• The income conundrum

    Following the peak in 1981, interest rates experienced a 39-year decline. A 2% yield on Treasury notes or bonds now is not achievable without going out to the 30-year Treasury bond, and the yield on the S&P 500 is approximately 1.8%.

  • Climate change investment implications

    As a result of the consensus that has formed around the human influence on climate change, we see several major developments that have significant future economic and investment implications. This piece discusses the evolution of the consensus view and the resulting implications.

  • Encouraged by an improving global backdrop and still healthy labor market

    Stocks continue to reach new all-time highs and we remain positive as we start the new year.

  • How you feel matters

    The vast array of information available today should allow consumers and investors consistently to make rational decisions, but as the rapidly developing field of behavioral economics recognizes, emotions influence nearly every economic choice we make.

  • What happened to asset class returns in 2019?

    While 2018 had no major asset class gain more than 5%, 2019 saw many asset classes make double-digit gains, led by the NASDAQ Indexes total return of 35.2%.

  • Markets in 2020, fixed income year-in-review, and new highs look likely

    Major issues persist with our optimistic outlook, a look back to fixed income in 2019, and a repeat of the market's 2019 result does not appear probable.

  • Bank & Thrift Newsletter

    1. Daily Fix, 2. Bank, Thrift & MHC Summary Valuation, 3. Recent Bank M&A Transactions, 4. Relevant Janney Capital Markets Professionals

  • Maintaining our positive outlook despite rising Middle East tensions

    While we are watching Middle East developments closely, we remain optimistic on our outlook for the economy and stocks.

  • US/Iran/Iraq and the fixed income markets

    Fixed income markets are reacting to the recent developments in the Middle East. It is Day 2 for trading in the New Year and already we have seen a shift into flight-to-safety mode that warrants monitoring.

  • How Will Interest Rate Changes Affect the Value of My Bonds?

    We see this question often and have responded periodically by updating and publishing the table to the right, which looks at 5-year, 10-year and 30-year current coupon Treasury bonds as well 10-year zero coupon Treasury bonds.

  • Reduced trade uncertainty, low interest rates, and economic growth bode well

    Stocks continue to reach new record highs with the S&P 500 Index on track to end the year up over 30%.

  • Bank & Thrift Newsletter

    1. Daily Fix, 2. Bank, Thrift & MHC Summary Valuation, 3. Recent Bank M&A Transactions, 4. Relevant Janney Capital Markets Professionals

  • A positive economic outlook with reduced trade uncertainty supports stocks

    Stocks reached new record highs last week, supported by an outlook for improving global economic growth and reduced trade tensions.

  • Bank & Thrift Newsletter

    1. Daily Fix, 2. Bank, Thrift & MHC Summary Valuation, 3. Recent Bank M&A Transactions, 4. Relevant Janney Capital Markets Professionals

  • Outlook 2020

    We envision another year of positive economic growth and favorable markets, but correcting for evolving uncertainties surrounding the election and geopolitics keeps us agile.

  • Trade agreements bolster our outlook for the economy and stocks

    Last week saw several important developments that reinforce our positive outlook for the economy and markets.

  • Phase one of U.S.-China trade deal bodes well for the economy

    The U.S. and China announced they have reached a phase-one trade deal.

  • Impeachment investment implications

    The House Judiciary Committee approved two articles of impeachment against President Trump.

  • Investment implications of Johnson's big UK election victory and Brexit

    After a decisive electoral victory, UK Prime Minister Boris Johnson reiterated his pledge to take Britain out of the European Union (EU) by the current January 31 deadline.

  • USMCA Trade Agreement Investment Implications

    The Trump Administration and House Democrats reached an agreement on a revised U.S.-Mexico-Canada trade agreement (USMCA or NAFTA 2.0), setting the course for likely ratification.

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