Who’s Afraid of a Little Deflation?

The answer:  all of the world's central bankers.  In a surprise move on Friday, the Bank of Japan introduced a negative interest rate policy by charging a .1% fee on commercial banks for holding excess reserves.  The BOJ hopes this will encourage banks to make more loans to stimulate economic growth.   They indicated that [...]

By |2018-01-09T13:36:44-06:00January 31st, 2016|Asset Management, Uncategorized|Comments Off on Who’s Afraid of a Little Deflation?

Avista 2015 Global Market Review

After 3 years of double digit gains, the S&P 500 (U.S. large company stocks) returned only 1.4% in 2015 (-.73% without dividends).  As can be seen in the chart below, the S&P 500 appreciated through the first half of 2015, then suffered a significant sell-off in late summer.  By the end of the year, those [...]

By |2016-01-05T04:03:21-06:00January 5th, 2016|Asset Management|Comments Off on Avista 2015 Global Market Review
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