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Market Outlooks
Finding Balance After a Significant Q4 Rebound
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Philip Straehl, Gloabl Head of Research for Morningstar Investment Management LLC, gives our take on where asset class valuations stand, after the market volatility of 2020. He also covers the global aggregate reward-for-risk picture, and our outlook on major asset classes.
Market Outlooks
AAM Viewpoints: The Low Yield Environment and Corporate Credit Trends
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Outside of the oil crises, U.S. real yields have never been lower and global negative yield debt reached a record $18.38 trillion on 12/11/20, and as of Tuesday, 2/16/21 stands at $14.74 trillion. The U.S. 10-year Treasury real yield hit an all-time low on 8/6/20 at -1.08% and again on 1/4/21. It now stands at -1.04%. The previous low was in December 2012 at -0.92%.
Market Outlooks
AAM Viewpoints: Municipals Do Their Best Tortoise Impression and Play Catch Up
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Slow and steady wins the race, or so says Aesop. After playing the post-COVID investment grade laggard for the majority of 2020, the municipal market’s consistent slow-paced nature has them playing catch up through the first 25 trading days of 2021. While municipals enjoyed a healthy 5.21% year-to-date return for 2020, that was still behind U.S. Treasuries by 279 bps (basis points) as well as U.S. Investment Grade Corporates by a staggering 468 bps.
Market Outlooks
AAM Viewpoints: The Pandemic: A Credit Epilogue
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Introduction: While the COVID-19 crisis is not yet over, with cases recently spiking again, the vaccines are being administered and there appears to be a light at the end of the tunnel. It still remains to be seen whether new consumer behavior will stick or revert to pre-pandemic patterns.
Market Outlooks
Global Markets Weekly Update: February 8, 2021
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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
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
Global Markets Weekly Update: January 29, 2021
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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
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
Global Markets Weekly Update: January 22, 2021
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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.