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Bond Market Resilience: Adapting to Shifting Economic Landscapes in Q4
Fourth Quarter, 2023
R. Wheatley McDowell, CFA
What a difference a quarter makes. In October, market strategists were lamenting what was sure to be the third straight year of negative total returns in the U.S. bond market. Throughout October corporate credit, certain areas within securitized products, and U.S. Treasuries all weakened to varying degrees. Then the market...
Market Dynamics: Navigating Economic Changes in Q3
Third Quarter, 2023
R. Wheatley McDowell, CFA
In the first half of the year, long-dated Treasury yields found themselves in a choppy, range-bound trading pattern between 3.5% and 4.0%, with widespread opinion that the cyclical peak in Treasury yields was behind us. That narrative unraveled in the third quarter as Treasuries sharply sold off with anticipation of “higher-for-longer”...
Market Momentum: Embracing Opportunities in Q2
Second Quarter, 2023
R. Wheatley McDowell, CFA
By almost all measures, the second quarter was marked by strong ‘risk on’ sentiment. Equity indices powered higher as credit spreads tightened in sympathy. There was a notable decline in volatility, particularly in June, following the banking-induced volatility spike earlier in the year. At a sector level, focus shifted from domestic...
Resilience and Recovery: A Closer Look at Q1 Markets
First Quarter, 2023
R. Wheatley McDowell, CFA
Volatility was the hallmark across asset classes during the first three months of the year. Following a firm market tone in January and February led predominantly by the tech sector, markets were gripped by a meltdown in banking led first by Silicon Valley Bank and followed by certain other regional and European banks. At a...
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