The strength (or lack thereof) of the dollar is a perennial topic here on the blog. Looking at the past several years, I see “U.S. Dollar Still Failing to Collapse” (November 2015), “Should You Be Worried About the Strong Dollar?” (December 2016), and, after a bit of a hiatus, “The Dollar Is Not Collapsing” (July 2020). There are many other versions, of course. (Notably, I did a whole series on money and the dollar back in 2013.) But the message has consistently been this: exchange rates bounce up and down, but there is no reason to worry.
News
Did the Fed Do a U-Turn?
Yesterday, the Fed concluded its regular meeting and came out with the following shocking news: it might start to raise rates in the next two and a half years, instead of the next three years. Markets dropped, interest rates rose, and headlines highlighted the shift in Fed thinking. What’s behind this apparent change in plans? Let’s start by taking a look at what didn’t happen.
Will the Biogen Drug Approval Be a Boon for Biotech?
Last week, the FDA approved Biogen’s Alzheimer’s drug candidate, aducanumab (marketed as Aduhelm). This approval looks likely to be a watershed moment for the biotech industry. The shares of Biogen were halted for the announcement. And as anticipated, they popped once trading resumed.
Monday Update: Retail Sales Fall in May
Last week saw a number of important economic data releases, with a focus on retail sales and producer inflation in May, as well as the Fed’s June meeting. Retail sales fell by more than expected, but we saw an upward revision to April’s sales report that helps explain the May decline. This week will be busy once again, with May’s housing sales, durable goods orders, and personal income and spending reports serving as highlights.
Monday Update: Business Confidence Rebounds as Hiring Accelerates
Last week saw a number of important economic updates, with May’s business confidence and employment reports serving as highlights. This week will be relatively quiet, with only a few major releases scheduled. Given recent concerns about rising inflationary pressure, the focus will be largely on Thursday’s release of the Consumer Price Index for May.
Is the Post-COVID Sun Beginning to Rise?
Last week, I went back into the office after what felt like an eternity. I must admit, I had never realized how much I would miss the hallway greetings, the coffee machine chitchat, and the ladies’ room gossip! My kids are back in school full-time and took the MCAS (the state assessment for Massachusetts public students) last week. Fenway Park returned to full capacity, and vaccinated fans were allowed to go without masks for the Red Sox game on May 29. It is finally beginning to feel like life is returning to normal, to what it should have been if the past 14 months had not occurred. Elsewhere in the world, progress has not been as even, but there is reason to believe that glimmers of light are beginning to appear everywhere.
Olivia has joined Riverstone Wealth Partners providing knowledge gained from her 15 plus years in management. Olivia has provided services within the financial industry, mortgage industry, and in the non-profit sector. Olivia thrives on providing stellar customer service, accomplishing all goals set before her, and doing the right thing. Olivia’s degree in Business Management allowed her to take on roles that ultimately led her to Riverstone Wealth Partners. Olivia is currently pursuing another degree with an emphasizes in Human Resources, which she has learned over time… is her passion!
Ashley has been working in the customer service field since she started her first job at age 16. For the past ten years she worked in an office setting handling accounts payable and receivable as well as some receptionist work. She is very excited to learn more about the investment field.
Alec joined Riverstone after starting out his post college career on the operations side of an international logistics company working as an account executive. Graduating with a BA in Economics from the University of Illinois at Urbana-Champaign, he quickly developed a strong interest in the financial world. A lifetime resident of the Chicagoland area, Alec is an avid fan of his hometown sports teams. He is also an enthusiast of outdoor activities like fishing, camping, and hiking whenever possible.
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Wealth Advisor / Registered Principal
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