Insights

September 28, 2025 MARKETS BOUNCE BACK ON FRIDAY, BUT END THE WEEK NEGATIVE: Stock markets have been on an extended rally, and as...

September 21, 2025 THE FED LOWERS ITS KEY INTEREST RATE: Last week, as expected by just about everyone, the Federal Reserve lowered the...

THE LABOR MARKET HAS BEEN WORSE THAN WE WERE LED TO BELEIVE: Every August or September, the U.S. Bureau of Labor Statistics publishes a set of revisions to its payroll growth numbers. The revisions are more comprehensive and accurate because they are based on state unemployment insurance tax records, not surveys. Last week, the BLS issued a revision to its numbers for the year that ended March 2025. It adjusted the number of new jobs downward during that period by 911,000.

September 7, 2025 NOT MANY NEW JOBS: In August, the U.S. economy added 22,000 jobs. The unemployment rate is now 4.3% (was 4.2% last...

August 31, 2025 INVESTORS SELL BEFORE LONG-WEEKEND: Some fear in the artificial intelligence sector caused a bit of a sell-off on...

August 24, 2025 FED CHAIR POWELL SPEAKS: Fed Chair Jerome Powell spoke from Jackson Hole on Friday. His remarks were described by many...

August 17, 2025 INFLATION NUMBERS MOVE IN THE WRONG DIRECTION: Last week, the new Consumer Price Index and Producer Price Index numbers...

August 10, 2025 U.S. CORPORATE EARNINGS: Of the 452 S&P 500 companies that have reported second quarter earnings, 80% have exceeded...

August 3, 2025 A SPECIAL ANNOUNCEMENT: This week in MacGray Matter, I want to start off with a special announcement which has already...