Featured Insights
Chart of the Week

Chart courtesy of ClearBridge Investments. * Institutional & Retail Money Funds – ICI. ** MSCI U.S. IMI Index. Data as of July 3, 2020. Source: FactSet. Past performance is no guarantee of future results. Indexes are unmanaged, and not available for direct investment. Index returns do not include fees or sales charges. This information is provided for illustrative purposes only and does not reflect the performance of an actual investment
Cash: Plenty of dry powder
Chart of the Week
Market Snapshot
Oil Shock: The Energy Sector and Beyond
The collapse in oil prices has added to market dislocations and uncertainty associated with the coronavirus pandemic.
Featured Insights
Munis: New Tax Hikes
New Jersey's new tax measures and expected debt issuance are affecting the outlook for its bond ratings.
The Fed: Unanswered Questions
Unanswered questions about future asset purchases could potentially undermine confidence in the Fed’s commitment.
The Push for Sustainable Infrastructure
Public policy support for infrastructure to help stimulate the economy should now reflect concerns about climate change, too.
COVID-19's Impact on Inflation
Despite upward price pressures in certain industries, on balance there's doesn't appear to be sustained inflation dynamic at work.
Corporate Credit: Turning to Cyclicals
While we see further opportunities in cyclicals, the strength of an upturn in these sectors remains highly uncertain.
Recovery Indicators Update
Rebound Gaining Steam
Improvement in Housing Starts and Credit Spreads data confirms our view that a durable market and economic bottom has formed.
Planning for a K-Shaped Recovery
Will we see a U-, V- or W-shaped path to recovery? A K-shape -- with two paths rather than one -- may be a more useful model.
The New Normal
The Office: Not Dead Yet
The pandemic has created short-term demand challenges for office properties, but we are skeptical that working from home will severely impact office usage long-term.
U.S. Economy
Durables Manufacturing: Signs of Recovery
Total durables orders jumped a whopping 11.2% in July, with a large 1.1% upward revision to the June estimate.
Market commentary
Glimmers of Optimism
We are encouraged by optimism on both the medical and economic fronts. But while recent events are promising, we believe the road ahead will be a long one.
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