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Fixed Income Insights
Global Policy Rates Stuck in Lockdown
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What does the new fixed income environment look like as the global economy slowly starts to rebuild?
Policy and Regulatory Commentary
2020 Midyear Market Outlook: Policy, Politics, and Populism
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While the coronavirus crisis dominated the policy agenda in early 2020, investors will need to monitor a host of other risks in the second half.
Fixed Income Insights
Yield Curve Steepening Likely to Continue
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We expect economic data to improve going into the summer, so we anticipate continued Treasury yield curve steepening.
Fixed Income Insights
Pandemic Pressures Municipal Bond Issuers
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While we expect muni downgrades, the market is likely to remain high quality, with low defaults relative to other bond types.
Policy and Regulatory Commentary
Troubled Small Business Relief Program a Stopgap Measure
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T. Rowe Price expects additional funding for the Paycheck Protection Program to aid small businesses beyond the July 31 expiration date.
Fixed Income Insights
Securitized Credit May Be Poised to Rebound
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Securitized credit has lagged the rebound in other assets, but T. Rowe Price believes that areas could outperform as the economy reopens.
Policy and Regulatory Commentary
Consensus Expectations May Be Overestimating the Recovery Trajectory
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T. Rowe Price believes current consensus expectations regarding the coronavirus may be overestimating the trajectory for recovery in the U.S.
Policy and Regulatory Commentary
Economic Indicators Suggest President Trump's Reelection
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In testimony on Capitol Hill this week, Federal Reserve Chair Jerome Powell repeatedly praised the strength of the U.S. economy across multiple indicators. He pointed to an historically-low unemployment rate, rising wages, and continual, moderate overall growth. Powell has a notably turbulent relationship with President Donald Trump, but his assessment should have been music to the ears of top White House and Trump campaign officials (even if the president could not help live-Tweeting his criticism of Powell’s testimony). The economy, after all, is historically perhaps the most reliable presidential election indicator.