Equity Commentary
What a year it was!
Looking back over this past year seems as if one was in a dream. 2020 started where 2019 left off as equity markets continued their advance.
Fixed Income Commentary
Beating Expectations
Fixed income returns for the quarter were positive as corporate bonds excelled. Shorter duration Treasuries remain glued to the floor on the expectation it will be several years before the Federal Open Market Committee attempts to raise the federal funds rate.
Economic and Market Overview
Two Steps Forward
While there are many adjectives that could be used to describe the experience for investors in 2020, one that is surely appropriate is breathtaking.
Equity Commentary
Head in the Clouds
We hear a lot of derision when the stock market is used as an economic indicator. The skepticism is understandable, and a lot of times may be warranted.
Fixed Income Commentary
Sticking the Landing
It is somewhat unsurprising the humble Midwest town of Des Moines, Iowa, is a hotbed for gymnastics, having been the development and training ground for some of the sport’s top athletes.
Economic and Market Overview
The Road to Recovery
With the release of the final estimate of second quarter GDP, the severity of the pandemic-induced lockdown of the U.S. economy became quantifiably manifest.
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.