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Market Outlooks
AAM Viewpoints: And the Beat Goes On... Liquidity and Leverage
This piece is approved to use with clients.
Continuing the discussion from last week about the discussion of Leverage and Liquidity, we focus a bit on why there are some economic and market metrics that don’t corroborate the “feelings” that permeate discussions.
Market Outlooks
AAM Viewpoints: Liquidity and Leverage, Forever Dance Partners
This piece is approved to use with clients.
With the tariff two step currently being displayed between the United States and China, it is easy to overlook two components of a late-stage economic cycle that often foreshadows the severity of the next downturn. While the downturn does not appear imminent, it is still an event that one should be prepared for as the capital market prices will price it in before the actual occurrence.
Client Life Events
Making special needs your business
The disabilities and special needs community is large, underserved and has buying power. Voya wants you to feel confident to expand your practice into this overlooked area and bring enduring, long-lasting value to the special needs community.
Client Life Events
Tips for interacting with people with disabilities
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This guide offers tips on interacting with people who have various special needs and disabilities.
Client Life Events
A Question of Special Needs: How Much Do We Need to Fund a Special Needs Plan?
Unabridged white paper covering the multitude of considerations for funding a special needs plan.
Client Life Events
Beneficiary Planning Case Study
This piece is approved to use with clients.
Naming a loved one with special needs as a beneficiary could have an unintended impact on their eligibility for government benefits.
Client Life Events
Government Benefits Guide
This piece is approved to use with clients.
An easy-to-follow roadmap to government benefits for special needs planning and tips on how to incorporate those benefits into your strategy.
Market Outlooks
AAM Viewpoints: Regardless of Outcome, The U.S.-China Trade Dispute May Accelerate the U.S. Manufacturing Renaissance
This piece is approved to use with clients.
Most reports suggest that trade talks between the U.S. and China are progressing at a measured pace and that an agreement is near completion. The expectation that a deal will be reached looks to be priced into the stock market, so a positive outcome would likely be met with sighs of relief instead of champagne corks popping.
Market Outlooks
AAM Viewpoints – Corporate Bond Trends
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In the 4th quarter (Q4) investors began preparing for the credit cycle to come to an end and concerns mounted related to potential corporate downgrades. Corporate spreads widened during Q4 and presented opportunities for investors in lower investment grade and high yield credits as Q1 2019 was a strong quarter for risk assets. The ICE BofAML US Corporate BBB Index spread tightened by 52 basis points (bps) and BB credits are 140 bps tighter than they finished 2018 (see the Option Adjusted Spread (OAS) changes in the table below). High yield bonds have rallied more so far this year making BBBs look cheap on a relative basis. The lowest investment grade bonds, rated in the BBB range, lagged high grade credits in Q4, but were up 5.57% in Q1 and have annualized 7.91% over the past 10 years.
Client Life Events
Special Needs Planning Checklist
This piece is approved to use with clients.
Confidently checking all of the boxes means individuals with special needs and caregivers can plan for a better future.
Market Outlooks
AAM Viewpoints: Municipal Bond Portfolios, Recent Federal Tax Reform, and Unintended Consequences
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With the new federal tax legislation capping state and local tax (SALT) deductions at a maximum of $10,000 for Federal taxes, in the case of high state income tax states, the unintended consequence may be that Municipal Bond investors residing in those states have become too highly concentrated in their own state-issued municipal bonds.
Market Outlooks
AAM Viewpoints: Earnings Recession Likely – Why This Time Might Be Different
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First quarter earnings season is upon us and for the first time since the second quarter of 2016, the S&P 500 Index will most likely report a decline in aggregate year-over-year earnings. Piling on, estimates for the second quarter are essentially flat and will likely be revised into negative territory if the downward trend continues. This sets up the possibility of back-to-back quarters of negative earnings growth or an “Earnings Recession” which typically does not bode well for the equity market.