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Fiscal Cliff’s Implications for Investments – The Witching Hour
As the elections grow nearer, so does the fiscal cliff – the point early next year where tax hikes, debt limits and spending cuts will presumably converge. The debt ceiling. There appears to be an...
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The Seeds of Higher Market Volatility Were Sown
A paradigm shift in financial markets has taken place since 2008 into a more volatile investment environment that will demand different ways of managing risk. In an ironic twist of intention, today’s...
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“Bond Deer” in the Headlights – The Fixed Income Investor
An insightful client exclaimed to me last week, after I had enumerated the many risks facing bond market investors, that he felt like a deer in the headlights. “Bear” with me for a paragraph or two...
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Rescuing the Bond Deer from the Bond Bear
It’s the season to talk about the man who delivers presents. No, not Santa Claus, but Fed Chairman Bernanke who has been delivering the green stuff for the past four years – in a helicopter, not a...
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Rescuing the Bond Deer from the Bond Bear – The Fixed Income Investor Part II
In my last “Bond Deer” installment the story of the investor caught in the risks of the bond market like a deer in the headlights I highlighted that a housing recovery might be responsible for pricking...
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High Yield – Opportunity in a Crowded Space?
We have seen something interesting unfold over the last month in the markets – signs of what we believe are the beginning of a Treasury breakout. Yields are starting to push through levels that have...
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Three Trends Will Shake American Businesses Out Of Paralysis
On-shoring, energy infrastructure reinvestment and plant replacement are three trends in the making that will shake American business out of paralysis. In the last “Bond Deer in the Headlights,” I...
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What’s Next for U.S. and European Markets?
I was asked recently to provide some color around the state of global fixed income markets as we close out the first quarter of 2013. Of course, one of the more watched situations in the global markets...
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Is Volatility Dead? Hardly.
Co-Written by Paresh Upadhyaya and Michael Temple Certain pundits suggest we have entered a new volatility regime – that volatility has been tamed by the massive amount of liquidity injected into...
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The Fed’s Prisoner Dilemma: Interest Rates Too Low for Too Long
The Prisoner Dilemma is based on the example of two prisoners who are told that if one testifies against the other, the one who testified will go free, but if both testify against the other, both will...
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The Damage Potential of Rising Rates
The initial goals of the Federal Reserve’s “Great Monetary Experiment”— to keep rates low, create negative real yields, spur consumption and cushion the budgetary consequences of fiscal stimulus — have...
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Detroit: Teetering Domino of the Municipal Bond Market?
My colleague, Jonathan Chirunga, is a municipal bond credit analyst and portfolio manager at Pioneer who offered these thoughts on Detroit and the impact of its potential bankruptcy on the municipal...
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Four Interest Rate Scenarios We Could Face
I’ve written a lot lately on the subject of “duration” and its potential impact on investor portfolios, now that the initial goals of the Federal Reserve’s “Great Monetary Experiment” appear largely...
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The Next Big Challenge to Investors: Rising Rates
Many investors were conditioned to accept that the economy would be in the rehabilitation ward for the foreseeable future, rates would remain low, and monetary stimulus would continue unabated. It was...
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Teenage Melodrama and the Market’s Infatuation with QE
Like a teenager caught between the decision of going to college and leaving friends behind or living in the comfort of home and going nowhere, debt markets have been reeling between taper angst and...
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What Happens if the Government Shuts Down and Nobody Notices?
Yes, this is a facetiously philosophical title (what is the sound of one hand clapping?) that pokes fun at the current situation in Washington. And we’re well aware that if Republicans and Democrats...
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2013 A Pretty Good Year
This time last year we were bullish about equities and positive on the slow but steady strengthening of the economy. The market did not disappoint. The economy was almost heroic, you might say, with...
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A Quick Summary of the SEC’s New Money Market Rules
Last Wednesday, the SEC approved amendments on money market fund (MMF) rules. My colleague, Seth Roman, a portfolio manager who specializes in the sector, summarized the areas of reform as they relate...
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