October 2020 – Bond Market Review

October 2020 – Bond Market Review

US equities experienced a moderate selloff in September (with the S&P 500 index down 3.9% month-over-month) and investment grade corporate credit spreads widened modestly (based on the ICE BofA US Corporate Index). In our view, the recent repricing of risk assets...
September 2020 – Bond Market Review

September 2020 – Bond Market Review

The US economy continues to experience a somewhat uneven and slowing pace of recovery, consistent with more of a U-shaped (rather than V-shaped) recovery, in our view. However, the outlook for the economy remains uncertain. We believe the outlook is largely dependent...
August 2020 – Bond Market Review

August 2020 – Bond Market Review

The second quarter was likely the low point for economic activity and the consensus forecast calls for a fairly strong rebound in activity in the current quarter and a slowing pace in improvement thereafter. However, the outlook remains uncertain, particularly amid...
July 2020 – Bond Market Review

July 2020 – Bond Market Review

We believe the economy contracted sharply in the second quarter, but market participants are expecting a meaningful rebound in the current quarter. Although we anticipate that the recovery will be somewhat bumpy, we believe the weakest economic data is in the rearview...
June 2020 – Bond Market Review

June 2020 – Bond Market Review

The National Bureau of Economic Research has officially determined that the US economy entered a recession in February 2020, following a 128-month economic expansion. First quarter GDP declined 5.0% and the decline in second quarter GDP is expected to be more severe....
May 2020 – Bond Market Review

May 2020 – Bond Market Review

Financial market turbulence eased in April and the S&P 500 index increased 12.7% in the month, even as economic data weakened. Supported by a historic fiscal and monetary response, we believe equity market participants are generally looking through the weak...