WHILE OUR BOAT IS IN DRYDOCK HERE'S AN UPDATE ON EVERYTHING I'VE WANTED TO SAY ABOUT WASHINGTON STATE, SAILING, MUSIC, MELLOW NATIVES, NORTHWEST TRAFFIC AND LACK THERE OF AND OUR LIFE LIVING IN A PORT TOWNSEND BOATYARD FOR THE SUMMER. ANY QUESTIONS?

Here we have Co-Captain Jennifer Silva Redmond "teetering" aboard her Port Townsend dry-docked 35-ft Wildfire.

By Jennifer Silva Redmond, Author of Honeymoon at Sea. 

Next in a continuing series of liveaboard (and off) adventures.

There’s been no cruising this summer, so far, as Watchfire, our 35 foot sloop, has been “on the hard” (in a boatyard getting repaired) in Port Townsend, Washington. 

We have not sailed the boat since last fall, when we pulled into a slip for the winter, with no idea that our one boat job would turn into three major boat jobs. So we have done nothing but boat work—we even missed the opening of the sailing season in May. For those of you who are not sailors, or who don’t know about sailing clubs and yacht clubs, here’s the deal…Opening Day is traditionally the first day of sailing in the new season. This is, of course, based on places with seriously cold and icy winter seasons, like they have back East, where yacht clubs began, long ago. (If you are asking yourself what the oldest yacht club in the United States is, it’s the New York Yacht Club, established in 1844—the not too far off Royal Nova Scotia Yacht Squadron of Halifax, Nova Scotia, came along just a bit earlier, in 1837.) 

Depiction of a mid-19th century boat parade in New York

So, Opening Day is a big deal at yacht clubs, where people clean up their vessels that have been ignored for many months and maybe run up a few festive burgees on the flag halyard. Then they get decked out in their finest sailing togs—not what we actually sail in!—and sip a cocktail and watch other people yacht, or just sit and eat and think about sailing. 

Our former yacht club in San Diego, Southwestern YC, has Closing Day the night before Opening Day, because obviously there’s no actual too-cold-and-windy-to-sail season in Southern California. 

 Things are different up here, since many people sail year ‘round in Puget Sound and the nearby San Juan Islands, but most local clubs still celebrate “opening” the sailing season sometime in the first week of May. 

We went to the dinner, but obviously, our boat missed the boat parade, since Watchfire was already high and dry long before that. Anyway, it is always an adventure to haul your boat out of the water; it is nerve wracking and tense from dawn to dusk on that first day. Suffice to say, I am never too happy when my boat is hanging from straps or perched up on stands and blocks of wood instead of sitting comfortably in the water where it belongs. But the boatyard here (Boat Haven) is super professional and our 35-foot sailboat is probably what they consider a tiny boat, compared to the many 100 to 300 ton fishing boats and small cruise ships that they haul out here on a daily basis. 

Boat Haven Marina and Boatyard, Port Townsend WA.

Of course, they understand that our boat is not just our home but our baby as well, so they take great care to set it down very gently and block it securely. The funniest part of the boat yard adventure is a psychological trick—the first time I climb up the tall metal ladder onto the boat, I am petrified; once up on deck, I teeter around like someone failing a sobriety test. All I can see is the hard ground far below my feet, and I find myself tip-toeing gently, as if the 15,000 pound boat can feel my weight and will shift under my feet. 

After a while I relax and start to forget about the odd setup, and after a day or two, I’m scampering around up on the deck without a care in the world. Of course, being in the boatyard makes everything a bit more difficult, like hauling water to fill the water tank, instead of simply turning on the hose at the dock, and lowering heavy things—like the water jugs—with a long length of rope down to the ground. 

When we are not in the boatyard, we’ve spent the last four summer sailing seasons in and around Puget Sound, and are still finding time spent here in Washington to be a delightful change of pace in many ways. The two states are very different, as are the two state’s residents. 

 People up here seem to be operating at a different speed—now I’m sure people in Seattle are saying hey, we work very hard and have stress and long hours and tight schedules and all that. But in my time here (most of it on the Olympic Peninsula), I’ve noticed that folks move at a slower pace than in California. Even when Washington folks reach out to set up a meeting or accomplish something, it’s always, “Well that sounds great, call me next week and we'll set try to something up.” And that is not at all like LA or SF, when everything has to happen today, even if you have to work until 9pm. 

