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US labor market softens, Fed rate cut likely in December
Layoffs say caution, not panic While the government shutdown continued, there has been a welcome uptick in the number of macro data updates during the week of November 3. The messages were mixed. On...
Fed cuts rates again, December move uncertain
December cut not guaranteed, but likely The FOMC delivered another 25 bp rate cut this week, as was widely expected. That came with some hawkish strings attached, however, as Chair Powell made it a...
US inflation data supports Fed rate cut outlook
September CPI data reinforces the case for two more Fed cuts in 2025 Good to go for back-to-back cutsAfter an unusually long delay caused by the government shutdown, we finally got the September...
CalTRUST Update
Post Federal Reserve Meeting Q&A
As part of our initiative to bring timely market information to California public agencies, CalTRUST Chief Executive Officer Laura Labanieh held a brief Q&A with State Street Investment Management’s Vice President, Portfolio Strategist Will Goldthwait to reflect on this week’s Federal Reserve meeting:
Post Fed Q&A October 2025
As part of our initiative to bring timely market information to California public agencies, CalTRUST Chief Executive Officer Laura Labanieh Kitson had a brief Q&A with State Street Investment Management's Vice President, Portfolio Strategist Will Goldthwait to...
Post Fed Q&A September 2025
Laura: What did the Fed do, and should I panic?Will: They cut rates 25 bps to 4–4¼%—think of it as an “insurance cut,” not a fire alarm. Policy’s been restrictive, but with revised job numbers and higher uncertainty, the balance of risks has tilted toward labor‑market...
Post Fed Q&A July 2025
Laura: What’s the Fed’s current stance on interest rates and the economy?Will: The Fed held rates steady at 4.25–4.50%, basically telling the markets: “We’re good… for now.” Think of it like a nervous parent waiting to see if their kid actually studied...
Post Fed Q&A June 2025
Like a Thermostat Set to "Let's Wait and See" Laura: So, another meeting the Fed’s on hold? Will: The Fed decided to keep interest rates right where they are—like a thermostat set to “let’s wait and see.” They think the current setting is just right to...
Post Fed Q&A May 2025
Wait-and-See, and See Some More Laura: So what did the Fed do at this meeting? Will: They did what they’ve mastered over the past few months nothing. Rates were held steady for the third straight meeting at 4.25-4.50%, and the decision was unanimous. If this...
White Paper
Exploring Variable vs Constant NAV Investment Options
Understanding the differences between stable or constant net asset value (CNAV) and floating or variable net asset value (VNAV) funds, the benefits and challenges.
