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July 12, 2010
Investment Review and Outlook
Second Quarter 2010
In the second quarter, the fixed income market as represented by the Barclays Capital Aggregate Index posted a total return of 3.49%, as Treasury yields dropped sharply due to concerns about European sovereign debt, financial regulatory reform, slowing growth in China and fears of a double-dip recession. continued....
June 15, 2010
Investment Review and Outlook
May 2010
In May, the fixed income market as represented by the Barclays Capital Aggregate Index posted a total return of 0.84% as global equity markets fell and volatility rose dramatically due to concerns about the European sovereign debt crisis. continued....
May 12, 2010
Investment Review and Outlook
April 2010
In April, the broad fixed income market posted a total return of 1.04% as measured by the Barclays Capital Aggregate Index. continued....
April 12, 2010
Investment Review and Outlook
First Quarter 2010
In the first quarter 2010, the capital markets continued to advance on signs of further improvements in the global economic recovery. continued....
March 9, 2010
Investment Review and Outlook
February 2010
In February, fixed income total returns for the broad market, as measured by the Barclays Capital Aggregate Index, amounted to a “coupon-clip” month of 0.37%. continued....
February 9, 2010
Investment Review and Outlook
January 2010
After a strong start in the first two weeks of January, a renewed bout of risk aversion weighed on the financial markets for the rest of the month. continued....
January 12, 2010
Investment Review and Outlook
Fourth Quarter 2009
In the fourth quarter of 2009, further evidence of an improving economic backdrop buoyed global capital markets. continued....
December 8, 2009
Investment Review and Outlook
November 2009
Performance in most of the non-Treasury fixed income sectors paused in November despite the economic landscape’s continued improvement. The securitized sector modestly outperformed duration-equivalent Treasuries by 29 basis points. continued....
November 9, 2009
Investment Review and Outlook
October 2009
The improving global economic landscape, coupled with better-than-expected corporate earnings, resulted in further outperformance from the non-Treasury fixed income sectors in October. continued....
October 13, 2009
Investment Review and Outlook
Third Quarter 2009
In the third quarter of 2009, the global capital markets continued the second quarter’s strong performance as an improving economic backdrop, better than expected corporate earnings and successful government initiatives further bolstered investor confidence. continued....
July 13, 2009
Investment Review and Outlook
Second Quarter 2009
During the second quarter of 2009, the capital markets rallied strongly on optimism that the worst of the financial and economic crisis had passed. continued....
June 9, 2009
Investment Review and Outlook
May 2009
An improved tone emerged in key economic indicators in May. As a result, the non-Treasury fixed income sectors posted a second consecutive month of strong performance. continued....
May 6, 2009
Investment Review and Outlook
April 2009
In April, the non-Treasury fixed income spread sectors posted strong performance as investors’ became more comfortable with the economic outlook. continued....
March 10, 2009
Investment Review and Outlook
February 2009
After starting the year on a positive note, the fixed income market struggled to digest heavy Treasury and corporate issuance during the month of February. continued....
February 10, 2009
Investment Review and Outlook
January 2009
Despite the release of significantly weak economic data, record wide spreads in non-Treasury securities attracted widespread investor interest as 2009 began. As a result, Treasury yields rose while most non-Treasury spreads narrowed. continued....
January 9, 2009
Investment Review and Outlook
Fourth Quarter 2008
The final quarter of 2008 was engulfed by the upheaval in the global financial markets as the negative effects from the unexpected bankruptcy of Lehman Brothers rapidly reverberated around the world in an unprecedented manner. continued....
December 9, 2008
Investment Review and Outlook
November 2008
In November, the deterioration in the global financial markets continued. The free-fall in Citigroup’s stock price led the banking regulators (FDIC) to inject $20 billion of capital and insure $300 billion of troubled assets to help stabilize the bank. continued....
November 10, 2008
Investment Review and Outlook
October 2008
October had a rocky start as the negative fall-out from the Lehman Brothers bankruptcy in mid-September rippled world-wide and intensified the deterioration in global financial markets. continued....
