KEY TAKEAWAYS Turkey has serious problems, having borrowed large amounts in U.S. dollars while seeing its currency decline in value, which could prompt a vicious cycle of divestment for the country Turkey’s issues have prompted broad selling in emerging market debt...
KEY TAKEAWAYS The Federal Reserve (Fed) left interest rates unchanged following last week’s meeting, but markets expect it to raise rates two additional times this year. While the macroeconomic backdrop is solid, the Fed must contend with crosswinds from trade rifts,...
KEY TAKEAWAYS In testimony to Congress, Fed Chair Powell largely stuck to the script, saying little to alter the Fed’s perceived course. Powell said the economy is strong and that gradual rate hikes remain the likely path forward, but also noted that the Fed was...
KEY TAKEAWAYS Rates may be poised to rise further in the second half of 2018, though likely at a slower pace than the first half of the year. Investors may benefit from a more active approach to fixed income going forward. We maintain our year-end forecast of...
KEY TAKEAWAYS The Fed announced a more aggressive rate hike schedule, a minor hawkish surprise to investors. The ECB announced an end to its bond-buying program earlier than expected, but leaned dovish with a promise of no rate hikes for at least a year. Market...
KEY TAKEAWAYS Municipal bonds have outperformed broad high-quality fixed income since early 2017. Credit quality trends remain positive and defaults remain low as the market adjusts to lower supply post-tax plan. Valuations relative to Treasuries are quite elevated as...
