Commentary and Research Papers
August 19, 2025
2024
Similar to August, September started off on a weak note and subsequently rallied back to post solid monthly gains. During the first week of a seasonally difficult month, stocks fell nearly 5% on concerns about the health of the US economy after another weak employment report and poor manufacturing data. But stocks subsequently rebounded on improving economic indicators, positive inflation readings and the increasing possibility that the Federal Reserve Board might act more aggressively to cut rates at its upcoming meeting.
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Commentary and Research Papers
August 19, 2025
2024
Last week’s decision by the Federal Reserve to cut the federal funds rate by 50 basis points marks a significant moment in the central banks’ continual effort to manage the U.S. economy’s trajectory. This move reduced the benchmark rate to a range between 4.75% and 5%, positioning the Fed into a new phase of monetary policy. While rate cuts typically aim to stimulate growth in times of crisis, we caution against reading into the magnitude of this cut and whether it reflects concerns that go beyond merely fine-tuning inflation control.
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August 19, 2025
2024
Small capitalization stocks ended the summer on a weak note as August gave back some of the July gains. The Federal Reserve has moderated its aggressive interest rate stance, but investors are still cautious about inflation and the pace of future interest rate cuts. In addition, weaker economic data raised investor concerns about a potential economic soft landing.
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August 19, 2025
2024
August started off in tumultuous fashion, continuing a volatile summer season after a very eventful July. In July, we saw dramatic developments on the political, financial and geopolitical fronts, and investors were hoping for calm markets in August as they headed to the beach. But it was not to be.
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August 19, 2025
2024
Since the beginning of the year, we have been expecting (hoping) for a rotation from momentum to value stocks, and July delivered the reversion to the mean trade with a bang. The Pinnacle Small Cap Value Portfolio composite came in above the Russell 2000 Value and the Russell 2000 Indices for the month.
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August 19, 2025
2024
July was a very eventful month, with dramatic and unprecedented developments on the US political front, a potential sea change in the financial markets, intensifying geopolitical tensions and the continued obsession with the Federal Reserve Board’s next moves.
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