Articles by Guy LeBas
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August Investment Perspectives
In this issue of Investment Perspectives, we discuss the impact of the election on the market, floating rate bond performance during times of rate cuts, and using P/E to determine a stock's valuation.
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Foaming The Runway
The Federal Reserve Open Market Committee left their target for interest rates unchanged at a range of 5.25 – 5.50%, the 12th month of unchanged overnight rates.
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July Investment Perspectives
In this issue of Investment Perspectives, Janney’s Investment Strategy Group examines the appetite for gold, the recent concerns around liquidity, and what to expect for stocks as the summer winds down.
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Outlook 2024: Mid-Year Update
To better position portfolios for the remainder of 2024, please take a few minutes to read the ISG Mid-Year Update to learn more about their expectations for the economy, and possible scenarios for the equity and fixed-income markets.
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Creeping Closer in This Petty Pace
FOMC Meeting Notes. The Federal Reserve Open Market Committee left its target for interest rates unchanged at a range of 5.25 – 5.50%, the eleventh month of unchanged overnight rates.
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June Investment Perspectives
In the latest issue of Investment Perspective, we discuss whether consumers are choosing to save or spend, how the neutral rate of interest serves as a benchmark for investors, and how the cap-weighted S&P 500 compares to equal-weighted.
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May Investment Perspectives
In this issue we discuss reduced pessimism toward European equities, real yields, and whether an S&P 500 high is still ahead.
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Using Real Yields to Position Fixed Income Portfolios
Today, real yields are relatively high, making it a good time to add to fixed income and/or to extend portfolio durations on the margin.
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Higher-ish for a Little Longer-ish
Although there will be oodles of conspiracy theories about the Fed providing stimulus by slowing QT, this announcement is just the natural conclusion of a process that started more than two years ago.
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April Investment Perspectives
In this issue we discuss opportunities in the Eurozone, understanding the sensitivity to volatility, and the record-breaking stock market performance.
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Finding Some Zen in a Garden of Volatility
After substantial increases in interest rates in early 2024, we view the fixed-income markets as fairly valued relative to the economic and Fed outlook. These valuations mark the first opportunity to add duration since the cautious position we advocated in our Outlook 2024.
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Spring Rain Delay
The Federal Reserve Open Market Committee left its target for overnight interest rates unchanged at a range of 5.25% – 5.50%, their fifth unchanged decision. Both markets and Fed officials have ruled out the necessity of further tightening barring any tail risk to inflation.
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March Investment Perspectives
In this latest Investment Perspectives, we discuss the economic evolution of Mexico, the Fed’s many misconceptions, and whether there are new highs ahead for the S&P 500.
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February Investment Perspectives
In this issue of Investment Perspectives, we look at the key drivers in the surge for copper demand, the 2024 trends in the fixed-income markets, and what will matter most for the stock market in the long term.
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January Investment Perspectives
In this month’s Investment Perspectives, the Investment Strategy Group discusses how the pursuit of a soft landing continues in the new year and anticipates volatile but trending bond markets. Plus, strong market performance in December points to potential positive results for 2024.
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Outlook 2024
Outlook 2024 offers the Janney Investment Strategy Group’s baseline forecasts for the economy and equity and fixed income markets in the coming year.
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December Investment Perspectives
In this issue we discuss making a case for metals, the role politics play in objective decision-making, and if seasonal bias will dominate December.
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November Investment Perspectives
In this issue of Investment Perspectives, we examine the odds of a recession within the next 12 months, look at the bond market sensitivity to supply, and discuss why the seasonal bias is skewed to the positive.
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October Investment Perspectives
In this issue of Investment Perspectives, we share why we believe the economic picture is still reasonably bright. We also look at how interest rates provide useful signals regarding economic conditions, and why various technical factors may provide the setting to increase equity exposure in October.