattered-this-week-interest-rates-jump#comments-listing)

[![](https://blog.commonwealth.com/hubfs/Rebrand-Blog-Images/IMO-images/Intl-Markets/intl-markets-a.jpg)](https://blog.commonwealth.com/independent-market-observer/what-mattered-this-week-hamas-invasion-of-israel)

## [What Mattered This Week: Hamas Invasion of Israel](https://blog.commonwealth.com/independent-market-observer/what-mattered-this-week-hamas-invasion-of-israel)

October 13, 2023

This week, there is one thing that mattered: the Hamas invasion of Israel. As an act of war and an act of evil, it is obviously worth taking note of. This is a tragedy beyond words, and my heart goes out to the victims. But it is also a sign that things have changed in the Middle East.

[Continue reading →](https://blog.commonwealth.com/independent-market-observer/what-mattered-this-week-hamas-invasion-of-israel) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/what-mattered-this-week-hamas-invasion-of-israel#comments-listing)

[![](https://blog.commonwealth.com/hubfs/Rebrand-Blog-Images/IMO-images/Inflation/Inflation-d.jpg)](https://blog.commonwealth.com/independent-market-observer/q3-2023-earnings-preview-do-you-believe-in-bad-omens)

## [Q3 2023 Earnings Preview: Do You Believe in Bad Omens?](https://blog.commonwealth.com/independent-market-observer/q3-2023-earnings-preview-do-you-believe-in-bad-omens)

October 12, 2023

Breaking a mirror, walking under a ladder, and a black cat crossing your path have all been seen as bad omens. Another one is Friday the 13th, which happens to be when the big banks will kick off earnings season. So, should we fear what’s in store?

[Continue reading →](https://blog.commonwealth.com/independent-market-observer/q3-2023-earnings-preview-do-you-believe-in-bad-omens) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/q3-2023-earnings-preview-do-you-believe-in-bad-omens#comments-listing)

[![](https://blog.commonwealth.com/hubfs/Rebrand-Blog-Images/IMO-images/Look-Back-Ahead/look-back-ahead-b.jpg)](https://blog.commonwealth.com/independent-market-observer/looking-back-at-the-markets-in-q3-and-ahead-to-q4-2023)

## [Looking Back at the Markets in Q3 and Ahead to Q4 2023](https://blog.commonwealth.com/independent-market-observer/looking-back-at-the-markets-in-q3-and-ahead-to-q4-2023)

October 10, 2023

Stock markets dropped for the second month in a row in September, closing out a weak quarter for financial markets. The U.S. indices were down in the mid-single digits, which brought markets to low-single-digit losses for the quarter and took the Dow below its 200-day moving average. International markets also pulled back for the month and quarter by roughly the same amounts. Even fixed income was down, with a substantial increase in interest rates. Financial markets were clearly in a risk-off mode.

[Continue reading →](https://blog.commonwealth.com/independent-market-observer/looking-back-at-the-markets-in-q3-and-ahead-to-q4-2023) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/looking-back-at-the-markets-in-q3-and-ahead-to-q4-2023#comments-listing)

[![](https://blog.commonwealth.com/hubfs/Rebrand-Blog-Images/IMO-images/In-the-News/inthenews-b.jpg)](https://blog.commonwealth.com/independent-market-observer/what-mattered-this-week-interest-rates-and-the-jobs-report)

## [What Mattered This Week? Interest Rates and the Jobs Report](https://blog.commonwealth.com/independent-market-observer/what-mattered-this-week-interest-rates-and-the-jobs-report)

October 6, 2023

There were two stories that mattered this week: interest rates and the jobs report for September. For the week as a whole, rate increases seem to have taken away from markets, as they tanked on an increase in the U.S. 10-year yield from about 4.6 percent to 4.8 percent. Clearly, higher rates meant a recession—and that’s bad for the market, right? But then this morning’s jobs report came in much stronger than expected, with 336,000 new jobs, about twice as many as anticipated. With prior months also being revised up substantially, clearly the economy is doing much better than we thought—even with the higher interest rates—and a recession is still some ways off.

[Continue reading →](https://blog.commonwealth.com/independent-market-observer/what-mattered-this-week-interest-rates-and-the-jobs-report) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/what-mattered-this-week-interest-rates-and-the-jobs-report#comments-listing)

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- [September 2015 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2015/09)
- [August 2015 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2015/08)
- [July 2015 (25)](https://blog.commonwealth.com/independent-market-observer/archive/2015/07)
- [June 2015 (25)](https://blog.commonwealth.com/independent-market-observer/archive/2015/06)
- [May 2015 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2015/05)
- [April 2015 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2015/04)
- [March 2015 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2015/03)
- [February 2015 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2015/02)
- [January 2015 (21)](https://blog.commonwealth.com/independent-market-observer/archive/2015/01)
- [December 2014 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2014/12)
- [November 2014 (19)](https://blog.commonwealth.com/independent-market-observer/archive/2014/11)
- [October 2014 (26)](https://blog.commonwealth.com/independent-market-observer/archive/2014/10)
- [September 2014 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2014/09)
- [August 2014 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2014/08)
- [July 2014 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2014/07)
- [June 2014 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2014/06)
- [May 2014 (25)](https://blog.commonwealth.com/independent-market-observer/archive/2014/05)
- [April 2014 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2014/04)
- [March 2014 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2014/03)
- [February 2014 (20)](https://blog.commonwealth.com/independent-market-observer/archive/2014/02)
- [January 2014 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2014/01)
- [December 2013 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2013/12)
- [November 2013 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2013/11)
- [October 2013 (27)](https://blog.commonwealth.com/independent-market-observer/archive/2013/10)
- [September 2013 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2013/09)
- [August 2013 (26)](https://blog.commonwealth.com/independent-market-observer/archive/2013/08)
- [July 2013 (23)](https://blog.commonwealth.com/independent-market-observer/archive/2013/07)
- [June 2013 (22)](https://blog.commonwealth.com/independent-market-observer/archive/2013/06)
- [May 2013 (26)](https://blog.commonwealth.com/independent-market-observer/archive/2013/05)
- [April 2013 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2013/04)
- [March 2013 (24)](https://blog.commonwealth.com/independent-market-observer/archive/2013/03)
- [February 2013 (20)](https://blog.commonwealth.com/independent-market-observer/archive/2013/02)
- [January 2013 (30)](https://blog.commonwealth.com/independent-market-observer/archive/2013/01)
- [December 2012 (34)](https://blog.commonwealth.com/independent-market-observer/archive/2012/12)
- [November 2012 (39)](https://blog.commonwealth.com/independent-market-observer/archive/2012/11)
- [October 2012 (42)](https://blog.commonwealth.com/independent-market-observer/archive/2012/10)
- [September 2012 (36)](https://blog.commonwealth.com/independent-market-observer/archive/2012/09)
- [August 2012 (30)](https://blog.commonwealth.com/independent-market-observer/archive/2012/08)
- [July 2012 (31)](https://blog.commonwealth.com/independent-market-observer/archive/2012/07)
- [June 2012 (18)](https://blog.commonwealth.com/independent-market-observer/archive/2012/06)

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