Thanksgiving
arrives this week. Every year, this is the day we reserve for giving thanks.
Certainly, in our country we have much to be thankful for. We are one of the
richest countries of the world when you measure by per-capita income, and
perhaps the richest when you measure per-capita income against the size of our
population. But it is not all about riches. It is also about our freedom and
democracy. Yes, the recent political campaign turned a lot of people off, but
how many would opt for the alternative of not having the right to vote?
On
the other hand, it is easy to look at the aggregate numbers and forget that
these averages can hide the millions who are not as fortunate residing right in
our own country. And certainly, Thanksgiving is the time that our focus upon
charity is also renewed. What makes our country great is not only our riches,
but also that we are a leader with regard to charitable giving as well. Thus, we
hope everyone will take some time to share, donate or volunteer during
Thanksgiving week.
As
important as Thanksgiving is, the economy marches on in the wake of the election
and with an important meeting of the Federal Reserve Board's Open Market
Committee meeting coming in December. The recent spike in long-term interest
rates has been concerning for many market watchers, especially since this spike
is accompanied by concern that inflation will be on the rise. The question is
whether this rise in rates is an overreaction to the surprise result of the
election, or are their more fundamental long-term changes coming our way? This
will be a topic we will analyze during the coming weeks.
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