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Markets & Economy
Risk Continues to Run Rampant In Russia
November 04, 2015 | Emerging Markets
In our recent Country in Focus article in Vantage, we discussed how Russia has been in the spotlight over the past few years with its controversial involvement in Ukraine and annexation of Crimea in 2014. Lately, Russia has been in the news with its intervention in Syria, which has opened a new …
India’s Economy: Silver Linings Despite Opposition to Reform
October 23, 2015 | Emerging Markets
In late August, India’s parliament finished its summer session without passing two of Prime Minister Narendra Modi’s top priorities—a goods-and-services tax (GST) and revisions to the country’s land acquisition laws. Last year we wrote positively about Modi’s election as prime minister …
No Change in Rates: Comments on the Fed Decision
September 17, 2015 | Market Commentary
Following their two day meeting in mid-September, members of the U.S. Federal Reserve’s policy setting Federal Open Market Committee (FOMC) decided not to adjust the federal funds policy interest rate. The rate will remain within the current 0% to 0.25% range, where it has been since December 20 …
The Great Rate Hike
September 11, 2015 | Fixed Income
Recent headlines suggest that bond investors are bracing for heightened volatility in fixed income markets, with pundits citing an eventual Fed rate hike as the catalyst that could give rise to further market gyrations. As the Fed moves toward policy normalization, investors are concerned that …
Puerto Rico Adds Pressure to Muni Market Outflows
September 10, 2015 | Fixed Income
Puerto Rico was thrust into the spotlight after missing a $58 million bond payment in early August. Fixed income markets stumbled on the news, but the country’s fiscal troubles should come as no major surprise. Puerto Rico’s credit rating descended to junk status during February 2014 following …
“Safe” Can Be Risky
September 01, 2015 | Fixed Income
The last several years have been defined by historically low interest rates, and using a bond index fund to gain market exposure to the broad fixed income market has become a more prevalent investor strategy. While rates have seen historic lows, they are expected to rise over time. Given the …
Our Perspective on Recent Volatility
August 25, 2015 | Market Commentary
Last Thursday and Friday, domestic equity markets saw the sharpest two-day decline since 2011, with the S&P 500 Index, Dow Jones Industrials Index and Nasdaq Composite falling 5-6% over two days. It was a similar start to this week, with broad U.S. stock indexes down approximately another 3% …
China: Should investors run for the exit?
August 12, 2015 | Emerging Markets
Chinese equity markets experienced unprecedented growth in the trailing 12 months ended May, with major equity indices returning more than 125%. Come June, however, cracks began forming, and some investors were left holding the bag. After peaking in mid-June, China’s major equity indices had …
Where are Interest Rates Headed?
July 29, 2015 | Fixed Income
Today, most market watchers agree that rates are poised to move higher. That being said, the interest rate conversation is also quickly shifting toward what happens after the first policy rate hike. Will the Federal Reserve continue on a path of predictable hikes, or will policy …
Share Buybacks in Today’s U.S. Equities Environment
July 13, 2015 | Investment Themes
S&P 500 companies announced a record $133 billion in share buybacks in April, furthering a trend that has provided support to U.S. equity markets in recent years. The surge in companies buying back their own stock is getting a lot of attention these days. It seems normal for those in the …