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Momentum | September 12, 2017

Posted on September 12, 2017

Very little has changed as far as momentum is concerned. There does appear to be some strength in energy, metals, and foreign developed currencies. However, this past Monday the S&P 500 and the MSCI Emerging Markets Index achieved new all-time highs, albeit on low volume. This coincides with year-to-date lows for Treasurys fueled by the […]

Income Report Card | September 11, 2017

Posted on September 11, 2017

The 10-year Treasury ended the week at a year to date low of 2.05%, setting the rate just above pre-election levels. At this point it appears that Fed Vice Chair, Stanley Fischer’s resignation and the list of potential new Fed chairs is shifting the market away from hawkish rate positions. While rates might not rise […]

Income Report Card | August 21, 2017

Posted on August 21, 2017

The 10-year Treasury yield declined further this week, ending at 2.19%. Stocks also continued their bumpy ride this past week. We think the pullback in stocks might just be seasonal as overall the trend for risky assets still leans positive. See the data

Income Report Card | August 14, 2017

Posted on August 14, 2017

The 10-year Treasury finished the week at 2.20%, which is one of the lowest points of the year. This coincided with one of the largest declines in the stock market as well. As September comes into view, it is likely market volatility will continue. However, given overall market strength, we think risk assets should remain […]

Income Report Card | August 7, 2017

Posted on August 7, 2017

The 10-year Treasury yield fell to 2.24% and continued to flatten after a period of steepening over the past several weeks. While parts of the U.S. market hit all-time highs, the growth in stocks was not as synchronous as it has been this year. We think this might be a signal that the bull market […]

Income Report Card | July 3, 2017

Posted on July 3, 2017

Our Observations: The 10-year Treasury yield rose to 2.27%, pushing it to the higher end of the recent trading range. Pundits seemed to have shifted their concerns from rising rates to inflation since the Federal Reserve indicated that lower inflation is not a concern. We think it will be important to watch how policymakers respond […]

Income Report Card | June 26, 2017

Posted on June 26, 2017

Our Observations: The 10-year treasury yield ended the week at 2.15%, a 1 basis point change over the week. We see the increase in short-term rates standing out, as the scorecard’s cash proxy has nearly doubled its yield in the last year while all other yield options have experienced lower yields. At some point, we […]

Momentum | June 13, 2017

Posted on June 13, 2017

Our Observations: Stocks have taken a brief pause from their recent push this week while bonds took the lead. Short-term trends have favored bonds as the 10-year Treasury has gone from 2.42% to 2.21% in the past month. Foreign bonds have done even better as the euro has appreciated relative to the dollar. However, we […]