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Are We Really Facing a "Purgatory" of Low Returns?

S&P500 back in black for the year (as of 5/13/25)…Is it a sustainable trend or just a trading bounce?

A previous six week rebound rally had cleared many technical hurdles, burned lots of investor pessimism as fuel, exploited a ‘free pass’ on economic data and priced in more trade progress. And now?

A fairly strong showing for the market which nonetheless felt like a struggle after a long calm climb.

Markets anchored to an entrenched story: The Fed is cutting rates into an economy supported by a huge tech capex boom and affluent consumer spending.

What do you get for the market that has everything?

Offsetting currents holding stocks in place: earnings outperformance, reassertion of Mag7, and still-ok hard economic data vs policy hazards. Bulls & bears are defined by whether one calls this churn resilience or delusion…

Another wobble to start a new month.

For the record, weight of the evidence now suggests the Fed should focus more on growth risks, less on surface inflation effects from tariffs, opening a path to ease…Is there more room for markets to run or are the gains fully baked in?

The Illinois Market Update illustrates how the macro environment collides with the municipal market, highlighting impacts for Illinois issuers.