By Christian Cruz
Over the last year and a half, we have seen base rates rise 100-fold to levels not seen in 15 years. The accelerated pace of Federal Reserve tightening, in an effort to combat inflationary pressures, has made the cost of borrowing for owners of commercial real estate dramatically higher and has negatively affected the…

By Emmett Shiras, CFA, CAIA
Exchange-traded funds, or ETFs, were first developed in the early 1990s as a way to provide access to passive, indexed funds to investors. As an alternative investment vehicle to mutual funds, the ETF has continued to grow in popularity. By the 2000s, the first actively-managed ETF was launched. Although still a small…

By Loren Asmus, CFA, CAIA
The Fiscal Responsibility Act of 2023 was signed into law on June 3, 2023, effectively resolving the U.S. debt ceiling crisis that had unsettled markets for several months prior. While a resolution to this issue is welcome, it raises important questions about potential consequences for the U.S. economy. In Part I of th…