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Improving credit fundamentals, light tax-exempt supply and robust demand have driven the strong performance of municipal bonds in 2019.
This weekly update provides a snapshot of changes in the economy and markets and their implications for investors.
Given current and projected productivity and labor supply dynamics, productivity is unlikely to provide a significant lift to future growth.
European high yield spreads are still above their long-term tights, but that doesn’t take quality into account. Are fundamentals robust enough to justify taking more risks?
We may not be outright US dollar bulls, but fundamentals and quantitative valuation factors both suggest that investors are currently too negative on the currency.
Core bond yields have pushed higher since the end of October. Is the move warranted by a shift in the fundamental picture, and where could we go from here?
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.
As an increasing number of high yield corporates run into trouble we question whether the rise in corporate distress is a signal for more caution, or if lower rated credits now look more attractive at improved valuations.