Given the huge changes in inflation expectations and abrupt yield changes of the past six months, it seems sensible to re-assess expectations for capital market returns. Long-term investors update and review long-term strategic assumptions on a set cycle, which we
Environmental, social and governance (ESG) factors are all important to the sustainability of an investment. Governance may be listed last, but it should never be an afterthought for fixed-income investors. After all, by studying an organization’s governance—the practices and processes
If the technology for making diabetes medicine hadn’t changed since the 1930s, today we’d need an area larger than the surface of the earth for raising pigs, harvesting insulin from their pancreases to help hundreds of millions of diabetics around
The year 2021 constitutes a key phase in the fight against climate change and in the global efforts to meet emissions targets in the 2015 Paris Agreement. The agreement aims to limit global warming “ideally” to 1.5 degrees Celsius (°C),
The recovery continues to gather pace. We’ve raised our growth forecasts and expect the global economy to grow by 6.1% this year and 4.3% in 2022. Both forecasts are well above the precrisis trend of around 3.0%. It’s important to
As markets continue to ponder the US Presidential election result, a surge in COVID19 cases across Europe has led to a darkening near-term outlook. How things play out in the US—from a political and virus perspective—is still uncertain, but another
The US Election Will Determine the Path of Fiscal Policy Fiscal and monetary stimulus have played a critical role in restarting the economy and remain crucial to a continued expansion Monetary stimulus is not subject to the election cycle: the
SEARCHING FOR DURABLE STOCKS IN UNCERTAIN TIMES High-quality companies are always in style. In good times and bad, features that define resilient businesses and stocks underpin consistent and solid equity return potential. But to consistently find companies that meet the
April 2020 KEY FORECAST TRENDS As economic lockdowns spread across the world, the global economy faces a nearterm hit which is likely to dwarf that seen during the global financial crisis (GFC). But this downturn is not the result of
IN THIS PAPER: The CMBX.6 has become such a popular short by speculators placing bets on mall closings that it has been profiled in the media as the next “big short.” It’s true that as many as a third of
Once a backwater of the bond world, emerging-market (EM) corporate debt has grown into a full-fledged asset class that investors can tap to diversify their EM allocation and boost their return potential.
Oil and gas producers are oen seen as vulnerable to global efforts aimed at curbing climate change. But some European energy groups might become part of the solution to climate change rather than part of the problem.
Strong demand from investors pushed long-maturity municipal yields lower over the week while Treasury yields were unchanged. Over the past month, long-term municipal yields are unchanged, while Treasury yields have risen 13 b.p. Why it matters: The volume of municipal
The US high-yield market has suffered ten peak-to-trough losses greater than 5% in the last 20 years. On average, investors recovered their losses in only four months—and sometimes as few as two. Following the longest and largest drawdown of –35%,
Key Forecast Trends When 2018 began, the global economy was in a cyclical sweet spot. But gathering headwinds—including those caused by debt, demographic trends and populism—changed that, leading to slower growth and poor risk-asset returns. Investors who expected last year
AGCS is insuring construction of the eighth Allianz stadium, the first in North America, in St. Paul, Minnesota. Major League Soccer team Minnesota United will play at Allianz Field from the start of the 2019 season. AGCS’ exclusive coverage includes
Are high-yield bank loans the fix for rising rates? Wall Street sure thinks so, and plenty of bond investors seem to agree. But a closer look reveals that these floating-rate instruments aren’t the cure-all they’re often made out to be
Key forecast trends Rising trade tensions have unnerved investors, adding to asset price volatility and intensifying the debate we highlighted last month about how long the “Goldilocks” economy can last. We doubt that the current standoff between the US and
Global Market Perspective Markets are expecting synchronized global expansion and increased capital spending in 2018. That creates a high hurdle to clear. While financial conditions remain accommodative, headwinds are starting to build. Calling the beginning of a downturn is difficult,
Global Market Perspective The largest firms with the highest return on equity (ROE) have enjoyed unusually persistent profitability, which favored growth over value. We see select value opportunities, but it seems too early to sell the winners. Pessimism about inflation
Global Market Perspective Long-term disinflationary pressures are starting to fade while cyclical pressures of rising wages and commodity prices are starting to emerge. Governments are embracing untested inflationary policies in part to cushion economic expansion and reduce their growing debt
THE WEEK IN MUNILAND
👤AllianceBernstein 🕔15:00, 25.Jun 2019Weekly Market Commentary In response to slower economic growth and falling inflation expectations, the Fed said its outlook for monetary policy has moved from “patient” to “will act to sustain the expansion.” More than half of the committee members expect
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