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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 December 2025
Laura: So, what did the Fed do? I heard there were dissents! Drama?Will: The FOMC lowered the target range by 25bp. No surprise. Although a month ago it would have been a big surprise. Chair Powell was asked about this in today’s press conference (the move from...
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...
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.
