The Municipal Bonds Channel

Balancing the Positives

Blackstone is pleased to offer the following Market Commentary by Byron Wien which shares his thinking on global economic developments, market insights and other factors that may influence investment opportunities and strategies.

The Beginning of the End?

The global expansion is either nearing its demand-driven peak or in the early stages of a supply-driven renaissance. We share our assessment and portfolio positioning.

Do Your Target-Date Funds Measure Up to Rising Rates?

Rising US interest rates could pose a challenge for target-date funds (TDFs) that concentrate on “core” US fixed-income exposure. Diversifying across a broad range of bond markets and strategies can create a cushion in a rising-rate environment.

Worried About Rising Rates? I Believe this Strategy Could Be the Answer

With interest rates continuing to creep up, there’s a changing of the guard at the Federal Reserve. In my travels and during conferences, I’ve spoken with many fixed-income investors who wonder how they can best prepare for the uncertainty these changes might bring.

When Clients Are Nervous – and You Are Too!

A number of our clients are watching the markets and becoming increasingly uncomfortable with the ups and downs. We have many retirees and soon-to-retire clients and 2008 is still fresh in their minds. They fear another disastrous downswing in their portfolios.

Who Shall Rule the Planning Profession? Competition versus Consolidation

If there’s one topic that is guaranteed to stir up passions in the financial planning/advisory profession it’s consolidation of associations and credentials. Consider some of the issues that are being debated today.

What the MSRB’s Markup Disclosure Rule Means for Muni Investors and Advisors

The Municipal Securities Rulemaking Board (MSRB)’s new “markup disclosure rule” is on track to go into effect in the U.S. in May 2018, as part of a broader move toward greater transparency in the municipal bond market.

The Surprising Solutions to Managing a Rising-Rate Environment

What should bond investors do when rates are rising and the credit cycle is ending? Perhaps not what you would expect. But getting this right can be critical for the health of your fixed-income allocation.

Can Anything Throw the Nine-Year-Old Bull Off its Stride?

The current US equity bull market turned nine years old on March 9, 2018. That’s the second longest run without a correction of 20% on record. It’s natural to wonder if the tide is going to turn.

Bitcoin Bets: Which Pundit Is Right?

The bitcoin and cryptocurrency craze has everyone talking. Here's what some of the big names in the industry are saying.

In Defense of a Structured and Disciplined Approach to Active Portfolio Management in Int'l Equities

The period since the financial crisis has been unprecedented in both the duration of the bull market but also the extreme low levels of volatility. As John Authers of the Financial Times recently pointed out, 2017 was the ‘most serenely positive year for world markets in history’.

Making the Case for Sovereign GDP-Linked Bonds

The crises that erupted in countries like Ireland and Greece a decade ago would not have been so severe had their debt been linked to their economic performance. And the same is true today: Investors around the world will continue to accept the risk, given the unlimited upside to investing in entire economies.

ExxonMobil? Think Again

GE retaught investors the great lesson that things that cannot go on forever don’t. Hopefully, ExxonMobil investors will heed that lesson.

PIMCO Income Update: Finding Value in Volatile Markets

We believe that balancing higher-yielding assets with higher-quality assets is the best way to achieve the strategy’s objectives across different market environments.

SPY Flows and VIX

When complacency met fear: $18 billion monthly outflow of SPY.