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What Should Investors Know about the U.S. Government Shutdown?
Yesterday was the start of a new fiscal year for the U.S. federal government, but failure to agree on a spending plan in time for that deadline left federal coffers short. As a result, a partial...
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Equity Markets to Congress: “What, me worry?”
Wardwell’s Weekly Market Report Observations on the Capital Markets – Week Ended October 11, 2013 Washington watch: no deal yet, but the parties appear to have begun to look for a deal (as opposed to a...
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Washington Strikes a No-Surprise Deal – Now What?
Wardwell’s Weekly Market Report Observations on the Capital Markets – Week Ended October 18, 2013 Washington watch: a no-surprise deal kicked the can down the road Markets celebrated – and more QE...
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Federal Reserve Puts the Fear of a 2013 QE Taper Back on the Table
Wardwell’s Weekly Market Report Observations on the Capital Markets – Week Ended November 1, 2013 QE taper back on the table. Last week in the capital markets: The market rethinks its Fed and ECB...
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Taking Stock in the Economy
Now is a good time to take stock in the current macro environment from a market perspective. Here’s what we think could happen at the end of this year and next year: Stocks and Bonds It’s been a good...
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New Fed Papers Foreshadow a Dovish Fed Policy Under Yellen
Wardwell’s Weekly Market Report Observations on the Capital Markets – Week Ended November 8, 2013 New Fed papers foreshadow a dovish Fed policy under Yellen The market rethought its Fed and ECB...
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Yellen’s Testimony Not Surprising: Fed Has More Work to Do
Weekly Market Report Observations on the Capital Markets – Week Ended November 15, 2013 Yellen’s testimony not surprising: Fed has more work to do Last week in the capital markets: The allure of...
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Fed Watchers See Signs of Quicker QE
Weekly Market Report Observations on the Capital Markets – Week Ended November 22, 2013: Fed watchers see signs of quicker QE Washington and the world: Some important developments The capital...
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Fed’s Inflation Target Misguided? Good vs. Bad Disinflation
For more than a year the Federal Reserve Board has cited inflation below its targeted 2% level as one justification for maintaining its extraordinarily accommodative monetary stance. As of February,...
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Beyond QE, U.S. Economy is Getting Traction
The Fed confirmed the end of Quantitative Easing (QE) and changed its rhetoric on the job market. The unemployment rate is (finally) gradually declining, as is the underutilization in the labor market,...
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Fed Refreshes Punch Bowl Just in Time for Holidays
Last week U.S. oil plunged sharply then rebounded to end the week down just 1%. The Russian ruble had an even wilder run for the week ‑ down 25% at one point before recovering. Did oil find a bottom?...
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Markets Dance to the Tune of the ECB
The European Central Bank (ECB) followed through on ECB president Mario Draghi’s pledge that it would re-expand its balance sheet by formally launching a quantitative easing (QE) bond-buying program...
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The 2015 Global Risk Map: Hedging Geopolitical Challenges
Central Banks are likely to continue to dominate the global economy as well as financial markets again in 2015. Asset prices will likely benefit from abundant liquidity. However, divergent monetary...
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Yellen Moved The Fed Still Further Away ‑ From Clear Forward Guidance
What did Fed Chairwoman Janet Yellen say about raising rates at last week’s Humphrey-Hawkins testimony? She promised a wording change (“patient”) before rates were increased, but disavowed any implied...
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Capitalizing on Opportunities in Today’s Fixed-Income Environment
The race to win fixed-income mandates has been on for decades, but perhaps never has it been as competitive as it is in 2015. To discuss the lay of the fixed-income land and what differentiates...
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Dovish Fed Resets Outlook For Risk Assets
The market’s initial reaction to Wednesday’s FOMC meeting was consistent with a dovish interpretation. U.S. Treasury yields declined and the dollar underperformed. However, as market participants...
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Greece: No Widespread Panic After Painful Weeks
The Greek saga escalated over the weekend, with Premier Tsipras calling for a snap referendum. Investors around the world are asking, what’s next? Next Sunday, the Greek people will technically be...
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A Multi-Asset Response to Rising Bond Yields
Balanced Strategies Desk Reema Desai looks at three ways the team believes alpha can be generated against an environment of rising yields. Reema also outlines what investors might consider going into...
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Fed Monetary Policy: A Moving Target
As expected, the Federal Reserve Board yesterday left interest rates unchanged following the September meeting of the Federal Open Market Committee. In its statement following the meeting, the FOMC...
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US Elections: What Can Multi-Asset Investors Expect?
(Part three of three) In this final blog of our series, Matteo Germano, Global Head of Multi Asset Investments shares his thoughts on the implications for multi-asset investing. From a global...
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