Read our latest thoughts on Estate Planning, Trust Services and Asset Management.
Dunham Deep Dive 12/12/2025
Real rates are still too tight, China’s $1T surplus floods global markets, and governments face rising rollover risks as short-term debt piles up.
READ MOREDunham Deep Dive 12/5/2025
AI is pushing electricity prices up, China is pulling housing data offline, and Japan’s stimulus raises market risks.
READ MOREDunham Deep Dive 11/28/2025
Real retail sales are stagnating, turkey supplies are tightening, and the middle class is being squeezed—revealing deeper stresses in the U.S. econ...
READ MOREMacro 11/14/2025
The Treasury’s cash pile near $950 billion is about to gush back into markets, flooding the system with liquidity. As CEOs sound their most optimis...
READ MOREMacro 11/7/2025
The Fed quietly injected $125B into banks as liquidity strains deepen, housing locks out a generation of buyers, and layoffs surge to 20-year highs...
READ MOREMacro 10/31/2025
AI’s rise has sparked record spending, soaring valuations, and global shortages—but history shows every boom plants the seeds of its own decline. F...
READ MOREMacro 10/17/2025
China’s export surge to Europe is fueling new tariffs, trade probes, and rising tensions. With the E.U.’s deficit topping €300 billion, Brussels is...
READ MOREMacro 10/3/2025
U.S. bank reserves are shrinking at their fastest pace in years — slipping below $3 trillion and draining liquidity from the system. History shows ...
READ MOREDunham Deep Dive 9/5/2025
Seven-year auto loans hit a record 21.6% of U.S. financing, the U.K. faces a gilt yield surge not seen since 1998, and Chinese banks are bleeding m...
READ MOREMacro 8/29/2025
Debt Cycles 102 explores how debt fueled some of history’s biggest bubbles — from tulips to railroads. Different assets, same story: easy credit, s...
READ MOREDunham Deep Dive 8/22/2025
Liquidity buffers are vanishing as the Fed’s reverse repo facility drains, AI data centers surge past offices in construction, and China’s job mark...
READ MORE