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US macro data stronger than expected
US data remains resilient with bullish undertones for risk assets, as PCE inflation aligns with expectations. Undertones of resilience in US data Essentially every US data release this week came in...
US inflation mixed, labor data worsens
Mixed inflation data, more troubling labor data There was some relief around the August inflation data, with CPI inflation coming in largely as expected and PPI inflation surprising to the downside...
Weak US jobs data likely seals September rate cut
There is not much new to say that we haven’t said in these pages over the last several months. Our long-held view that the labor market was softening was the basis for our similarly long-held call...
CalTRUST Update
Post Federal Reserve Meeting Q&A
As part of our initiative to bring timely market information to California public agencies, CalTRUST Chief Executive Officer Laura Labanieh held a brief Q&A with State Street Investment Management’s Vice President, Portfolio Strategist Will Goldthwait to reflect on this week’s Federal Reserve meeting:
Post Fed Q&A September 2025
Laura: What did the Fed do, and should I panic?Will: They cut rates 25 bps to 4–4¼%—think of it as an “insurance cut,” not a fire alarm. Policy’s been restrictive, but with revised job numbers and higher uncertainty, the balance of risks has tilted toward labor‑market...
Post Fed Q&A July 2025
Laura: What’s the Fed’s current stance on interest rates and the economy?Will: The Fed held rates steady at 4.25–4.50%, basically telling the markets: “We’re good… for now.” Think of it like a nervous parent waiting to see if their kid actually studied...
Post Fed Q&A June 2025
Like a Thermostat Set to "Let's Wait and See" Laura: So, another meeting the Fed’s on hold? Will: The Fed decided to keep interest rates right where they are—like a thermostat set to “let’s wait and see.” They think the current setting is just right to...
Post Fed Q&A May 2025
Wait-and-See, and See Some More Laura: So what did the Fed do at this meeting? Will: They did what they’ve mastered over the past few months nothing. Rates were held steady for the third straight meeting at 4.25-4.50%, and the decision was unanimous. If this...
Post Fed Q&A March 2025
Laura: No change in rates, what did we learn today? Will: This FOMC meeting seemed to repeat a lot of what we heard at the January meeting. Mainly, that there is a lot of uncertainty due to the number of variables in play regarding how this administration’s plans are...
White Paper
Exploring Variable vs Constant NAV Investment Options
Understanding the differences between stable or constant net asset value (CNAV) and floating or variable net asset value (VNAV) funds, the benefits and challenges.
