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Behavioral Finance
Behavioural Advisor: Does the Election Matter?
The presidential election has generated especially strong emotions this go-around. Both sides fear the other candidate will win and many believe that as a result the economy will go into a death spiral. This fear is driving many investors out of the market, waiting on the sidelines for the outcome. A look at past elections and market returns suggests they’ll be missing out.
Market Outlooks
Weekly Market Snapshot: October 26, 2020
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Read the Weekly Market Snapshot to stay up-to-date with stock markets and sectors, bond market returns and financial news for the week.
Market Outlooks
BMO Market Charts- October 26, 2020
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Value stocks have underperformed Growth stocks by the largest magnitude and longest duration in 40-years.
Market Outlooks
The stock market and the economy: Two different animals
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COVID-19 has cut a swathe through the world economy thanks to government mandated lock-downs and restrictions. No business closes its doors voluntarily and no individuals enjoy confinement to “barracks” for months on end. It is therefore essential that there is an appropriate reckoning when the pandemic passes.
Market Outlooks
The Fed’s new framework and its evolving reaction function
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Amid an accelerating election season, ongoing pandemic and a return to partisan gridlock, the Federal Reserve (Fed) has been a bit less prominent in the news cycle lately. However, at the central bank’s annual August retreat in Jackson Hole, Chairman Jerome Powell announced amendments to the Fed’s Statement on Longer-Run Goals and Monetary Policy Strategy, which had been largely unchanged since 2012. At a recent mini-forum on this topic, we discussed the significance of this change and its implications for future Fed policy and for investors.
Fixed Income Insights
October Fixed Income Market Update
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In our view, while economic data has been generally improving, higher frequency data such as elevated jobless claims and small business employment highlight the risk that the recovery could stall absent additional fiscal stimulus. Given tensions and political posturing entering the last stages of election season, short-term we believe risk premiums should be higher on the margin until resolution of the election.
Market Outlooks
BMO Market Charts- October 19, 2020
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The Technology sector has contributed 94% of the S&P 500’s YTD return and currently has a 28% weighting in the index. The remaining ten sectors, on average, have contributed less than 1%.
Market Outlooks
Weekly Market Snapshot: October 16, 2020
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Read the Weekly Market Snapshot to stay up-to-date with stock markets and sectors, bond market returns and financial news for the week.
Market Outlooks
BMO Market Charts - October 12, 2020
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Price moves (i.e., rate and spread changes) may dominate in a given year, but over time, income has driven the returns of U.S. investment grade corporate bonds.
Market Outlooks
Weekly Market Snapshot: October 09, 2020
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Read the Weekly Market Snapshot to stay up-to-date with stock markets and sectors, bond market returns and financial news for the week.
Market Outlooks
BMO Market Charts - October 05, 2020
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As Treasury rates have fallen, spreads - the incremental yield between Treasury and Non-Treasury assets - have become a larger component of Corporate Bond total yields.
Market Outlooks
Weekly Market Snapshot: October 02, 2020
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Read the Weekly Market Snapshot to stay up-to-date with stock markets and sectors, bond market returns and financial news for the week.