Market Commentary

New Fed Same As the Old Fed

Guy LeBas June 17, 2026

Data since the Federal Reserve last met has been largely positive on economic growth and expectedly warm on inflation.
Exit Stage Left

Guy LeBas April 29, 2026

Yielding to decades of precedent, the Fed has held that it should not react to swings in commodity prices but rather wait until evidence emerges one way or the other that broader price levels are rising. Unsurprisingly, language in the April FOMC statement emphasized the uncertain nature of energy price pass throughs, with the Committee emphasizing the phrase “Developments in the Middle East are contributing to a high level of uncertainty.”
The Penultimate Powell

Guy LeBas March 18, 2026

Today, at his penultimate FOMC meeting, Powell led the FOMC to leave overnight interest rates unchanged at a range of 3.50 – 3.75%, where they have been since December’s cut.
Final Countdown

Guy LeBas January 28, 2026

Fed Chair Jay Powell is in the final countdown of his tenure, with only two more FOMC meetings left, and the parlor game of betting on his successor is in full swing.
Ratcheting Up the Attacks

Guy LeBas January 12, 2026

The immediate situation is a developing one, and we suspect attempts to charge Jay Powell criminally will be unsuccessful, but the direction of increasing attacks on the Federal Reserve is clear.

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Article Authors

Mark Luschini

Chief Investment Strategist, President and Chief Investment Officer, Janney Capital Management
Guy LeBas

Director, Custom Fixed Income Solutions
Gregory M. Drahuschak

Equity Market Analyst, ISG
Michael Halloran

Equity Strategist
Andrew Leger

Equity Analyst

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