 Californians have a famously laid back rep, but Washingtonians seem to me much more relaxed and likely to take a day off to go on a hike. We laugh every time we see a sign saying some place is open Wednesday through Sunday. Really? 

 Also, Washington drivers actually slows down for pedestrians. We do a lot of walking and if you’re standing anywhere near an intersection, people slow down and wave you across and wait patiently. In Los Angeles or San Francisco, drivers speed up to make sure that they get past before you step out. It’s the same thing when you are driving, Washingtonian drivers will usually wave you on at a 4-way stop like “No, you go ahead—No, you go first,” which simply does not happen in LA and other busy California cities. Maybe it's the result of so many years of traffic jams, which got terrible in Southern California like 50 years—and of course in the Bay area as well, so Californians got fed up with the terrible traffic and got more cutthroat a long time ago. 

 Of course, I know that traffic in Seattle can be terrible at certain times of the day, but in the weeks that I’ve spent in the Seattle-Tacoma area, drivers still seem calmer and not so stressed out. I have seen no incidents of road rage in Washington, but maybe that's just my luck so far. Naturally, another big difference up here is the color—it’s so green everywhere! 

There are lush pockets of greenery in coastal California, even in big cities, like Balboa Park in San Diego, Griffith Park in LA, and Golden Gate Park in San Francisco, but mostly you have to get in the car and drive a ways out of the city to see vast swaths of greenery, especially pine trees. Well, this Evergreen state, believe it or not, is full of evergreens. 

Wildfire Co-Captain Russel Redmond and I joke that they need to trim the trees because you can’t see anything on a drive for all the forest in every direction. That is true when we’re traveling aboard Watchfire, too, as the anchorages are often ringed by wooded bluffs on three sides. 

 Speaking of beaches, most every beach in California is public, whether it abuts some swanky private homes or not. Not so in Washington, where we often anchor or moor in places where we can’t go to shore at all, or in a very limited area. 

Luckily, incredible Marine State Parks abound, and they allow anchoring or mooring (the yearly mooring permit for boaters is a steal at $175 a year) in their islands, bays and docks. The parks and trails are, on the whole, much more meticulously maintained than in California. 

Though I love California’s state parks, I have seen overflowing trash cans and dirty bathrooms in the more popular parks—and not just on holiday weekends. And Washington’s highway rest stops are incredible—not only are the restrooms clean and well maintained, but the area around the rest stops are usually landscaped nicely, and often feature paved paths that lead you onto loops into and through the trees for a quick “forest bath,” when you pull over for a break from driving. 

(This is true of Oregon rest stops too.) One lovely difference in Washington is the weather—it changes all the time! I enjoy sunshine, but I’ve found that I love clear blue sunny skies more when they don’t come like clockwork every day. The clouds and the mountain ranges make for phenomenal vistas almost every day—at least for a few minutes between showers. 

 I have even learned to appreciate the sound of light rain on the deck above my head, and walking in the rain in a waterproof coat and hat is a blast. I am also loving the lush gardens and pocket parks all over, filled with blooming flowers. 

I like a So Cal xeriscape of cacti and native plants as much as I do rose gardens, but nothing beats tulips and irises popping up in Spring. It may just be Port Townsend, which is quite an artsy town, but there are so many different places to see art and hear music—not to mention game nights in every tavern. It seems like wherever we go, there is some sort of an art show, a local sculpture or art garden, or an opportunity to hear music, with at least an individual and sometimes a full band playing at venues as diverse as breweries, wineries, bookstores, and public plazas. 

On Thursdays now thru August from 5 - 7 PM at Pope Marine Plaza, the Port Townsend waterfront
Concerts on the Dock is a beloved tradition—free, of course.

