Sponsored Content
Upcoming Webinars View All
February 15, 2023 at
01:00 PM EST
- 1.0 CE credit
How Technology Overcomes Three Major Challenges to Portfolio Personalization

February 21, 2023 at
02:00 PM EST
- 1.0 CE credit
Charting Disruption – FinTech & Blockchain

March 07, 2023 at
02:00 PM EST
- 1.0 CE credit
Anatomy of the Fixed Income Comeback

Commentaries
Timely market commentaries from leading investment firms
Gold and Copper Look Well-Positioned in 2023
Retail demand for bars and coins in the U.S. and Europe hit a new annual record last year in response to stubbornly high inflation and the war in Ukraine. Western investors gobbled up 427 tons (approximately 15 million ounces), the most since 2011.
Back to the Drawing Board
Chief Economist Eugenio J. Alemán discusses current economic conditions.
Live Cattle Rallies on Inventory Report
The April Live Cattle futures, LCJ23, rallied as traders digested the United States Department of Agricultures (USDA) Cattle inventory report.
Contrarian Trade. Everyone Remains Bearish
From a contrarian investing view, everyone remains bearish despite a market that corrected all of last year.
February Fed Meeting: Tough Talk for a Smaller Hike
At the conclusion of its inaugural policy meeting of 2023 today, the U.S. Federal Reserve (Fed) delivered a smaller, quarter-point rate hike, as widely expected by markets.
A Walk Down Memory Lane
In 1965 I was studying for a degree in Engineering.
The Fed Is Focused On Service Prices
Inflation is a mixed picture, with services staying hot.
5 Dividend Growth Stocks Offering A Margin of Safety
During uncertain economic times – as we are experiencing currently – the ever-important principles of valuation and margin of safety become even more important.
The FOMC Won’t Blink
As expected and discussed in the January Macro Tides the December Consumer Price Index (CPI) dropped below 7.0% falling to 6.5% from 7.1% in November.
Fed Seeks to Balance Competing Risks
Investors face mixed signals between the Federal Reserve’s policy guidance and recent economic developments.
Regional Differences in European GDP Trends
On Monday, Germany’s GDP print for the final quarter of 2022 came out below expectations of 0.0% by -2%.
Don’t Call This a Flash Crash!
US market structure was back in the news recently with several stocks experiencing irregular price movements on the morning of January 24.
Research Reports
The Fed downshifted to a smaller rate hike to start 2023, but the job is far from done.
What to Watch
The market has high hopes for the Fed, however, comparing this to the Fed’s own expectations, we see a very different narrative.
Where is the Recession?
Inflation appears to have peaked, led by improvements in core goods prices and rate-sensitive sectors like housing.
Trying to Make Apple Juice from Oranges: The Problem with Comparing Market Pricing and Fed Projections
As investors seek to pinpoint market expectations for Federal Reserve policy, it’s critical to consider not just rate projections and derivatives pricing, but the degree of uncertainty and distribution of outcomes.
Is the Fed Winning the Inflation War?
In anticipation of tomorrow’s rate decision, we saw another indicator today that the Federal Reserve has been successful in stemming the tide of inflation.
Is the Bubble About to Burst?
I chose the topic for this month’s Absolute Return Letter during the Christmas break.
Too Soon for Global Optimism
It is hard to reconcile the jubilant mood of many business leaders with the uncertainty caused by the war in Ukraine.
Corporate Health Weakens as Pricing Power Falls Sharply
A plunge in pricing power was one of the most notable developments we found in our latest quarterly survey of our credit analysts, who follow more than two dozen industries.
Earnings Season Takes Center Stage
Review the latest Weekly Headings by CIO Larry Adam.
US Budget Season Implications for the Muni Market
A slowdown in US economic activity this year is likely to impact most states, which could face budget deficits, according to Jennifer Johnston, Franklin Templeton Fixed Income’s Director of Municipal Bonds.
A Sharpe Rebuke
We are closing in on what we think may be the question of the decade. If a majority of stock market capitalization in the US is passive or indexed, does this cause problems for stock markets?
10 Macroeconomic Themes for 2023
Guggenheim Investments’ Macroeconomic and Investment Research Group identifies 10 macroeconomic trends likely to shape monetary policy and investment performance this year.
4Q 2022 GMO Quarterly Letter
2022 was a painful year in financial markets with almost all traditional assets delivering significant losses.
Stocks Decreasing to Start the Busy Week
U.S. stocks declining, as the markets trim a strong start to 2023 ahead of this week's host of key economic and earnings data, as well as the Fed's monetary policy decision.
The Labor Market Is Still Historically Tight
With wage growth still strong and unemployment low, the labour market is still historically tight. For now.
Debt Limit Drama
The US federal budget is on an unsustainable path…but not for the reasons that most people think.
Are Inflation Targets Still On Point?
Now is not the time to consider changing inflation targets.
A “Soft Landing” Scenario – Possibility Or Fed Myth?
Optimism is increasing on Wall Street, with investors hoping for a “soft landing” in the economy.
Growth Pains
In stock investing there’s a management style called “growth at a reasonable price” or GARP. It seeks to achieve steadier results by avoiding both expensive growth stocks and beaten-down value stocks.
I Asked ChatGPT to Write About Airline Deregulation in the U.S. Here’s How It Went
Since its launch in November, ChatGPT has been a smash hit. To explore the benefits of airline deregulation in the U.S., we sought the help of the AI content generator.
Stagflation! Is Now the time to buy Precious Metals
It is believed that during stagflation, investors tend to turn to gold as a safe haven asset as the economic and financial conditions are uncertain. Additionally, gold is seen as a hedge against inflation, as its value is not tied to any currency or government.
Elephant in the Room
The current debt ceiling debate in Congress is a great reminder that investors should always prepare for the unexpected and invest in companies that are durable enough to withstand a range of economic scenarios.
Are Inflation Targets Still On Point?
Now is not the time to consider changing inflation targets.
Things in Atlanta are Dropping Like a Stone
The Atlanta Fed Flexible CPI is a price series developed by the Atlanta Fed to capture the price of items that change the most frequently.
Weekly Market Guide
Review the latest portfolio strategy commentary from Mike Gibbs, managing director of Equity Portfolio and Technical Strategy.
Small Cap Pioneers Share Their Investing Principles
As Royce Investment Partners, the pioneers of small cap investing, celebrate their 50th anniversary, Chuck Royce and Chris Clark take a look at the past 50 years to provide a take on what they have learned and how it guides their views on what is yet to come for the asset class.
The Buck Stops Here
US dollar cycles are long.
European Outlook: Less Downside Now, But Caution Still Warranted
Focusing on high quality and liquidity when taking risk in portfolios will be key in 2023, as pressure on monetary policy remains intense.
The “Pain Trade” Is Higher For Now
The “pain trade” is likely higher over the next few weeks.
Selecting the Best Dividend Growth Stocks for Total Return: Part 2
In part 1 of this two-part series on dividend growth stocks, I stressed the importance of having a plan.
China Reopening an Insignificant Factor for Germany So Far
Yesterday, we got our first look at December’s economic data for Europe, in the form of PMIs.
Municipal Bonds: Is it Safe to Get Back in the Water?
Investors are still recovering from the municipal market beatdown of 2022, but the current higher absolute yield levels provide an attractive “re-entry” point for municipal market investors.
The Outlook for Income: Balancing Rates and Credit in 2023
When we think about generating income for our clients, for over 30 years we’ve thought the most efficient way to do this is to blend the two key risks of fixed income into one portfolio.