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Our view over the past few quarters has been that EURUSD should be rangebound, as the cyclical outperformance of the US economy is offset by the eurozone���s relatively better balance of payments position.
With more and more companies now privately held, investors have shifted their focus to how they can exit these investments and get their money back.
In today���s investment environment rates are lower, this inflates the value of future cash flows and pushes equity market multiples higher.
As the U.S. becomes entirely self-sufficient and even begins to become a net exporter of oil, it is likely to keep a lid on oil prices in the long-term.
Negative effects would occur in the context of an economy less energized by fiscal stimulus than was the case last year.
Themes and implications from the Global Fixed Income, Currency & Commodities Investment Quarterly
Since the financial crisis, for a relatively liquid investment CLOs consistently have had the highest spreads net of capital costs for US life insurers.
One of the most perplexing things about the recent stock market rally is that it has occurred against a backdrop of equity fund outflows and bond fund inflows. In fact, according to the Investment Company Institute (ICI), from the end of 3Q18 through the