Government bond total returns have been disappointing over the last 10 years annualizing 1% from 2014 to 2024. Due to the strong relationship between the 10-year yield and forward 10-... read more →
An insurance deal, an advertising deal, a major private credit purchase by Blackrock, even chocolate is getting in on the mergers and acquisitions push over the last few weeks. These... read more →
High yield bonds - there are two parts to the story: the spreads are so tight that it makes them bad value, but tighter spreads mean great things for earnings... read more →
For quite some time now, Chinese economic activity has been disappointing, slowing to its worst growth rate in 2 years. Additionally, China has experienced 5 consecutive quarters of deflation which... read more →
The August payroll release this morning showed a gain of 142k jobs for the month while the unemployment rate moved slightly lower to 4.2%. Underneath the surface there were some... read more →
As we wait, and the anticipation builds, for the Fed to lay the groundwork for a new easing cycle the market has, as usual, moved in advance. The 10-year treasury... read more →
The latest inflation data came out yesterday and today. Producer Price Index (PPI) for final demand moved lower to 2.2% on a year over year reading. Consumer Price Index (CPI),... read more →
So, the Federal Reserve decided to not cut interest rates at the meeting yesterday. We think they could have, but Jerome Powell thought it was better to wait for more... read more →
Second half returns tend to be stronger when the first half of the year is strong. Maybe not the most intuitive study of market behavior as I assume most investors... read more →
The S&P 500 hit another new all-time high yesterday; something it has accomplished once a week on average this year. It has been quite the run higher since November 2023... read more →