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Market Outlooks
Market Week in Review: Is the COVID-19 surge stalling the global economic recovery?
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Market Week in Review is a weekly market update on global investment news in a quick five-minute video format. It gives you easy access to some of our top investment strategists.
Market Outlooks
Global Markets Weekly Update: December 04 2020
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Review the performance of global stock and bond markets over the past week, along with relevant insights from T. Rowe Price economists and investment professionals.
Market Outlooks
Weekly Macro Update: Why it’s so Hard to go Bankrupt… And Why That Will Change
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Massive policy response has firms awash in liquidity, but 2021 will bring solvency challenges that investors need to watch closely.
Policy and Regulatory Commentary
Congress’ Cup Runeth Over
Last week, we discussed midnight regulations – last-minute rulemakings rushed through federal agencies by departing presidents in the twilights of their terms.
Fixed Income Insights
The Shape of Credit
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In this Q&A, Portfolio Managers Jason England, Nick Maroutsos and Dan Siluk discuss the factors shaping credit markets, from central bank support to potential resilience from financials.
Key Takeaways
- Corporate earnings and cash flows are under strain, but while defaults are likely to increase, they should continue to be largely contained to sub-investment-grade issuers.
- Massive and proactive central bank support measures have injected confidence into markets, but this does not preclude sporadic bouts of future volatility and warrants a selective approach.
- We believe more resilient opportunities are likely to be found in higher-quality, shorter-dated investment-grade issues and continue to favor financial sector bonds and corporates with defensive attributes.
Fixed Income Insights
Building Bond Portfolios on a Strong Housing Market
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Conventional wisdom would suggest that rising unemployment would have discouraged consumers from making large contractual obligations like buying a new home, but the pandemic has affected the way many Americans think about housing. Portfolio Managers John Kerschner and Nick Childs discuss why this is happening and what it could mean for bond investors.
Portfolio Construction Insights
Portfolio Diagnostics Report: Shifting Gears
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For traditional fixed income investors, much of the last 40 years have been a relatively enjoyable ride; the 1980s began with double-digit interest rates that have steadily fallen, creating large amounts of bond return and income as well as crisis management along the way. Instead of investors paying a premium for portfolio crisis management, traditional fixed income paid investors that premium.