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Mar
2025
By Emmett Shiras, CFA, CAIA
The U.S.-Canada tariff war kicked off in March of 2025, with the U.S. imposing 25% tariffs on most Canadian goods and 10% on energy products, prompting Canada to retaliate with 25% tariffs on $155 billion of U.S. goods. This tit-for-tat threatens Canada’s economy with a potential GDP drop of over 3 points and 510,000+…

Oct
2024
By Emmett Shiras, CFA, CAIA
Challenges Faced by China’s Markets Since late 2020 and into early 2021, sentiment surrounding Chinese equities has remained subdued due to several factors: a sluggish post-pandemic economic recovery, heightened concerns over regulatory interventions, and a severely distressed property sector. As a significant driver…

Mar
2024
By Emmett Shiras
A notable shift occurred in 2022 as money market fund (MMF) yields went from near zero to over 5% following the Federal Reserve’s (Fed) plans to tighten monetary policy in response to inflationary pressures. This surge in yields has attracted significant inflows, propelling MMF assets to record levels exceeding $6 tril…

Aug
2023
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…