Blog

Market Perspective – May 2020

No image
We Are In The Thick Of It Now Economic data, by nature, is backward looking – doing a better job of telling us what has already happened than what we can expect in the future. In the weeks ahead, data releases will confirm what we already know:  the U.S. economy was all but shuttered during April. Economic activity didn’t...

Market Perspective – March 2020

No image
Coronavirus Uncertainty When nothing else could derail risk markets, along comes the coronavirus (COVID-19). At this point, it is unclear what the ultimate human and economic impact of the virus will be, but downside risks abound. The market response has been to sell risk assets and buy the safety of U.S. Treasuries in a classic flight-to-quality trade. The S&P...

The Macro View – December 2016

No image
United States Third quarter U.S. economic growth was revised higher to 3.2% from 2.9%, according to the second estimate. Consumption grew at a better than expected 2.8%, contributing positively to the upward revision. The U.S. labor market continues to tighten, job creation has been solid and the number of people filing for jobless claims are at historic lows. We...

The Markets – December 2016

No image
Cash Review & Outlook The A1/P1 commercial paper curve steepened throughout the month of November with 1-week paper ending the month flat at 0.42% while 1-month paper increased 5 basis points to 0.60%. Moving into the New Year, we expect bills and short agency debt to richen as bill supply diminishes resulting from the 2015 debt ceiling legislation whereby...