commentary

Reinhart Week in Review by Madison Investments 07.25.2025

While tariffs appear lower than feared - potentially settling around a 15% “floor” - they remain well above levels from earlier this year. Meanwhile, airport municipal bond issuance reached its highest total for the first half of the year since at least 1990.

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Weekly Mosaic Update

The Weekly Mosaic contains the latest market and economic news and data, including what to watch in the coming week, index returns, and current positioning of Mosaic model portfolios.

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2025 Mid-Year U.S. Equity Letter from Haruki Toyama

Haruki Toyama, Portfolio Manager and Head of Large and Mid Cap Equity, shares his perspective on how volatility shapes our view of the businesses we own.

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Reinhart Week in Review by Madison Investments 07.18.2025

This week, political pressure on Fed Chair Powell intensified, while June data showed stubborn inflation and stronger-than-expected retail sales. The Reinhart Fixed Income Team shares their perspective in this week’s Week in Review.

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Q2 2025 Market & Economic Review

Download our quarterly communication with market and economics charts, and commentary on events of the previous quarter.

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Reinhart Week in Review by Madison Investments 07.11.2025

The Trump administration’s new tariffs added pressure to global trade flows, while the Fed remains divided on rate cuts, and job growth continues to slow. The Reinhart Fixed Income Team unpacks the potential market impact in their Week in Review.

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Monthly Market Update - July 2025

As the major stock indices ticked up to new all-time highs in late June, something seemed to be missing: euphoria. For one, the S&P 500 Index's 5.1% return in June brought the year-to-date gain to 6.2%, a modest figure compared to the 20%+ returns of the past two years. But more fundamentally, the return of a narrow, tech-driven market overshadowed the less buoyant majority of stocks and didn't reflect the emerging and significant concerns for the remainder of the year.

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Reinhart Week in Review by Madison Investments 06.27.2025

Income and spending softened in May amid tariff uncertainty, while inflation edged up slightly, keeping the Fed cautious about rate cuts despite growing debate among officials. Encouragingly, progress on trade and a ceasefire in the Middle East brought some relief to markets. 

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