October 14, 2008
Investment Review and Outlook
Third Quarter 2008
The turmoil in the financial markets took a turn for the worse in the last month of the third quarter. The precipitating event was the Chapter 11 bankruptcy filing of the fourth largest investment bank, Lehman Brothers, after the Federal Reserve and the U.S. Treasury declined to provide a backstop.... continued....
September 10, 2008
Investment Review and Outlook
August 2008
In August, increased risk aversion resulted in most spread sectors underperforming Treasuries. Speculators exited commodity positions as demand destruction and signs of slowing global growth became more evident in foreign economies. continued....
August 8, 2008
Investment Review and Outlook
July 2008
During the month of July, fears of systemic risk in the financial markets resurfaced due to concerns about the capital adequacy of the Government Sponsored Entities (GSE’s), Fannie Mae and Freddie Mac. continued....
July 9, 2008
Investment Review and Outlook
Second Quarter 2008
In the second quarter of 2008, concerns about the liquidity and credit crises in the financial markets abated following the extraordinary steps taken by the Federal Reserve which culminated in the takeover of Bear Stearns by JP Morgan in March. continued....
June 6, 2008
Investment Review and Outlook
May 2008
The financial markets continued to stabilize in May following the tumultuous events in the first quarter. continued....
May 8, 2008
Investment Review and Outlook
April 2008
The beginning of the second quarter of 2008 saw a reversal of trends from the first quarter. Investors moved out of Treasuries with yields at historically low levels and embraced riskier assets that were previously shunned. continued....
April 7, 2008
Investment Review and Outlook
First Quarter 2008
The first quarter of 2008 was marked by wide-spread concerns about the Federal Reserve’s ability to manage the liquidity and credit crises in the financial markets. continued....
March 7, 2008
Investment Review and Outlook
February 2008
February witnessed a further deterioration in financial conditions due to fear of additional writedowns from financial institutions, and the increasing uncertainty surrounding the bond insurers. continued....
February 7, 2008
Investment Review and Outlook
January 2008
The first month of 2008 was punctuated by a significant sell-off in global equity markets as fears increased that the slowdown in the U.S. would turn into a recession engulfing other regions in the world as well. continued....
January 7, 2008
Investment Review and Outlook
Fourth Quarter 2007
The fourth quarter of 2007 was marked by higher volatility and greater illiquidity in the fixed income markets due to continued turmoil related to the problems in the subprime mortgage market. continued....
December 6, 2007
Investment Review and Outlook
November 2007
In November, Treasury yields declined markedly as concerns escalated regarding sub-prime related write-downs and impairments at various financial institutions, most notably at banks. continued....
November 6, 2007
Investment Review and Outlook
October 2007
In the first two weeks of October, some stability returned to the financial markets following the high volatility seen in the past couple of months. continued....
October 4, 2007
Investment Review and Outlook
Third Quarter 2007
In the third quarter of 2007, the global financial markets experienced a sharp spike in volatility as the problems associated with subprime mortgages caused severe dislocations in the commercial paper markets. continued....
September 6, 2007
Investment Review and Outlook
August 2007
Flight to quality continued in August as the problems associated with subprime mortgages spilled over into the commercial paper market. continued....
August 6, 2007
Investment Review and Outlook
July 2007
In July, Treasury yields were driven lower by the flight to quality which was precipitated by the collapse of two Bear Stearns hedge funds that had invested in collateralized debt obligations (CDOs) tied to sub-prime mortgages. continued....
July 5, 2007
Investment Review and Outlook
Second Quarter 2007
Treasury yields reversed course and ended higher in the second quarter of 2007 as the manufacturing sector rebounded from its weakness earlier in the year, while the labor market and personal income growth maintained their firm tone. continued....
June 5, 2007
Investment Review and Outlook
May 2007
Treasury yields rose sharply in May on the heels of firmer economic data and rising equity markets. continued....
May 3, 2007
Investment Review and Outlook
April 2007
Treasury yields were little changed during the month of April as the market digested mixed economic data. continued....
