The Dynamic Allocation Strategy equity weighting remains above benchmark.

Two-thirds of the top-level indicators favor equities over fixed income.

U.S. Large-Caps, U.S. Value, International Developed, and U.S. Growth received the highest allocations. Click the link below to read more about the strategy’s positioning.

Full strategy commentary: NDRDAS202402051

Other posts

Thoughts From the Divide:  Subjest to Change

BY JON WEBB
As the saying goes, “needs must when the devil drives”. We have no problem understanding the Fed’s decision to announce (at 7pm last night) that the details of the BTFP program needed to be altered. The problem was the overly juicy arbitrage, whereby banks could use the BTFP window to flip cash from the Fed into the RRP and pocket the not-insubstantial difference. We were impressed by the chutzpah involved in arbitraging two Fed facilities! Read more →

Will the S&P 500’s Losing Streak Extend to Five Days?

BY TEMATICA
Nvidia's guidance offers something for the bulls and the bears, but here's our take Read more →

Thoughts From The Divide: The Harvest

BY JON WEBB
Even in times of turmoil (see President Lincoln’s Thanksgiving Day Proclamation), fall is a time to give thanks. And what should we be more thankful for than the gift of shopping? Retail sales reflected “continued resilience in the American consumer” and one might think recent Fed surveys are indicative of a new sense of optimism? The Empire Fed Manufacturing Survey’s headline index “shot up forty-three points to 31.2, its highest reading in nearly three years, and the six-month outlook showed that “firms remained optimistic about future conditions”. The Philadelphia Fed survey was not quite as ebullient in its reading of the current environment, the headline index dropping from 10.3 to -5.5 (a section headline drily noting “Most Current Indicators Soften”), but, on balance, the sense of optimism was palpable and mirrored the Empire Fed, (“Most Future Indicators Rise”) with the future activity jumping “from 36.7 to 56.6 in November, its highest level since June 2021”. Read more →
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