Finding Safety in a Volatile Corporate Market

Finding Safety in a Volatile Corporate Market

Over the past 20 years, there has been a significant shift in the ratings composition of the investment grade corporate bond universe. Using the ICE Bank of America Merrill Lynch US Corporate Index (C0A0) as a representation of this universe, the number of securities...
State of the Municipal Bond Market

State of the Municipal Bond Market

Financial markets have suffered tremendous volatility in the wake of the COVID-19 pandemic, and the $3.9 trillion municipal market is no exception. After a strong 2019 and healthy January and February 2020, the municipal market suffered investor panic in March with...
Chandler’s 2020 Economic Outlook

Chandler’s 2020 Economic Outlook

We expect US economic growth to moderate in 2020 toward trend growth of 1.8% compared to 2.3% in 2019. Our thesis is largely underscored by the belief that the impact of monetary policy on economic growth is somewhat lagged, and the more accommodative monetary policy...
Recession or Slower Growth?

Recession or Slower Growth?

Is the US Economy Headed for a Recession in 2019? A popular recession warning has been flashing red recently as the yield on the 10-year US Treasury notes dipped below the yield on 3-month US Treasury bills, known as a yield curve inversion, for the first time since...
The $4 Trillion Conundrum

The $4 Trillion Conundrum

An Analysis of the Federal Reserve’s Balance Sheet and Reduction Operations The severity of the last Great Recession motivated monetary policy makers in the United States and abroad to dig deep into their toolbox to assist their economies in a time of great economic...