Municipal Bonds

A “boatload” of news this week suggests that the shipping industry continues to look very attractive from an investing point of view. Global cargo carriers are estimated to have recorded $150 billion in profits in 2021, the first time they’ve collectively reached that figure in a single year.

In his renomination hearing, Fed Chair Jerome Powell stressed that the key to maximum sustainable employment and financial stability was keeping inflation low.

When reviewing the current state of the global economy and investment markets, we recommend focusing on market signals and weeding out market noise.

The surge of the coronavirus omicron variant has implications not only for broader asset-class allocations but also for macro exposures within asset classes.

The municipal bond market has historically outperformed relative to Treasurys during periods of rising interest rates.

All 2-sigma equity bubbles in developed countries have broken back to trend.

“Don’t Fight The Fed.” But, unfortunately, that mantra has remained a “call to arms” of the financial markets and media “bullish tribes” over the last decade.

Most investors need little persuading that emerging markets offer exciting opportunities.

Rougher seas lie ahead for non-profit fiduciaries as the COVID-19 pandemic stretches into 2022 and refuses to retreat quietly into the night.

Consumer prices rose 7.0% in 2021, the largest increase for any calendar year since 1981.

Members of Loomis Sayles' Global Credit Sector Team share their views on key themes in 2022.

Now that the Fed has officially stopped referring to inflation as “transitory,” the question is whether they can bring it under control without slowing the economy. In our view, they have the right tools – reducing the balance sheet and raising the fed funds rate – they just need to trust their data and keep a steady hand on the wheel.

The flow of excess cash has returned to normal, but the stock is still quite elevated.

Today I’ll continue the annual forecast I began last week. New COVID developments are unfolding rapidly. If we’re lucky, they may carve out a nice bookend for us. But my worry is that rather than bookends it could be economicus interruptus. 2019 was not portending the most robust of economies. What if, in Groundhog Day fashion, we end up back where we were?

As we reflect on 2021, we can’t help but feel it was quite a year. Looking ahead, we think many of the same headwinds and tailwinds are likely to persist in 2022, so we are trying to find the right balance between offense and defense.

Loomis Sayles' Emerging Markets Debt Sector Team share their views on key themes in 2022.

The year ended on a highly upbeat tone for investors as equities rose to new heights against a backdrop of inflation and a prolonged pandemic

One of the things that we like to do is to make sure that our investments are very specific—that they have intentionality behind each investment.

The Federal Reserve dealt the bond market a sharp body blow on January 5th with the release of the minutes of its last Federal Open Market Committee (FOMC) policy meeting in December 2021.

Impact investing is gaining interest as a growing share of investors seeks tangible progress on environmental and social goals alongside financial returns.

Inflation is rising rapidly, not an unexpected outcome given governments’ pandemic policy response of ballooning deficits and soaring government debt.

The global macro environment is ripe for EM assets outperformance as a combination of stronger growth in China, the end of exceptionalism in the US and less uncertainty on US interest rates, lead to a strong backdrop for EM assets.

Uncertainty has become an ongoing theme in markets, economies, and communities everywhere, and in this environment, PIMCO investment professionals gathered – virtually, once again – for our recent Cyclical Forum.

“Speculative” is a word that aptly sums up the year 2021.

Long before supply chain issues and soaring consumer prices made the headlines, I warned readers that massive monetary expansion made persistent inflation inevitable.

January market trends historically set the direction for the full year per his title “As January Goes”. Well, so far, not so good!

Excess cash has accumulated in every corner of the economy.

Rising inflation is troubling bond investors worldwide, but European bond markets will likely experience comparatively weaker inflation pressures and stronger central bank support.

For emerging-market debt (EMD), 2022 is shaping up to be a contest of conflicting forces.

Loomis Sayles' high yield sector team share their views on rising rates, CCC-rated bonds and where they're seeing potential opportunity in 2022.

In this issue of Sinology, Andy Rothman explains why China’s 2022 investment environment will be defined by two competing weather patterns.

Equities have enjoyed strong gains since the pandemic low of 2020, aided by massive monetary and fiscal stimulus, excess consumer savings, and incredibly negative real policy rates and bond yields.

Tracy Chen, Portfolio Manager with Brandywine Global, and Tim Wang, Head of Investment Research for Clarion Partners, join Head of the Franklin Templeton Investment Institute, Stephen Dover, to take a closer look at how the pandemic has impacted real estate markets in the United States and China.

A change in fundamentals could make international bonds more attractive.

Supply-chain issues are often cited in the current debate about inflation—and aren’t going away as quickly as consumers and businesses would like. Our Franklin Templeton Investment Solutions team explores how supply chains became stuck, whether they will loosen up in 2022, and the implications for multi-asset investors.

As the Federal Reserve debates its monetary tightening timeline, the labor market is an important factor to watch in the year ahead, according to our Franklin Templeton Investment Solutions team. Read their thoughts on the labor market’s implications for both monetary policy and risk assets.

Rick Rieder and team identify 11 themes that could drive returns in 2022, as the greatest monetary experiment since the advent of flat currency enters its next phase.

“Wipe Out” is an appropriate description of what is happening beneath the calm surface of the bull market.

We have been reading a book written by David Carey and John Morris called King of Capital. It is the story of the Blackstone company and its key founder, Stephen Schwarzman. An economic history from the 1980s through today is included and lays out some excellent reminders of certain disciplines which can create wealth in picking public companies to invest in.

Stephen Dover, Head of the Franklin Templeton Investment Institute, recently discussed growth, inflation, interest rates, and valuation...