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2016 Second Quarter Commentary

For printable version which includes all graphs and tables, please click here.​​​​ The Coming End of the Malaise You probably read the above caption hoping we were going to have some insight as to when that might happen. Unfortunately, that is beyond our pay grade. Though we do not know when, we do believe that the end will come. One is currently reminded of the malaise of 1979-1980. Inflation was at double digit levels and interest rates were too. The country was in the midst of the Iranian hostage crisis, which lasted 444 days. Economic growth was sputtering back and forth between small positive and negative quarterly numbers. The misery index, a statistic derived by adding the unemp

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