Fed’s liquidity efforts help prompt ‘relief rally’ for corporate, muni bonds

S&P Global Market Intelligence—John Donaldson, CFA, Director of Fixed Income, was interviewed by S&P Global Market Intelligence about the actions taken by the Federal Reserve to soothe debt markets. "With no hesitation, no ambiguity whatsoever, [the Fed] sent a message that we will do everything we can to make sure ... liquidity is not going Read More →

2020-03-31T19:04:40-04:00March 31st, 2020|

‘The common theme is fear and panic’: These are the lessons learned from the past 3 bear markets

Fortune—Hank Smith, Co–Chief Investment Officer, was interviewed by Fortune about entering bear market territory. “The common theme is fear and panic,” he says, and a feeling that “we have not been here before.” Click to read article (subscription required)

2020-03-31T19:06:06-04:00March 30th, 2020|

Reaction to the Fed’s Reduction in the Rate

The Philadelphia Inquirer—Co-Chief Investment Officer Hank Smith told The Philadelphia Inquirer that the Fed is catching up to the stock market in an article discussing the rate cut. “Look at this positively and say, Jay Powell isn’t sitting on his heels. He’s paying attention to the market. He did it in 2019. He could have Read More →

2020-03-06T13:26:58-05:00March 3rd, 2020|

Virus Could Hit GDP, Change Fed Policy

The Bond Buyer—“It’s impossible to contain the fear contagion and economic disruption is likely to get worse before it gets better,” Hank Smith, Co-CIO told The Bond Buyer in an article about the impact of the coronavirus on the economy. “Market volatility is not an unexpected reaction to these unusual headlines and may lead to Read More →

2020-02-26T21:31:37-05:00February 26th, 2020|

The Fed Will Stay in Hibernation Until at Least Summer: CNBC Survey

CNBC—Federal Reserve policymakers will go into hibernation for as much as six months, holding interest rates unchanged until at least the summer, according to respondents of the December CNBC Fed Survey. “The Fed will be on hold for longer than the market is projecting,” wrote John Donaldson, Director of Fixed Income. “Even a one-third chance Read More →

2019-12-11T21:41:07-05:00December 10th, 2019|

A $25 Trillion Stock Rally was Built on GDP Growth No Better Than This

Bloomberg—“If you’re driving at 50 miles-an-hour and you slow to 30, you’re still going forward,” Hank Smith, co-chief investment officer, told Bloomberg in an article discussing the economic outlook for 2020. “That doesn’t mean you have to extrapolate that slowdown into negative territory. That’s what too many analysts and pundits are doing.” Click to read Read More →

2019-12-04T15:53:30-05:00December 3rd, 2019|

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