Currently, here in Port Townsend, they are featuring free musical acts most every night on the waterfront park beside the Maritime Center. Music playing in the streets is just another perk of the lush, green, calm and friendly state of Washington. Whether one is visiting, sailing, or watching the world go by from their boat’s high perch in a boatyard. ###

Jennifer Silva Redmond

Author, Honeymoon at Sea

Find on Facebook or follow her blog:

https://honevmoonatsea.substack.com/

MONEY MONDAY / WILL THE RISE IN OIL PRICES FORCE THE FED'S HAND$

GUEST BLOG / By Angelo Kourkafas, CFA, Senior Global Investment Strategist is responsible for analyzing market conditions for Edward Jones Company--In many ways, the year has progressed largely in line with expectations, with U.S. economic resilience persisting, the labor market stabilizing, AI-driven investment supporting growth, and fast-rising corporate profits driving equity gains. However, the outlook for interest rates shifted materially in the first half since geopolitical tensions in the Middle East emerged. 

As we kick off the second half of the year, renewed hostilities and a re-escalation in the U.S.–Iran conflict are once again pushing oil prices toward $100, pressuring yields and bond prices. We examine how recent developments are reshaping the outlook for rates and the Fed ahead of the July meeting, and we provide our first read on tech earnings amid growing scrutiny of AI-related spending. 

Oil and yields are pressing higher 

A fresh round of escalation in the U.S.–Iran conflict is driving oil back toward the early June highs, reversing much of the progress made after the April ceasefire and the June 17 Memorandum of Understanding. Energy markets have, to some extent, defied earlier fears of a sharper spike, with countries drawing down inventories, softer Chinese demand, and alternative shipping routes helping keep supply flowing. 

However, that resilience is now being tested again. The conflict appears to be widening, with Houthi attacks targeting Red Sea shipping routes and raising the risk of disruption to one of the key alternatives to the Strait of Hormuz, potentially further tightening the flow of oil. 

In fixed income, bond markets are under pressure as yields continue to grind higher, with the 10-year Treasury breaking above 4.70% for the first time since January 2025 and 30-year yields revisiting the May highs, their highest levels since 2007. In many ways, this is déjà vu for markets: renewed strength in oil is reigniting inflation concerns and reopening the debate over whether the Fed may need to respond. 

 Not inevitable, but door for a rate hike is opening 

The oil impact of the conflict on headline energy inflation is straightforward and supports the view that the consumer price index (CPI) may have peaked in May if oil prices do not break to new highs. However, the pass-through into core inflation—which excludes food and energy—is slower and more uncertain. The longer the conflict persists, the greater the risk of second-round effects, with pressures extending beyond energy into broader categories. Importantly, these new price pressures are arriving at a time when the Fed is emphasizing less patience after more than five years of above-target inflation. 

With the next Fed decision on Wednesday, investors are closely watching for signals on the path forward. We think the soft consumer and producer inflation readings in June buy the Fed some time to assess how energy disruptions and inflation evolve over the summer. Housing-related inflation continues to cool, and wage growth—the largest input cost in services— is not inflationary when adjusted for productivity gains. Moreover, the new tariffs announced are broadly consistent with the previous tariff levels that expired and should not trigger a renewed rise in goods prices, in our view. 

That said, inflation is still too high for comfort, and prior concerns around labor-market weakness have further diminished. Last week’s initial jobless claims fell to 187,000, the lowest level since 1969, underscoring muted layoffs and a stable labor market. This gives hawkish members of the Fed committee more scope to focus on the inflation mandate. 

Against that backdrop, we expect the Fed to hold rates steady at 3.50%–3.75% in July, though dissent is possible. September, however, looks more like a live meeting, with the probability of a rate hike rising, in our view, if the conflict persists and oil prices continue to trend higher. While tighter policy cannot offset a supply-driven inflation shock, it can help anchor inflation expectations at a time when growth is being supported by resilient consumer spending and an ongoing AI investment boom. 

 The bottom line 

We believe rising oil prices and higher yields represent an emerging risk that could influence the Fed’s policy path in the months ahead and contribute to greater market volatility as we head into the seasonally softer August and September period. However, underlying economic and corporate fundamentals remain constructive, in our view, supporting a cautiously optimistic outlook for the back half of the year. 

We continue to recommend maintaining exposure to AI-related allocations, while complementing them with more diversified and differentiated sources of return, in line with investors' risk and return preferences. For cyclical exposure, we favor mid-caps, industrials, and international value-style investments. Within AI, we like communication services and emerging-market equities, while we expect rotations both within and beyond tech.