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Market Outlooks
Weekly Macro Update: A Pessimist's Guide to the Rest of the Year
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The base case is bright in spite of recent market jitters, but we’re watching 10 numbers that would signal a darker turn.
Market Outlooks
AAM Viewpoints: Buying Low and Selling High is Preferred
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The historically low yields of 2020 forced many income-seeking investors to take on additional risk. First, they may have increased their duration exposure to capture the higher yields offered by longer-dated maturities. Or secondly, they may have migrated to “riskier” assets such as high yield corporate bonds as fiscal and monetary policy aimed to stimulate economic growth.
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
Weekly Macro Update: Who Will Balance the Budgets?
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It’s not today’s problem, but it’s a question investors will start asking more often as the Republican Party confronts its identity crisis.
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
Weekly Macro Update: How Will Europe Tackle the Biggest Question of the Year?
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Besides the rollout of vaccines that will save us from life inside four walls, we will know how governments want to handle the bill of the pandemic.
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
Weekly Macro Update: Seven Crucial Questions This Earnings Season Can Answer
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As investors strain to imagine the post-pandemic normal, a blurry vision is already coming into view.
Portfolio Construction Insights
5 Lessons From 5 Decades of Asset Allocation
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At Morningstar Investment Management, our asset allocation approach has drawn on our research spanning five decades. Some lessons have stood the test of time and continue to inform our thinking today. We unpack five key lessons that we believe are vital to be a great asset allocator today.