Lending, borrowing and investing in a negative rate world
Inventories tend to have a cycle of their own, growing and contracting several times over the course of an expansion.
The economic backdrop in 2019 has been characterized by weakness in manufacturing being offset by the resilience of services and health of the consumer.
Due to hedge portfolios and growth assets, funded status rose 1% this month from 87.5% to 88.5%.
Alternatives for uncorelated income
Due to growth assets and interest rates, funded status rose 1.4% this month from 88.5% to 89.9%.
How public pension funds can enhanve returns while limiting investment costs
The current earnings season has been mixed; lower energy prices and a stronger dollar are headwinds, but health care sector M&A is providing an offset.
PG&E (ticker: PCG) filed for bankruptcy - surprisingly the issuer was within the A or better rated pension liability discount rate universe within the prior 12 months.
Equities continue to look attractive relative to fixed income, and could very well move higher in the short-term given firmer economic data and a Fed on hold.