16 Jul 2004

Posted at 16:17h in The Friday Brief by
We are in the midst of earnings season once again.  This time, however, analysts’ projections may be catching up to the actual pace of company earnings being reported.  In more cases than in previous quarters, analysts have been a little too optimistic about the actual pace of growth.  But we should not lose sight of the fact that the actual rate of earnings growth is still quite good.

09 Jul 2004

Posted at 16:28h in The Friday Brief by
Perhaps the Fed has been correct in its view of the economic recovery and the patience they have demonstrated in raising rates.  Many have criticized their reluctance to raise rates faster feeling that it is important to achieve what they believe are market neutral rates sooner rather than later.  But maybe they have it right after all and have chosen the correct pace for rate hikes.  Too fast a pace might choke the recovery. 

02 Jul 2004

Posted at 16:30h in The Friday Brief by
One of the major economic trends we have discussed in earlier Briefs has been that of outsourcing.  I’m not referring to the politically-charged concept of ‘moving jobs overseas,’ but to the process whereby a business transfers to more efficient providers those functions over which it does not have particular expertise or are not mission critical.    

18 Jun 2004

Posted at 16:42h in The Friday Brief by
This week produced a huge number of economic reports, in part because some were delayed from last week’s day of national mourning.  For the most part, the reports showed substantial gains in both the momentum and the breadth of this economic expansion.  Not only is it real, it appears to have significant staying power.  Here are some of the highlights: