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We raise our global growth forecasts
Pleasantly surprised This entire year, we’ve maintained an upside‑to‑consensus view of global growth, and it turns out it hasn’t been optimistic enough. This round, we’ve made a further “mark to...
US retail sales and confidence weaken
December cut fully priced after softer consumer data One must interpret current US macro updates with caution given the disruptions to data gathering associated with the government shutdown....
US payrolls data feels like fake resilience
Fake resilience is how we would describe the September payrolls report, released more than a month after the originally scheduled date. The economy added a better-than-expected 119k jobs, though...
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 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...
Post Fed Q&A March 2025
Laura: No change in rates, what did we learn today? Will: This FOMC meeting seemed to repeat a lot of what we heard at the January meeting. Mainly, that there is a lot of uncertainty due to the number of variables in play regarding how this administration’s plans are...
Post Fed Q&A December 2024
Laura: Maybe it’s the holiday season, or maybe we’re just worn out from all the speculation about the next four years, but the lead-up to this FOMC meeting felt low-key. Will: Totally agree—and maybe my Nyquil haze is helping keep it that way. Nothing like battling...
Fed Q&A October 2024
Laura: I’m not sure where to start. The Election, The Fed’s FOMC meeting? Will: Ha! Seriously, this was quite a week. Prior to the election there was considerable uncertainty about the path forward, not only for interest rates, but for the economy as a whole. It...
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.
