• Bank & Thrift Newsletter September 9, 2019

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

  • Trade uncertainty continues to drive market volatility

    Stocks are reacting positively after President Trump sought to ease trade tensions with China and struck a more conciliatory note on the final day of the Group of Seven summit (G7)—stating that meaningful negotiations with China were ongoing.

  • Consumer spending continues to support economic growth

    Stocks had their best week since June as trade tensions with China showed some signs of easing.

  • Bank & Thrift Newsletter September 3, 2019

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

  • U.S. Interest Rate Forecasts — 4th Quarter

    We have had two rate cuts in 3Q, and at least one more is likely in the final two FOMC meetings of 2019.

  • Recession obsession

    Last week, the market initially focused on what the Federal Reserve chairman Jerome Powell would say at the annual Jackson Hole Symposium.

  • Bank & Thrift Newsletter August 26, 2019

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

  • A healthy consumer and still optimistic small business bodes well for growth

    Stock market volatility continued last week, with the latest worries centered on falling bond yields and further yield curve inversion—the 30-year Treasury yield dropped below 2%, while 10-year Treasury yields briefly fell below 2-year yields.

  • Bank & Thrift Newsletter August 19, 2019

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

  • Update on US-China trade tensions

    Stocks are reacting positively after the United States Trade Representative released a statement that the U.S. would delay and remove items from the roughly $300 billion of Chinese imports (primarily consumer products) facing 10% tariffs on Sept. 1.

  • Bank & Thrift Newsletter August 12, 2019

    1. Daily Fix, 2. Ask the Strategist, 3. Bank, Thrift & MHC Summary Valuation, 4. Recent Bank M&A Transactions, 5. Relevant Janney Capital Markets Professionals

  • Despite tariffs and weak manufacturing, economic growth remains positive

    While stock market volatility has increased due to the intensification of the U.S.-China trade war, we continue to recommend a benchmark weighting for stocks. We see several factors that should support economic growth and stock prices.

  • Another cyclical slowdown, negative yielding debt, and the bumpy bull market

    Investment Perspectives provides insight into the markets from three of Janney's elite strategists.

  • US vs. China and the bond market reaction

    The combination of the Fed’s rate cut last week plus the US/China trade situation coming back into the forefront has caused a reaction across asset classes. We suggest investors use this bout of volatility as a reminder about the benefits of diversification.

  • U-Turn complete; Elapsed time 7.5 months

    As we noted in our May commentary, Jay Powell and friends seemed to be looking for any excuse to cut rates.

  • Municipal Market Monthly — July

    In theory the $58B total of new 2019 cash is enough to absorb more than a third of the first six months of municipal new issue volume ($166.8B).

  • New tariffs raise the uncertainty of a final trade deal

    Stocks are reacting negatively after President Trump’s announcement of a 10% tariff on $300 billion in Chinese imports, which extends the 18-month trade war (25% tariffs were already in place for $250 billion worth of imports) and now puts tariffs on essentially all $550 billion worth of goods coming from China, with this round concentrated in consumer goods.

  • Bank & Thrift Newsletter August 5, 2019

    1. Daily Fix, 2. FOMC Commentary, 3. Bank, Thrift & MHC Summary Valuation, 4. Recent Bank M&A Transactions, 5. Relevant Janney Capital Markets Professionals

  • Bank & Thrift Newsletter July 29, 2019

    1. Daily Fix, 2. From the Desk, 3. Bank, Thrift & MHC Summary Valuation, 4. Recent Bank M&A Transactions, 5. Relevant Janney Capital Markets Professionals

  • Stocks make new highs on better earnings while anticipating global improvements

    Stocks made new highs again last week, with earnings that are coming in better than expected. A healthy consumer continues to support U.S. economic growth. Meanwhile, global manufacturing conditions remain weak and we continue to anticipate China’s economic stimulus will lead to better global conditions.

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