April 3, 2007
Investment Review and Outlook
First Quarter 2007
Economic activity in the United States during the first quarter of 2007 reflected a mixed picture with stronger personal income growth and a tight labor market but weaker manufacturing activity, particularly in the durable goods sector. continued....
March 5, 2007
Investment Review and Outlook
February 2007
Economic data released during the month of February were mixed with stronger employment, income and consumer spending but weaker durable goods orders and manufacturing activity. continued....
January 5, 2007
Investment Review and Outlook
Fourth Quarter 2006
During the last quarter of 2006, the Federal Reserve kept the federal funds unchanged at 5.25% for the second consecutive quarter citing expectations for the economy to grow at a moderate pace. continued....
October 10, 2006
Fixed Income and Equtity
Investment Review and Outlook
Third Quarter 2006
After a two year period of rising interest rates, the bond market reversed course in the third quarter following the Federal Reserve’s decision to hold interest rates steady for the first time in the current monetary tightening cycle. continued....
July 7, 2006
Fixed Income and Equtity
Investment Review and Outlook
Second Quarter 2006
Interest rates continued to climb higher in the second quarter of 2006 as the Federal Reserve raised the federal funds rate two more times to 5.25% citing strong economic growth and higher inflationary pressures. continued....
April 5, 2006
Fixed Income and Equtity
Investment Review and Outlook
First Quarter 2006
Interest rates in the U.S. rose sharply in the first quarter of 2006 as stronger than expected economic growth unfolded early in the new year. This marks the third consecutive quarter of rising yields. continued....
January 9, 2006
Fixed Income and Equtity
Markets Review and Outlook
Fourth Quarter 2005
Treasury yields rose for a second consecutive quarter as the U.S. economy rebounded from the after-effects of the hurricane-induced slowdown earlier in the quarter. continued....
October 10, 2005
Fixed Income and Equtity
Markets Review and Outlook
Third Quarter 2005
Interest rates reversed course and moved sharply higher in the third quarter of 2005. Despite the tragic consequences of the hurricanes in the U.S. Gulf Coast region, economic growth has maintained a firm tone. continued....
July 14, 2005
Fixed Income Markets Review and Outlook
Second Quarter 2005
The second quarter of 2005 ended with the Federal Reserve raising the Federal Funds Rate for the ninth consecutive time by 25 bp to 3.25%. This marks the one-year anniversary since the Central Bank embarked on its current tightening policy. continued....
July 14, 2005
Equity Markets Review and Outlook
Second Quarter 2005
As a result of a broad market advance during May, most major equity indexes gained ground during the second quarter. The Nasdaq Composite Index rose over 3%, while the S&P 500 Index gained 1.4%. continued....
April 26, 2005
Fixed Income Markets Review and Outlook
First Quarter 2005
Treasury yields climbed sharply higher in the first quarter of 2005 as stronger than expected growth unfolded. During the quarter, the Federal Reserve raised the federal funds rate two more times to 2.75% in its drive to remove policy accommodation. continued....
April 26, 2005
Equity Markets Review and Outlook
First Quarter 2005
The first quarter of 2005 proved difficult for US equity markets as all major indices declined. The Dow Jones Industrial Average and the Broad S&P 500 essentially reversed February’s gains during March and each lost roughly 2.1% for the quarter. continued....
January 13, 2005
Fixed Income Markets Review and Outlook
Fourth Quarter 2004
The Treasury yield curve continued to flatten in the final month of 2004. Short maturity yields increased modestly as the Federal Reserve raised the federal funds rate by an additional 25 bp to 2.25% in mid-December. continued....
January 13, 2005
Equity Markets Review and Outlook
Fourth Quarter 2004
US equity markets followed a strong November with another month of gains for all major domestic indexes. December’s action allowed the indexes to finish the year in positive territory, led by the broad S&P 500 that gained nearly 11%. continued....
September 13, 2004
Market Outlook and Strategies
July 8, 2004
Market Outlook and Strategies
May 17, 2004
Market Outlook and Strategies
March 31, 2004
US Economic & Financial Market Commentary
January 5, 2004
State of the Economy
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