Articles by Michael Halloran

  • The Market Selloff in Context

    The S&P 500 Index officially entered bear market territory last week, driven by concerns of slowing economic growth, persistently high inflation, and the Federal Reserve’s (Fed’s) determination to get it under control.

  • Thoughts on Stubbornly High Inflation and Our Outlook

    Stocks remain under pressure, with concerns centered on stubbornly high inflation. The longer inflation stays high, the more interest rate hikes the Federal Reserve might need to pursue, which could increase the chance of recession and lower corporate profits.

  • Despite Recession Fears, a Path Still Exists for a Soft Economic Landing

    While market concerns remain focused on inflation and recession fears, the incoming data remains consistent with above-trend economic growth, with few odds of a near-term recession.

  • Economic Indicators Remain Positive with Further Signs of Peak Inflation

    While stocks staged a strong rebound last week, we continue to field concerns about the economy, inflation, and Federal Reserve (Fed) interest rate hikes. We have the following observations regarding these concerns.

  • Thoughts on Valuation Compression, Recession Fears, and Market Volatility

    Stocks remain under pressure, and we see two major causes for this. The first is that valuation is compressing as interest rates move higher. The second is that higher interest rates could ultimately slow the economy to the point of recession, which would result in lower corporate profits. These sources of volatility are discussed below.

  • Portfolio Positioning for High Inflation

    Stocks remain volatile due to stubbornly high inflation readings that are leading to higher bond yields and Federal Reserve interest rate hikes. In this environment, we are often asked what an investor can do to protect their portfolio’s future purchasing power.

  • Cybersecurity Update

    This paper reviews the critical aspects of cybersecurity and security spending.

  • We Continue to Advise Focusing on Long-term Investment Objectives

    Investor concern remains focused on high inflation readings, the Federal Reserve’s pursuit of higher interest rates to slow the economy and combat inflationary pressures, and the risk that this could push the economy into recession. All of this is outweighing the surprising strength of first-quarter earnings results and still positive economic growth indicators. We have the following observations as we continue to stress the importance of sticking with long-term investment plans.

  • Investor Focus Remains on Inflation and Higher Interest Rates

    Stocks remain volatile with investor concern focused on surging bond yields, Federal Reserve interest rate hikes, and the potential for higher rates to ultimately lead to a significant economic slowdown. These concerns are outweighing still positive economic readings and healthy first-quarter earnings where results are exceeding expectations, which is leading to modest upward revisions for the remainder of 2022.

  • Stocks Would Benefit From Reduced Inflation Uncertainty

    Stocks faced another challenging month in April with the S&P 500 Index down 8.7% for the month and down 12.9% for the year. High inflation readings and the amount of Federal Reserve interest rate hikes needed to tame inflation-driving demand remain the major sources of market uncertainty. The Ukraine crisis and China’s COVID lockdowns are also adding to the uncertain outlook.

  • How big of an oil price spike can the U.S. consumer and economy take?

    Markets remain volatile with attention focused on the uncertainty created by the Ukrainian crisis and the impact this is having on key commodity prices, especially oil.

  • Income Producing Asset Options

    We are often asked about the best options for generating portfolio income, especially given today’s low interest rate environment. This piece reviews important income-generating asset classes and includes ideas from various Janney disciplines, including the Investment Strategy Group, Wealth Management, and Capital Markets.

  • Impact of higher oil prices due to the Russian–Ukrainian conflict

    Markets remain volatile with attention focused on the uncertainty created by the Russian-Ukrainian conflict, especially the immediate impact this is having on higher oil prices. We have the following observations as this crisis continues to unfold.

  • What happened to asset class returns in 2021?

    The strong economic recovery that began after the hard lockdowns of early 2020 ended continued in 2021.

  • Investment implications of sino-u.s. economic decoupling

  • The Case for Infrastructure Spending

    Congress recently passed the $1.2 trillion infrastructure bill, formally called the Infrastructure Investment and Jobs Act, and President Biden said he would sign the landmark bill into law soon.

  • A guide to environmental, social, and governance (ESG) investing

    Environmental, Social, and Governance (ESG) investing is a rapidly growing investment discipline that includes many factors that make up traditional corporate best practices. Consequently, many firms that score well on ESG metrics are also solid investment opportunities. While ESG evaluation is popular with women and millennials—two groups that continue to gain prominence in the investment world—it continues to gain importance for all investors. This piece reviews ESG investing.

  • Clean energy investment implications

    With concerns mounting about the human influence on climate change, highlighted by U.S. President Joe Biden rejoining the Paris Agreement on his first day in office, the importance of clean energy to the economy continues to grow.

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