January 2021 – Bond Market Review

January 2021 – Bond Market Review

While we remain optimistic about the longer-term outlook, recent economic data suggests that the economy has lost momentum as virus cases have risen. We believe the near-term will remain challenging as the labor market remains under pressure and many regions have...
December 2020 – Bond Market Review

December 2020 – Bond Market Review

The economy has improved significantly from the early stage of the pandemic, but GDP remains well below its pre-pandemic peak and unemployment remains elevated. In the near-term, we believe downside risks to the economy remain due to a resurgence of the virus and the...
November 2020 – Bond Market Review

November 2020 – Bond Market Review

While near-term headwinds from the pandemic and lack of additional fiscal relief continue to present downside risks to the recovery, we are increasingly optimistic about the economic outlook for next year. We continue to believe the trajectory of economic growth...
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...