New Year

The calendar has flipped, the fireworks have faded, and most resolutions have already been broken.  A new year can bring a sense of renewal, or at least the illusion of a fresh start.  But in the world of federal policy, the first few days of a new year can give way to what was.

Happy New Year! Today is the first business day of 2026, so let’s spend some time talking about businesses. Last year was a strong one for some of the most noteworthy companies. Rising revenues coupled with improved productivity helped usher in large gains in profitability.

Here we are on the first Friday of 2025.  Tragically, a lot has already happened.  But with so much runway ahead of us, there is much more to unfold.  Of course, it will not all be a bed of roses, but we have plenty to look forward to.  Before looking ahead, let’s look back.  One would need to have been alive in 1936 the last time a square number was at the top of

A person's daily life is influenced by a complex interplay of various cycles.

Superlatives are easy to use but difficult to defend, so Atlas won’t use one here.  We are willing, however, to use a technical phrase when describing 2022: it sucked.  Right out of the gate, the market peaked on the first trading day of the year and then trended lower for the remainder.  A similar pattern developed in the bond market.  Providing the other bookend for

Well, here we are, January 1st, 2021 is less than 24 hours away.  Each year, January ushers in feelings of optimism and new starts.  It all happens for a good reason: Janus.  Janus is the god of (among other things) time, transitions, and beginnings in ancient Roman religion. 

One hundred years ago our global economy was entering the Roaring Twenties.  After a rough start, it was a period marked by economic prosperity in the West.  America was leading the way in finance.  Metropolitan regions were experiencing extraordinary growth.  Even Judy Garland wondered how they were going to keep ret