After a dramatic escalation in trade tensions between the U.S. and China early last week, the Chinese yuan depreciated significantly against the U.S. dollar.
Investors were disappointedInvestors were disappointed that trade tensions re-escalated and the Fed viewed their actions as a “mid-cycle adjustment".
Potential impact on U.S. pension funded status of 10-year Treasury yields going to 0%
On July 31st, The Federal Reserve (Fed) cut rates for the first time since 2008. In the immediate aftermath of this cut, the U.S. Dollar strengthened.
Michael discusses US-China trade war in context, the outlook for prescription drug price legislation, and an updated ideological scorecard for 2020 Presidential candidates.
The food fight between the President and the Fed Chair could result in too much easing, and the expansion of valuations beyond sustainable levels. The other food fight: leveraged loan issuers vs buyers. Issuers are winning this fight hands down due.
A slowdown is coming sooner rather than later. Investor should remain cautiously optimistic to environment growth, with a bias on quality and eye on duration.
Michael discusses this year’s Eye on the Market Energy paper. Topics include the unattainable objectives of the Green New Deal, an overview of the world’s de-carbonization challenges, Germany’s energy transition and Trump’s War on Science.
For the first time in 20 years, markets will have to survive without support from central banks.
Markets, economy, stocks, growth, global, fixed income, international, asset classes