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Fixed Income Insights
Why BBB munis are an A+ opportunity in our books
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Investment grade muni spreads tightened significantly since March, but still remain elevated in some areas versus historical averages.
Fixed Income Insights
February 2021 Fixed Income Market Update
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In our view, January may prove to be a microcosm of the new year. Optimism abounds for progress against the pandemic and a rapid economic recovery, but challenges remain on both fronts.
Market Outlooks
Inflation: Much discussed but rarely witnessed
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Alongside the prospect for a strong economic recovery, a growing debate has sprung up around the path of inflation and whether it could derail growth.
Market Outlooks
AAM Viewpoints: A dive into 2020 Fixed Income Markets & what they tell us for 2021
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The unfolding of diverse and largely unseen set of events in 2020 make it difficult to select only a few that we feel represent the tenor of the fixed income markets and the broad economy within this commentary. Clearly, the migration back into risk assets beginning in Q2 (the 2nd quarter) continued through Q4 2020 buttressed by what we think can be four primary causes:
Market Outlooks
AAM Viewpoints: Let’s party like it’s 1999!
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As the calendar changed from 2020 to 2021, I can’t help but find an environment that is truly surreal. We have a raging global pandemic on our hands that is getting markedly worse on a day-by-day basis, we have vaccines that are sitting in warehouses being administered at one-tenth the rate that is necessary to accomplish the task at hand and we have millions without a job with difficult prospects of getting one in the near future.
Market Outlooks
AAM Viewpoints: Equity market side effects of the covid-19 vaccine
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The 337 days spanning the World Health Organization’s announcement of COVID-19 to the FDA approval of the first vaccine the world witnessed many social, economic, and scientific events few thought possible.
Market Outlooks
AAM Viewpoints: Light at the end of the tunnel
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The year 2020 and the start of 2021 will be burned into the collective consciousness for quite some time for a myriad of reasons and given this we probably shouldn’t rehash every headline here. However, from an investment standpoint we can summarize 2020 very simply as:
Fixed Income Insights
January 2021 Fixed Income Market Update
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A new coronavirus strain first observed in the United Kingdom, which is believed to be significantly more contagious, has spread across borders and been observed in the U.S. in several states.
Market Outlooks
AAM Viewpoints: The pivot point for 2021
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In a year filled with a cacophony of conflicting messages and each one portrayed as the real black swan event to change the world, it seems overly provincial to narrow the next year down to one metric. However, when this metric is and has been highly disregarded as a material issue anymore, it seems those events approach a level of blind spot that transforms markets.
Fixed Income Insights
December 2020 Fixed Income Market Update
News and Nuggets regarding the fixed income markets
Market Outlooks
Coronavirus vaccine developments are extremely welcome news
The global economy hailed a series of positive developments on the vaccine front at the start of the month. Pfizer-BioNTech were first to announce successful Phase 3 trials of their vaccine with 95% efficacy. The Moderna and AstraZeneca-Oxford vaccines also reported positive results. No vaccine has yet received regulatory approval for mass public use.
Market Outlooks
AAM Viewpoints – Our generational opportunity call on commodities remains intact
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In January of this year we published my Viewpoints article, “Generational Opportunity Now for the Next Decade?” The article was a contrarian call on the prices of commodities and outlined what we felt was a very significant price apex and the opportunities that created. Our “big call” for 2020 was a historically compelling opportunity to over allocate to commodities (which we framed as Metals, Materials, Agriculture and Energy) in portfolios.