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Markets & Economy » Why Investors Should Consider a High Yield Bond Allocation
August 09, 2018 | Fixed Income
For the past three decades, bond markets have been on one of the most impressive bull runs in history. In fact, since 1987, bonds have returned 10% or more in 29% of calendar years compared to just 11% of the time between 1926 and 19861. As a result, investors have largely been able to meet their …
Markets & Economy » Five Things to Know About US-China Trade
April 30, 2018 | International Markets
Simmering trade tensions have captured investors’ attention in recent weeks as President Trump takes aim at what he sees as a highly problematic trade deficit between the US and China. The White House has ratcheted up pressure on the bilateral trade relationship by announcing significant …
Markets & Economy » Implications of Tax Reform on Fixed Income
March 01, 2018 | Market Commentary
The Tax Cuts and Jobs Act is having a notable impact across wide swaths of the economy, and the fixed income market is no different. The bill’s key achievement of lowering the corporate tax rate is certainly a favorable outcome for a number of businesses and their investors. Smaller tax …
Markets & Economy » What Happened and What’s Next for Fixed Income
February 13, 2018 | Market Commentary
Looking Back: An Era of “Goldilocks” The past year brought cheer across the financial markets. The world saw synchronized global growth and soft inflation readings, and with the exception of recent market gyrations, volatility persisted near historically low levels. Nothing was “too hot or too …
Markets & Economy » Auto Loans are Starting to Rev Up
September 28, 2017 | Market Commentary
U.S. auto debt swelled to a record high $1.2 trillion at the end of the second quarter. This is the 25th consecutive quarter of auto loan growth, with the total outstanding balance now up 70% from a post-crisis low of $700 million in 2010. The surge in auto loans is a growing burden that we are …
Financial Planning » Four Common Types of Debt and What They Mean for You
July 11, 2017 | Wealth Management
American household debt – including mortgages, auto and student loans, and credit cards – has reached a new high at $12.7 trillion, surpassing the previous peak credit bubble levels of 2008, according to the Federal Reserve Bank of New York. In today’s low interest rate environment, debt can be …
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Markets & Economy » Fed Raises Rates: Implications for Fixed Income Investors
December 23, 2016 | Fixed Income
The Federal Open Market Committee (FOMC) unanimously decided to increase the federal funds target rate by 25 basis points last week, moving the target range from 0.25–0.50% to 0.50–0.75%. This is the second rate hike in over a decade; the federal funds target rate was last raised in December 2015, …
Library » November 2016 Perspective
November 03, 2016 | Market Commentary
The advance estimate of U.S. real GDP growth for the third quarter came in at a 2.9% annual rate, up from the second quarter’s 1.4% growth. While this was the best reading in two years, the details of the report suggest that the U.S. economy remains on a path of slow growth.
Markets & Economy » 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 …
Vantage » Accounting for the U.S. Consumer’s Gas Savings Windfall
July 23, 2015 | Market Commentary
From June 2014 to April 2015, consumers saved $131.6 billion on consumption of energy goods and services. This begs the question: where have all the savings from lower energy prices gone? There are several possible scenarios, including: Rising prices in other parts of the consumer’s basket of …