The Federal Reserve affirmed its commitment to price stability, hiking its policy rate 75 basis points again and signaling more tightening to come.
OneSpan makes digital authentication software for corporate cybersecurity.
The Fed’s mandate is for stable prices and maximum employment.
U.S. stocks are trading higher as the Street is reacting positively to softer-than-expected earnings results from some key companies.
Since the COVID low in US Treasury rates and subsequent rise, the Japanese Yen has tracked the yield differential between the US and Japan.
In downward trending markets as we have seen for much of 2022, it is important to distinguish price declines which may present similarly.
There’s a saying on Wall Street referring to the stock market that “all correlations go to one in a crisis.”
What do sports cards have in common with exchange-traded funds?
New signs of stress are evident in China's property market.
We are getting questioned constantly on how long this bear market in U.S. stocks will continue.
Growing Evidence the Secular Trend in Stock Prices May be Reversing! We can’t be sure that the equity secular bull market for stocks is over, but it’s quite apparent that several reliable indicators are moving in that direction. Many others are on the brink of a sell signal.
Howard Marks’s latest memo argues that investors seeking superior performance must have the courage to depart from the pack, even though doing so means accepting the risk of being wrong. Thinking differently and better than others is key to outperformance, he explains, because in investing, it’s not enough to be right.
U.S. equities finished higher last week (S&P 500 +2.6%) as Treasury yields fell and growth nicely outperformed value. 2Q earnings are coming in less bad than feared.
Second-quarter earnings growth will mark an expected deceleration in profits, but focus will likely continue to shift to the pace at which outlooks are downgraded.
We believe that the Fed is going to increase the federal funds rate by 75 bps.
Renewed growth in China’s manufacturing activity, coupled with softening developed market demand, should ease some supply-side pressures – but several other inflation risks remain prevalent.
A challenging period for Japanese growth stocks may present a unique entry point for long-term investors.
Inflationary pressures from the COVID-19 crisis have been compounded by the surge in commodities prices sparked by the Russia-Ukraine war. In the US, the Consumer Price Index hit 9.1% year over year in June—its highest since 1982. In fact, most major economies are dealing with inflation highs not seen in decades.
On the latest edition of Market Week in Review, Chief Investment Strategist for North America, Paul Eitelman, and Research Analyst Laura Bardewyck reviewed early results from second-quarter earnings season.
Infrastructure has recently seen increased attention as broad equities have been weaker in 2022 due to inflation, rising interest rates, global supply chain disruptions from COVID-19 and the war in Ukraine.
Since the VPCI W bottom on June 21st, the bulls have taken short term control of the market.
Healthcare has long been considered one of the most reliable defensive sectors—an effective portfolio buffer when equity markets turn volatile.
To many investors, this week’s GDP report is more important than usual.
It’s been a rough couple of months for copper.
What drove the U.S. dollar's surge, and can it last?
Attracting international investors and securing new trade partnerships while a country is involved in an internal armed conflict is very challenging.
MMT Policy (Modern Monetary Theory), the grand experiment, was tried following the pandemic-driven shutdown of the economy.
Our last two quarterly letters conveyed a cautious attitude regarding both the economy and financial markets. The cautious season persists this quarter.
In our last Advisor Perspectives article we discussed the possibility of a market rally and suggested our favorite way to trade it was Biotech, likely IBB (iShares® NASDAQ Biotech ETF).
During Tesla’s quarterly results webcast this week, Musk admitted to dumping some $936 million of Bitcoin to raise cash out of concern of an economic pullback due to pandemic lockdowns in China.
We can draw a direct line from the Fed’s low rate regime to today’s surging inflation, asset inflation, and income and wealth inequality. Low rates produce asset bubbles which ultimately pop, but not before blowing themselves larger and multiplying into other bubbles. The process that pushed stock prices higher is the same one that is now pushing food, energy, labor, and every other cost higher. Just follow the bouncing ball.
We’ve all heard the famous Yogi Berra quote, “Nobody goes there anymore. It's too crowded.” Investors today seem jazzed up on an opposite but similarly absurd concept: Wall Street thinks it’s a huge buying opportunity because everybody’s too bearish. In his latest Quick Insight, Dan Suzuki analyzes explains seven signs that suggest that investors have yet to capitulate.
Managing Director Justin Takata discusses the technical and fundamental drivers of value in investment grade corporates, and U.S. Economist Matt Bush addresses recession timing and the possible progression of policy.
Throughout the duration of the recent bull market (one of the longest on record) common stocks in the general sense became significantly overvalued.
U.S. stocks are mixed in a subdued session to close out the week, but remain on target for a sharp weekly advance.
At this point, where do we honestly see ourselves on the journey to more and better energy storage solutions?
The current spread differential between European and US corporate spreads have us considering a shift in our thinking.
Equity markets have struggled so far in 2022, but in our view the declines are largely due to “The Great Normalization” – the unwinding of the Covid economy that was defined by excess liquidity, unusually high demand, and extremely low interest rates.
The Fed’s most pressing concerns are to not only reverse its monetary excess and misjudgment of inflation, but also to instill confidence that they will follow important provisions of the Federal Reserve Acts.
One of the headlines I have been asked about recently is the strong dollar. People are concerned about what it means, how it could hurt the U.S. economy, and, of course, how it will affect their investments. Good questions all.
“Desengaño” was noted by one Antonio Garcia Martinez in his most excellent book, Chaos Monkeys: Obscene Fortune and Random Failure in Silicon Valley, as a unique style of Spanish genre painting.
Born in the 1980s, special purpose acquisition companies (SPACs) are growing up. A surge in SPAC activity that started in 2019 only grew in 2020, bolstered by the market volatility brought on by the pandemic – but also by an influx of more serious investors in a previously niche space. By the end of 2021, SPACs had raised $160 billion on U.S. exchanges – a new record that nearly doubled the level of the previous year.
For decades, globalization has been on an inexorable rise, a key pillar fueling economic growth, driving inflation and yields down, bolstering corporate profit margins and supporting an upward climb in market valuations. Over the past few years, though, cracks have started to develop in globalization, as populism has seen a resurgence and trade wars have erupted.
This incredible milestone underscores the need to solve a number of ongoing challenges related to population growth, but it also presents what I believe are some very attractive investment opportunities.
After the June 17, 2022 low, stocks have jumped higher, taking out the 50-day moving average yesterday in the S&P 500. Many are debating whether this is a bear market rally or the reversal of the bruising 6-month decline.
There is much debate about the effectiveness of Western sanctions, the Ukraine war’s implications for markets and the global economy, and what the West’s next steps should be. While there are few good options, some are clearly worse than others.
The business press sometimes likes to say that a recession is a decline of real GDP lasting at least two consecutive quarters. Not so.
As institutional investors, we most often represent risk as annual standard deviation or tracking error. But when we implement changes in our portfolios, the real-time risk happens much faster.
Although an economic rebound in China is underway according to government and private sector data, its economy and stock market may remain volatile.
