A substantial increase in supply ignited a steep decline in the price of crude oil over the past year.  U.S. crude inventory has increased more than 20 percent since year-end 2014 and OPEC members continue to pump at elevated levels in an attempt to weaken U.S. producers.  The supply glut and downward price pressure could potentially worsen as Iran ramps up production as sanctions are lifted and the U.S. exhausts storage capacity.  These trends have… Read More

January hiring fell short of expectations but gains aligned to support commercial real estate.

U.S. employers pushed ahead with hiring plans in December to top off a strong year of job creation.  The vigor of the U.S. labor market evident throughout 2015 will enable the Federal Reserve to place greater weight on inflation trends in guiding its monetary policy decisions this year.