Fixed Income Commentary

Whatever It Takes
The quarter began with continued Federal Reserve (Fed) policy actions to stem the significant decline in economic activity. The key policy regarding the fixed income market was the suspension of supplementary leverage ratios for banks.

Equity Commentary

Quarter in Review
Domestic equities captured their best performance since 1998. Their dramatic retracement took many by surprise, given the events that impacted the global economy during the first quarter.

Economic and Market Overview

Bouncing Back: How High, How Quickly?
With the recent release of the final measure of first quarter GDP, which registered -5.0%, investor attention is now migrating to the anticipated result for the quarter just ended.

Equity Commentary

What a ride!
What a way to start a decade. Our major concerns coming into the new year were what US-China trade conflict resolution would look like and the impact of the 2020 general elections.

Fixed Income Commentary

“Weeks Where Decades Happen”
The first quarter of 2020 was figuratively one of those “weeks where decades happen,” to quote the popular Vladimir Lenin phrase.

Economic and Market Overview

A Tale of Two Cities – Redux
What a difference a quarter makes. You may recall Jon Augustine, in our last Insight, presented a quote from the Charles Dickens novel mentioned above; “It was the best of times, it was the worst of times.” Investors experienced what Dickens captured as the “worst of times” as market volatility surged during the first quarter.

Equity Commentary

Through the Rain
One of the significant attributes of humans is irrationality. It is both an aid and an anathema to investors. Without this irrationality, it would be close to impossible to generate excess returns, and without it, losses would also be less likely.

Fixed Income Commentary

The Fed Yields
Interest rates declined and inverted along the yield curve during the first quarter as domestic and global economic outlooks signaled slower growth ahead.

Economic and Market Overview

Snapback
As fourth quarter 2018 came to a close, equity investors around the globe were tending to the wounds inflicted upon them by a brutal decline in stock prices.

Equity Commentary

The Second Quarter in Review
Equity investors rode a rollercoaster during the second quarter. As the quarter began, global equity valuations extended their rise initiated during the first quarter.