The health of the US economy will be front-and-center for markets, but five key issues in focus may also impact investors ahead of the November vote.
We believe the recent correction in technology and related momentum stocks is healthy, and does not signal an end to the bull market.
The challenges ahead for airlines are real, but there are reasons to invest selectively now.
Is the rapid increase in corporate borrowing this year a harbinger of tough times to come? The answer isn’t simple.
Commercial real estate
Investment in new warehouse space, market proximity and relative costs have helped boost U.S. East Coast ports and inland hubs, particularly in the Southeast.
New Jersey's new tax measures and expected debt issuance are affecting the outlook for its bond ratings.
Unanswered questions about future asset purchases could potentially undermine confidence in the Fed’s commitment.
Public policy support for infrastructure to help stimulate the economy should now reflect concerns about climate change, too.
Despite upward price pressures in certain industries, on balance there's doesn't appear to be sustained inflation dynamic at work.
While we see further opportunities in cyclicals, the strength of an upturn in these sectors remains highly uncertain.
Recovery Indicators Update
Improvement in Housing Starts and Credit Spreads data confirms our view that a durable market and economic bottom has formed.
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 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.
Total durables orders jumped a whopping 11.2% in July, with a large 1.1% upward revision to the June estimate.
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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