The Income Channel

Winning Is Easy; Governing Is Hard

Donald Trump swept into office on a populist wave. His promise of greater growth for the United States economy resonated with a large part of those disappointed with stagnant wages and a lack of opportunity. He said he would bring manufacturing jobs back and provide better healthcare coverage at a lower cost.

How to Make Time Segmentation Work in Practice: Three Options for Extending a Bond Ladder

For time segmentation to work, there must be a clear procedure for how to extend the bond ladder. Unfortunately, with its varied implementation, that procedure is often overlooked. I will examine the potential for time segmentation by considering three different ways to implement it.

Emerging Markets: The Clouds Lift

As 2017 progresses and the priorities of the Trump administration take shape, the outlook for emerging markets (EM) has evolved from uncertain to promising.

Beyond the Headlines: Finding Opportunities in Today’s Markets

With markets reacting in part to geopolitical events, it’s hard not to be distracted by news headlines. To help sift through some of the noise, several of our senior investment leaders recently participated in a roundtable discussion of the events shaping the global markets today, the implications for investors and where they see potential opportunities ahead.

If Trump Gets Taxes and Infrastructure, Who Pays, and What Does it Mean for Stocks?

With the dissolution of health care legislation barely final, murmurers out of Washington seem to suggest tax reform/cuts and infrastructure may be tackled in tandem in a way that attracts bipartisan support.

It’s Tsar, Not Comrade

February 12th was the 100-year anniversary of the Russian Revolution. Surprisingly, the Kremlin has taken a very low-key stance on the centenary. We believe the government’s decision to downplay this historical event offers an insight into Russian President Putin’s thinking.

Men Without Work

I have been promising a review of Nicholas Eberstadt’s very important book, Men Without Work: America’s Invisible Crisis. The book is relatively short at 216 pages, but it is packed with meaty facts and insights.

Hard Day's Night

On a recent business flight, I watched The Beatles documentary (Eight Days a Week) which featured the song “A Hard Day’s Night.” The movie chronicled, via previously unseen footage, the early years of The Beatles and the mania surrounding their tours and albums. This documentary and song could teach us about how to navigate the stock market in the U.S. and what demographics mean to American culture and economic trends.

Home Prices Rose 5.9% Year-over-Year in January, 31-Month High (NSA)

With today's release of the January S&P/Case-Shiller Home Price Index, we learned that seasonally adjusted home prices for the benchmark 20-city index were up 0.9% month over month. The seasonally adjusted year-over-year change has hovered between 4.2% and 5.8% for the last twenty-five months. Today's S&P/Case-Shiller National Home Price Index (Nominal) reached another new high. The Real S&P/C-S HPI is at its post-recession high.

How to Educate Clients about Alternative Investing – and other alts-related news

With new data emerging showing consumers lack an understanding of alternative investments, we explore different alternative strategies investors can use to help educate their clients.

March Consumer Confidence Highest Since 2000

The latest Conference Board Consumer Confidence Index was released this morning based on data collected through March 16. The headline number of 125.6 was a sharp increase from the final reading of 116.1 for February, an upward revision from 114.8. Today's number was above the consensus of 114.0.

Why Passive Is a Risky Choice for Global Bonds

Passive global bond investors may be getting more than they bargained for—in terms of risk, that is. That’s because lower-yielding debt is overrepresented in the benchmark, providing less buffer—and passive investing locks other types of risk into the portfolio.

CEF Investor Trends

Closed-end fund investors continue to pursue income or regular cash flow, and in 2017 may find more strategies becoming available, says Anne Kritzmire of Nuveen.

What Female Investors Want from Their Advisors

The opportunity to help women plan for retirement is great. Women control $11.2 trillion dollars in investable assets (Turner Moffitt 2015) and are forecast to hold two-thirds of the nation’s wealth by 2030 (O’Connor and Ettinger 2015). Women make up 44 percent of primary breadwinners and 48 percent of millionaires (O’Connor and Ettinger 2015).

Treasury Snapshot: 10-Year Note at 2.38

Let's take a closer look at recent activity in US Treasuries. The yield on the 10-year note ended the day at 2.38% and the 30-year bond closed at 2.98%. The 2-10 yield spread is now at 1.11%.