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For most of the last fifty years, fixed income investing has been characterized by owning some combination of Municipals, Corporates, Treasuries and Agency Mortgage-Backed Securities.

he Tax Cut and Jobs Act (TCJA) was passed in 2017, otherwise known as the Trump Tax Cuts.

This week’s data and market momentum solidified the case for a resilient U.S. economy, defying concerns of an imminent slowdown. Initial jobless claims dropped to a five-month low, reinforcing the strength of the labor market, while GDP growth projections hover around an impressive 2.5%.

There has been a lot of talk about (in)efficiencies in government spending, both before and since the election. Much of the conversation has been driven by Elon Musk, who will co-head the Department of Government Efficiency (DOGE, not an actual government agency). Musk has boasted he could find $2 trillion to cut from the federal budget.

Take a moment to understand a few recent breakthroughs in medicine and explore a few ways to get actionable exposure to them with ETFs.

Politicians and think-tank wonks of all stripes love to condemn government “waste, fraud, and abuse.” But saying it isn’t hard. Who is the opposition? No one says we need more waste, fraud, and abuse. We’re all 100% agreed all three are bad.

This week, at the North American Blockchain Summit in Dallas, Texas, I had the distinct privilege of moderating a fireside chat with former Canadian Prime Minister Stephen Harper.

It is important for savers to understand guaranteed and non-guaranteed options when looking at retirement solutions offered within a 401(k) plan. Our Mike Dullaghan shares the highlights and talks about the need for personalized strategies.

Rick Raczkowski, PM, Relative Return Team, Loomis, Sayles & Company, discussed how the team views fixed income investing looking ahead.

Uncertainty ahead of the election may have resulted in lower corporate capex and M&A trends, but hope abounds that 2025 could bring about renewed animal spirits.

U.S. policies are set for a major reshaping as full Republican control takes hold in 2025.

In January 2022, we ventured three hundred years back in time to an episode that has long been considered the classic example of mania in the early annals of market history.

In Europe, the ECB stimulates a sluggish economy while in the UK, the problem is inflation. In contrast, the US responds to stronger growth.

The inverse correlation between bonds and stocks has returned, broadening potential for risk-adjusted returns in multi-asset portfolios.

For most of the last fifty years, fixed income investing has been characterized by owning some combination of Municipals, Corporates, Treasuries and Agency Mortgage-Backed Securities which has worked well with periods of secular disinflation.

Chief Investment Officer Sean Taylor considers the implications of a second Trump administration for emerging markets.

We seek to capitalize on today’s attractive yields while staying mindful of economic and market uncertainties.

Balancing credit risk with interest-rate risk in a dynamically managed portfolio can be an all-weather approach.

The current global expansion has been characterized as one of US exceptionalism. Despite many developed market economies outperforming low expectations, the robustness of the US expansion has stood out. We believe this can continue based on differences between the US and European economies.

Wait, what? The Fed cut interest rates and bond yields went up, not down. Yes, you read that right.

Market reactions to a potential trade war may be less extreme than anticipated by investors, although volatility is likely during trade negotiations.

Expressions of dissatisfaction with the global dominance of the dollar go back at least to French finance minister Valéry Giscard d’Estaing in 1965. But even today, the euro is no challenger to the greenback, and no one should hold their breath waiting for the BRICS to unveil their own attempt at an alternative currency.

Change is the sum of fundamental trends, the gradual elimination of accumulated extremes, and the random arrival of new shocks.

Investor exuberance has rarely been so optimistic. In a recent post, we discussed investor expectations of returns over the next year, according to the Conference Board’s Sentiment Index.

Last week showcased the complexities driving markets and the economy, with inflation data, Federal Reserve commentary, and political developments at the forefront. While inflation metrics in the CPI came in as expected, the PPI surprised on the higher side, pushing up estimates for the Fed's preferred PCE inflation gauge.

The Federal Reserve (Fed) Chairman seems to be happy with the market’s new wisdom regarding the path of interest rates going forward.

The Q3 earnings season is coming to a close in its usual fashion, with a word from retailers. With 93% of S&P 500 companies reporting at this point, YoY S&P 500 EPS growth has settled around 5.4%, while revenue growth increased 5.5% for the quarter.

In our lifetimes, the best comparison for Trump’s election win is Ronald Reagan’s in 1980. That election, like this one, pitted big spenders and champions of government against tax cutters and critics of government.

Two weeks ago, I opened this letter by noting the election uncertainty, once over, would give way to a different uncertainty about what comes next. That’s where we are now.

With President-elect Donald Trump set to assume office in January, the U.S. military and cybersecurity sectors could experience sweeping changes, creating opportunities for investors who recognize the long-term growth potential in defense and technology.

The Northern Trust Economics team shares its outlook for U.S. growth, employment, inflation and interest rates.

The new Trump Administration hasn’t wasted any time since last week’s election win, with new information around economic policy and staffing appointments making news on a daily basis. In our opinion, the recent announcement of a new Department of Government Efficiency or “DOGE” headed by Elon Musk (who obviously came up with this name and acronym) and Vivek Ramaswamy, has been the most important so far.

Municipal bonds broke their winning streak in October, posting negative total returns alongside broader fixed income assets.

U.S. rate cuts of up to 200bps are anticipated by the end of 2025 but with significant further downside if recession risks materialize.

Following a tense presidential election, equity markets roared to record highs – the S&P 500 put on its best weekly showing in over a year.

In many ways it didn’t matter what those answers were, just that they were out of the way and investors and US companies could begin to plan accordingly for Q4, 2025 and beyond.

While history shows that U.S. markets tend to perform regardless of political leadership, the full impact of Trump’s policies could bring new challenges and opportunities for investors globally once he is in office.

Change is on the horizon for hard working Americans saving for their future, as 401(k) plans are now embracing private market investments. Savers may soon have access to opportunities previously reserved for institutional investors.

October’s market activity can be neatly summarized in a single chart: the dollar (BBDXY) was strong and U.S. stocks (the VOO ETF tracks the S&P 500 index) meaningfully outperformed international stocks (VXUS).

From beginning to end, the 2024 election cycle will be looked back on as historic

For investors who have been considering active investing, the post-election market swing could be the trigger to dive in.