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Passing Through an Inflection Point
During the past two months, investors have become more concerned about global growth in the wake of weaker trade data and softer Purchasing Managers Indexes. These recent trends show that a deficiency of demand continues to weigh on global growth, keeping the recovery bumpy, brittle and below par. |
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“Low and Slow” Is Not New
There have been numerous attempts since we emerged from the Great Recession in mid-2009 to attach a catchy moniker to this era of low growth, low rates and low returns. Two that quickly come to mind are "Secular Stagnation" and "New Normal”—but we would argue that we have seen something similar before, it just happened a long time ago.
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Muni Bonds Prove Steady in a Shaky Environment
With a year-to-date total return of 2.17% for the Barclays Municipal Bond Index, tax exempts have quietly and successfully navigated 2015’s wild market swings by consistently underperforming US Treasuries in rallies and outperforming them in sell-offs. The net result has been less volatility and a year-to-date performance that places it among the top asset classes.
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A Quest for Quality
During the past five weeks, the US stock market has retraced nearly all of August’s 11% sell-off. On one level, that might read as some kind of an “all clear” signal. Even so, we remain cautious that perhaps the market’s snapback is not quite what it seems. |
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CRC #1351905 11/15
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