Daily comprehensive market and economic trends through clear and compelling charts.
Improving credit fundamentals, light tax-exempt supply and robust demand have driven the strong performance of municipal bonds in 2019.
As corporate profit growth has slowed, we have a more balanced outlook on equity markets. Valuations are mostly well within historical norms and we’re seeing opportunities among higher growth companies with sustainable profits and cash generation.
We are upgrading our view on equities to reflect early signs of an upturn in macroeconomic data, falling recession risk and an increase in the chance of at least a limited U.S.-China trade deal.
We emerged with a cautious near-term view from our latest quarterly strategy meeting in early September. In our base case scenario, the global economy is expected to narrowly avoid recession and continue to grow, albeit much more slowly.
Why the US dollar may not be as overvalued as you think
Armageddonists and the portfolio cost of fear, 2010-2019
Due to growth assets and interest rates, funded status rose .6% this month from 86.9% to 87.5%.