5 min readThe coronavirus pandemic has forced firms across industry groups to shore up liquidity in order to weather depressed revenue streams. These conditions, coupled with accommodative economic policies, led to a spur of borrowing during the first half of 2020. Due to this current climate, many companies are having trouble finding solid financial footing, leading to…
1 min readCOVID-19 infection rates have fallen dramatically in most industrialized nations, but new cases in the U.S. and in developing countries have surged to record levels in the last few weeks. Despite the serious setbacks, lawmakers in the U.S. continue to grapple with how to most appropriately implement mask requirements to slow the spread of the…
2 min readStates across the U.S. set multiple single day records for new COVID-19 cases this past week. On June 27th, Florida reported 9,500 new cases, breaking its own record for daily new cases, which it set just a day earlier. Driven primarily by Southern and Southwestern states, the surge has forced legislatures to act. Florida has…
2 min readProtesting Police Brutality Nationwide protests continued for the seventh day and night following the killing of George Floyd while in the custody of Minneapolis police. President Trump has considered invoking the Insurrection Act of 1807, which would allow the deployment of active-duty military personnel in response to civil unrest. The law was last used in…
12 min readDOWNLOAD FULL REPORT Abstract Extraordinary market volatility from COVID-19 led to a complete reset of portfolio strategies and expectations in cash investments. While liquidity has turned the corner, the path to recovery and a normal investment environment may be a long one. Fighting credit issues on one hand and the risk of negative interest rates…
2 min readCoronavirus While domestic economic growth began the year on solid footing, the worldwide spread of the coronavirus along with its effects on global supply chains and potential effects on aggregate demand are likely to dominate financial market movements through springtime. U.S. equity markets sank 15% last week in the fastest ever return to correction territory…
17 min readDOWNLOAD FULL REPORT Abstract While the flood of information on the new coronavirus can be overwhelming, treasury professionals should consider how the outbreak may affect their liquidity portfolios. The consensus market view is that the epidemic will have a moderate and temporary impact on the world economy. We think the 2003 SARS epidemic and the…
5 min readThe coronavirus has been the major event in the global economy so far this year. With more than 40,000 confirmed cases globally as of 2/10/2020, it has already surpassed prior flu pandemics. It has resulted in the effective quarantining of the city of Hubei, along with severe travel restrictions in and around mainland China. There…
2 min readFOMC Holds Rates Steady The Federal Reserve met last week to review monetary policy for the first time this year and to no one’s surprise, the FOMC left the overnight lending rate unchanged at the 1.50% to 1.75% range. The Fed remains in a wait-and-see mode where interest rates are concerned, saying it “judges that…
14 min readDOWNLOAD FULL REPORT Abstract We identify three themes to watch for cash investors each year. For 2020, we comment on the Fed’s neutral stance, the continued non-solution for repo market liquidity, and the popularity of ESG (environmental, social and governance) investing. Introduction At the start of each year, we typically name three broad themes that…