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Market Outlooks
Weekly Investment Commentary: Munis offer yield relief from inflation’s heat
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U.S. yields began the year at their highest starting level since 2011, and they have since risen further across the Treasury and municipal curves.
Market Outlooks
Weekly Investment Commentary: Earnings season: investment ideas
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First-quarter earnings season has kicked off with the utilities and communication services sectors projected to deliver the strongest year-over-year EPS growth, while estimates for materials and energy are expected to decline the most.
Market Outlooks
Weekly Investment Commentary: A fixed income blend as themes converge
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Investors looking to lock in attractive yields ahead of eventual rate cuts while also positioning their portfolios to benefit when those cuts occur have expressed growing interest in how best to blend taxable and municipal fixed income assets to pursue these goals.
Market Outlooks
Weekly Investment Commentary: Dividend growth: timely and strategic
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We remain constructive on higher-quality, dividend growth-oriented stocks. In our view, dividend growth companies tend to be supported by positive fundamentals, sustainable growth potential, healthy balance sheets, ample free cash flow, stable profit margins and management teams committed to returning capital to shareholders.
Market Outlooks
Weekly Investment Commentary: Solving the 6% yield portfolio puzzle
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Mystery fans and movie buffs of a certain age may recall The Seven-Per-Cent Solution, a mid-1970s best-selling Sherlock Holmes novel made into an Academy Award-nominated film.
Market Outlooks
Weekly Investment Commentary: A developing story in emerging markets
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Forge strong bonds with emerging markets. The “year of fixed income” narrative put forth by pundits entering 2024 isn’t just a U.S. story; emerging markets (EM) debt also has a featured role in the script.
Market Outlooks
Weekly Investment Commentary: The case for allocating to higher-yielding assets
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Heading into 2024, bond yields stood at their highest levels in more than a decade, prompting some market pundits and prognosticators to declare this “the year of fixed income!” It’s too early to confirm that pronouncement, but there’s evidence to support a strong showing across global bond markets.
Market Outlooks
Weekly Investment Commentary: Small stands tall in the face of inflation
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Bigger isn’t always better. U.S. small cap equities underperformed their large cap counterparts by nearly 10 percentage points in 2023, causing the forward price-to-earnings (P/E) ratio of the small cap Russell 2000 Index versus the large cap Russell 100 Index to hover near its lowest level since December 2001 (Figure 2).
Market Outlooks
Weekly Investment Commentary: With inflation warm, consider infrastructure investments
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Last week’s market pullback served as a reminder of just how fragile the current bull market has been since it has been built largely on overly dovish expectations for monetary policy and interest rates.
Market Outlooks
Weekly Investment Commentary: Magnificent munis
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U.S. Treasury yields have risen across the curve in 2024, with the 10-year yield now more than 4%. Anticipating a slowdown in economic growth, we forecast the 10-year yield to end 2024 at around 3.50%.
Market Outlooks
Weekly Investment Commentary: Real estate beckons as rate hopes waver
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Aggressive central bank rate-hiking policies have taken a toll on private real estate markets since late 2022.
Market Outlooks
Weekly Investment Commentary: Bullish on bonds
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We believe the recent increase in bond yields has created ample opportunity for investors to benefit from what should be several rate cuts this year (beginning later than markets expect).