• Coronavirus and the municipal bond market: One year later

    Exactly 12 months ago, in the depths of the worst public health crisis in at least a generation and in the tail end of the worst financial crisis in a decade, we published a note titled Coronavirus and the Municipal Bond Market.

  • Look beyond the obvious

    It would be reasonable to think economic growth would parallel stock market movement closely, but data show this is not necessarily true. The correlation between stock returns and economic growth not infrequently is negative.

  • Economic readings accelerate, which supports the earnings outlook

    Stocks made new highs again last week, with the S&P 500 Index up 1.4%. Incoming economic readings continue to show an accelerating economy supported by reopenings, vaccines, and massive government stimulus.

  • Evidence of strong economic rebound continues to mount

    Stocks continue to make new highs, with the S&P 500 Index up 2.7% last week, as economic readings continue to show an accelerating economy supported by reopenings, vaccines, and massive government stimulus.

  • Investment Perspectives: A constructive outlook, Modern Monetary Theory, and April's bias

    Janney's analysts discuss inflation and stock trends.

  • Podcast: Fixed income and equity markets update

    Janney's analysts discuss the global pandemic's impact on the economy.

  • Job market healing while surveys suggest synchronized global expansion

    Stocks remain well supported, with the S&P 500 Index crossing 4,000 for the first time last week, as the incoming data show an accelerating economy with the reopenings, supported by vaccines and massive stimulus.

  • Biden unveils his ambitious infrastructure plan

    After recent passage of the $1.9 trillion American Rescue Plan designed for pandemic relief, President Biden has now turned attention to his infrastructure plan.

  • Business surveys show recovery gaining steam

    We remain optimistic on our outlook for the economy and stocks with last week’s economic readings showing further improvement, which helped push the S&P 500 stock index to a fresh all-time high.

  • What a difference a year makes

    It often is easy to forget anniversaries, but for equity investors, the COVID-19 market bottom forever will be memorable. It comes alongside days like October 1987 and Christmas Eve 2018.

  • Reasons for optimistic outlook continue to come in

    Reserve just reiterated its intention to maintain its ultra-accommodative monetary policy while increasing its forecast for economic growth.

  • The search for value

    Finding the real value in stocks always has been difficult and subject to interpretation. Unwilling to do the due diligence necessary, many investors too often seek the simplest methods to uncover value.

  • Does it get better than this?

    Monthly releases of measures of economic activity in their regions from many Federal Reserve offices always get attention, but few can match the most recent report from Philadelphia Fed office that reached a level not seen in 50 years.

  • FOMC Commentary: Yes, but what about the SLR?

    Unsurprisingly, the FOMC held rates constant at the zero lower bound at their March meeting, and left other aspects of monetary policy largely unchanged despite rising long-term interest rates.

  • Remembering "the day"

    Front pages of the New York Times and the New York Post on March 17, 2020, reflected the dour view of economic conditions COVID-19 had created. The day before, an 11.98% drop in the S&P 500 echoed the sentiment of millions of investors who feared what could be a dire health and economic period.

  • Stimulus and improving confidence bode well for the outlook

    President Biden’s stimulus bill was signed into law last week and will provide an additional $1.9 trillion to the economy, which will bolster the recovery that was already unfolding.

  • Biden's stimulus bill set to become law this week

    President Biden’s stimulus bill is set to become law this week after the Senate passed the amended bill on Saturday with only marginal changes.

  • Investment Perspectives: Stock prices and bond yields, fixed income, and stocks

    Janney's analysts discuss inflation and stock trends.

  • Podcast: Interest Rates, Market Plumbing and Equity Market Outlook

    Janney's analysts discuss the global pandemic's impact on the economy.

  • Positive developments on economic readings, stimulus, and vaccines

    While stocks fell last week with the S&P 500 Index down 2.4%, we remain confident in the outlook for the economy and stocks.

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