• Economic growth supports stocks despite potential risks

    Stocks finished higher after a volatile week, as investors weighed the risks around the Chinese property market, U.S. government funding, and monetary policy.

  • Begging for the taper

    Federal Reserve Chair Jay Powell wrote the script for the September FOMC meeting at last month’s Jackson Hole Conference, a matter we discussed in the note Pace over Timing.

  • Is Evergrande a potential contagion risk?

    While the U.S. is not immune to disruptions in other parts of the world, we do not view the situation in China as a contagion risk that will derail the bull market.

  • Remaining confident in our economic outlook

    Stocks are experiencing volatility, with the latest concerns centered on China’s real estate market.

  • The credit market oxymoron

    Every so often, or as some people suggest, too often, the equity market faces the prospect that the U.S. will lose the ability to pay its bills as a result of the U.S. not being able to borrow.

  • Despite Potential Headwinds, Key Labor Market Indicators Bode Well for the Economy

    Stocks consolidated recent gains last week, catalyzed by several concerns.

  • Investment Perspectives: China, emerging market debt, stocks in September

    Monthly commentary on timely investment and economic issues by Janney analysts Mark Luschini, Guy LeBas, and Gregory Drahuschak.

  • The day you can’t forget

    Twenty years since the 9/11 attacks, the events of that day still are fresh in the memories of anyone who lived through them.

  • Business Surveys Consistent with Further Strong Economic Growth

    Stocks made new highs again last week and we remain optimistic about the outlook for the economy and financial markets.

  • Podcast: Federal Reserve Policy Expectations and Update on Economic Growth

    In this podcast, Market Strategist Gregory Drahuschak speaks with Guy LeBas, Chief Fixed Income Strategist, and Mark Luschini, Chief Investment Strategist, to discuss the latest developments in the fixed income and equity markets.

  • Healthy consumers, banks’ & corporate profits bode well for economy and stocks

    The S&P 500 has reached a new high on 31% of trading days year to date—the highest annual rate on record, and is up 21% so far in 2021.

  • Pace Over Timing

    The Kansas City Fed’s Jackson Hole Symposium is an annual event in which policymakers and academics debate monetary policy frameworks. Traditionally, the Fed Chair provides a detailed policy outlook at the conference, though the importance of that outlook is more myth than reality. Fed Chair Jay Powell’s 2021 Jackson Hole speech had few surprises and largely reiterated his other public statements from recent weeks. Provided job growth continues, Powell clearly anticipated the FOMC will reduce or “taper” bond purchases in the next two FOMC meetings.

  • Positive leading indicators as labor market heals

    Despite the near-term uncertainty posed by the resurgent virus, we remain encouraged by the economic recovery that is being supported by the labor market and healthy corporate profits.

  • Preserve purchasing power to weaken inflation’s impact

  • P/E Ratio: It's all in the "E"

    Is the stock market cheap or expensive? The answer to this common question often includes a reference to the market’s price-earnings ratio (P/E), which is used as a measure of stock market valuation. Investors might be interested in the “P” of the ratio but it all begins with the “E”, which lately has surpassed even the most optimistic estimates.

  • Is U.S. withdrawal from Afghanistan relevant for markets?

    The Taliban’s conquest of Afghanistan has little direct significance for global financial markets currently. However, the U.S. withdrawal connects with other geopolitical and domestic currents that could have both macro and market significance at some point.

  • Remaining constructive on the economy and stocks

    Stocks continue to make new highs and we remain constructive on equities, given strong earnings and underlying economic momentum.

  • Small business path to recovery

    Many small businesses started reporting renewed optimism after COVID-19 vaccinations led to the reopening of the economy. Now, business owners face another challenge: Inflation.

  • Investment Perspectives: Stock market lifecycle, floating-rate bonds, buy the dip

    Monthly commentary on timely investment and economic issues by Janney analysts Mark Luschini, Guy LeBas, and Gregory Drahuschak.

  • Accumulating wealth? Here’s why planning for inflation matters

    Investors could consider strategies to inflation-proof their portfolio to withstand gradual increases in prices for goods and services.

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