Media – Blog
January 7, 2020
Strong Year for the Markets After trending down on Tuesday morning, markets reversed course and closed the year on a high note. While they were off their December all-time highs, the S&P 500 and Nasdaq posted their best yearly performances since 2013, rising 28.9% and 35.2%, respectively, while the DJIA
Read more
December 20, 2019
If you are among the 20 percent of institutional cash managers who don’t have a formal investment policy statement, it may be time to draft one. And if you do have one, December is a good time to dust it off and update it for the coming year. According to
Read more
December 18, 2019
Final FOMC Meeting of 2019 The Federal Reserve met on December 11th and, as expected, left rates unchanged at the 1.50% to 1.75% target range. The FOMC signaled that it has little appetite for adjustments to monetary policy in the near term, saying “the current stance … is appropriate to
Read more
November 13, 2019
After three interest rate cuts since July, the Fed signaled last month that it finally expects to take a breather, with no more moves for a while. But that only means we have to start wondering what may come next. Will the recent spate of positive economic news prompt the
Read more
November 4, 2019
In a move that was widely expected, the Federal Reserve cut rates last Wednesday by 25 basis points to the 1.50% to 1.75% range. Seven officials voted for the cut, and two (Esther George and Eric Rosengren) dissented again in favor of no change in monetary policy. Because the rate
Read more
November 4, 2019
In a move that surprised no one, the Federal Open Market Committee (FOMC) cut rates by 25 basis points at its October meeting, the third cut in as many months. The current Federal Funds rate range now lies at 1.50%-1.75%, still relatively high compared to short-term rates in other G8
Read more
October 18, 2019
Everchanging speculation on tariff war developments continues to drive bond market volatility as well as projections on potential interest rate cuts. Earlier this month, a mini-deal between the Trump administration and Chinese officials buoyed market sentiment when additional tariffs slated for implementation in December were delayed and China agreed to
Read more
October 18, 2019
When overnight repo rates temporarily rose from 2% to 10% in September, some dismissed the spike as an unfortunate but rare confluence of idiosyncratic circumstances. But if that makes you think the liquidity crunch was a one-time event, think again. Our October research report, Repo Ruckus Reveals Hidden Issues in
Read more
October 15, 2019
The interest rate blues are well in effect. For those with enough foresight to see this coming (and thus to load up on long-duration Treasury bonds) it has been an absolute riot. For the rest of the fixed income investment community, it’s been a bit of a bloodbath. Figure 1:
Read more
September 26, 2019
Are you feeling as uneasy as I am? China's growth is slowing, Brexit is looming, and winds of war in the Middle East have sent oil prices on a roller coaster. Closer to home, the yield curve is inverting, corporate debt is mushrooming, and just last week Wall Street and
Read more