What Today’s Yield Curve Inversion Means

The Bond Buyer published this article today, quoting John Donaldson, Haverford Trust Vice President & Director of Fixed Income, among other experts to help analyze the significance of today’s bond market event. For a brief period today, a key portion of the yield curve inverted, meaning the yield on two-year U.S. Treasury notes was higher [...]

2019-08-14T19:30:27+00:00August 14th, 2019|

DowDuPont is Heading for a Historic Split. Early Results Have Been Poor. Will These Massive Spin-offs Work?

Philadelphia Inquirer—“They are taking $3 billion in costs out of the combined companies,” dividends are high, “and yet the underperformance, it’s been painful,” Hank Smith, Co-Chief Investment Officer, said of DowDuPont in a Philadelphia Inquirer article on the company spin-off. Click to read article

2019-06-04T15:35:11+00:00June 4th, 2019|

Paranoia Was Already Running Deep in Stocks Before Trade War Hit

Bloomberg—Co-CIO Hank Smith spoke with Bloomberg about trade tensions and the impact of tariffs on business confidence. “The actual tariffs themselves are pretty small relative to the size of the economy,” said Smith. “The real impact is on confidence. On business confidence, CEO confidence. So if we have an extended multi-month or even multi-quarter battle [...]

2019-05-13T17:34:14+00:00May 9th, 2019|

The Market has the Fed Trade Wrong, Next Move Will Be a Hike: CNBC Survey

CNBC—John Donaldson, Vice President and Director of Fixed Income, weighed in on the likelihood of a rate hike in the most recent CNBC Fed Survey. “The most likely course is no policy action, neither a cut nor an increase. Therefore, bond yields are likely near the low end of their trading range for the year,” [...]

2019-05-01T20:19:39+00:00May 1st, 2019|

Health Care Carnage is Another Case of Crowded Stocks Unwinding

Yahoo! Finance—Co-CIO Hank Smith spoke with Yahoo! Finance about the pressures on the health care sector. “I don’t think this is a deterioration in fundamentals. It’s a story, ‘Let’s lighten up on this area because who knows what’s going to come out of these political debates?’” Smith said. “It has everything to do with politics.” [...]

2019-04-18T15:44:58+00:00April 18th, 2019|

Share Rally Cools as Trump Turns Trade Heat on Europe

Reuters—Uncertainty over tariffs and trade between the United States and China have dented business confidence and led corporate investment to dry up, Hank Smith, co-chief investment officer, told Reuters. “Business investment is now being put on hold because of the uncertainty around tariffs,” he said. Click to read article

2019-04-10T18:56:12+00:00April 10th, 2019|

U.S. Economic Growth is Likely to Slow Sharply This Year and Next

CNBC—Co-CIO Hank Smith weighed in on CNBC’s Fed Survey, "If Trump wants to be a two-term president, he needs to make a China trade deal and start lowering tariffs across the board. This will cause business confidence to rise and capital spending to increase, stimulating the economy." Click to read article

2019-03-20T15:23:56+00:00March 19th, 2019|

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