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Mark Luschini and Guy LeBas July 8, 2019
The Mid-Year Update presents a follow-up to our annual view published last December and affords a chance to make adjustments, if necessary, for what we expect to come during the remainder of the year.
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July 8, 2019
We begin 2019 with a benchmark allocation to risk assets. Despite expecting slower economic growth in 2019, the fourth quarter 2018 financial market pessimism seems excessive – we do not see a recession in the foreseeable future.
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Michael Halloran July 8, 2019
Learn about the investment implications around Brexit uncertainty.
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Guy LeBas July 8, 2019
In December/January, that excuse came in the form of tightening financial conditions, which allowed for the patient pause in place today.
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Michael Halloran July 5, 2019
Stocks are now reaching new all-time highs as a result of the U.S.-China trade war truce announced this weekend.
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Michael Halloran July 5, 2019
Stocks reached all-time highs last week, as investors reacted favorably to the Federal Reserve’s (Fed’s) dovish stance and increasing likelihood of near-term interest rate cuts.
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July 2, 2019
The first half of 2019 was good for municipal bond investors.
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June 26, 2019
1. Daily Fix, 2. Bank, Thrift & MHC Summary Valuation, 3. Recent Bank M&A Transactions, 4. Relevant Janney Capital Markets Professionals
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Michael Halloran June 25, 2019
After becoming concerned that China was backing away from promised reforms, President Trump stated that he would increase the current 10% tariff rate on $200 billion worth of Chinese imports to 25%, a move that was originally due March 1, but was delayed to extend the talks and seek a better agreement.
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Michael Halloran June 25, 2019
Last night President Trump opened up a second front on trade by promising a 5% tariff on all Mexican goods by June 10 (rising to 25% by October) if Mexico doesn’t stop the flow of Central American immigrants to the U.S. President Trump invoked the International Emergency Economic Powers Act (IEEPA), which gives the president broad leeway if he certifies a national emergency.
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Mark Luschini June 25, 2019
I last authored a report under this banner the morning of December 26, 2018. At that time, stocks had plummeted to an S&P level of 2,351 and some pundits thought the market had much further to go. We wrote, “It is time to buy.”
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Jody Lurie June 24, 2019
How companies spend their cash is an important consideration from a credit quality standpoint. In the current environment, companies have been doing more with less—a corporate strategy trend that developed in the post-recession era.
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June 24, 2019
This outperformance has been particularly notable since the 10-year ratio has been above 80% since before the 2008 financial crisis and subsequent Great Recession.
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June 24, 2019
Multiple factors can impact M/T ratio levels over time, including shifting supply and demand levels.
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June 24, 2019
The security provisions of these programs produce ratings that are based in part or in whole on the state’s creditworthiness and the mechanics of the program, often allowing school districts to finance capital expenditures at lower interest rates than might be available with bonds issued without the credit enhancement.
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Erin V Ortiz June 24, 2019
Given the depth of the last recession and moderate growth since, building reserves back to prior levels remains a challenge for some.
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Gregory M. Drahuschak June 21, 2019
Since the market low March 9, 2009, a tidal wave of buying has lifted many market indices to unprecedented levels and taken many equity portfolios with it.
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Mark Luschini June 21, 2019
We believe market participants have taken an overly pessimistic view of the macroeconomic conditions that exist today, and seem likely to unfold over the balance of 2019.
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Gregory M. Drahuschak June 21, 2019
An old cliché says the price is truth, but there are times when price alone does not tell the whole story. We think this is one of those times.
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Jody Lurie June 20, 2019
Investors, who have been negatively affected by credit quality deterioration, market volatility, or asset class selloffs, may be interested in repositioning for the coming year. Tax swaps and tax loss harvesting are worth exploring, especially as a part of year-end tax planning.