Markets

Value over Growth or More of the Same? August 14, 2020

Posted by Bryce Coward, CFA in Economy, Markets, Portfolio Management

Over the last few weeks there has been quite a bit of chatter among strategists about whether the market is undergoing a sustainable rotation into “value” stocks from “growth” stocks. It’s a bit surprising to us to see the outpouring of commentary on the issue,…

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Ready for Another USD Rally? June 19, 2020

Posted by Steven Vannelli, CFA in Economy, Markets

As funding strains appeared in March, the USD surged. Then the Fed stepped in with massive foreign exchange swaps as a way to lend USD to foreign central banks, intended to ultimately be lent to borrowers in need of USD. As F/X swaps reached almost…

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Keep an Eye on the Yuan & Corporate Spreads May 28, 2020

Posted by Steven Vannelli, CFA in Economy, Markets

Since the March 23, 2020 low, when the Federal Reserve announced basically unlimited liquidity via a variety of programs, corporate spreads have narrowed, and the stock market has risen substantially. In the chart below, I overlay US investment grade spreads over the S&P 500 Index….

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