Market Matters: August 2020
Global equities surged higher in August.
Credit/Fixed Income
Market Matters: July 2020
Global risk assets advanced in July, extending the prolonged market rally that began in late March.
US Manager Universe Statistics: Second Quarter 2020
This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.
Review of Market Performance: Fiscal Year 2020
While US-China tensions began to slowly de-escalate in the the first half of FY 2020, the arrival of the COVID-19 pandemic in the second half upended the investment landscape. Gold and US Treasuries were the big winners as investors rushed into safe havens, while central banks cut rates and expanded QE programs. Equities have mounted a remarkable comeback, while real assets generally remain quite depressed. This chart book presents returns and other market metrics for fiscal year 2020.
Market Matters: June 2020
Risk assets broadly rallied in second quarter, sharply reversing course after experiencing extraordinary market turmoil in February and March.
Research Digest: Public Debt
Capital Markets Research (CMR) is pleased to announce Research Digest, a new and improved version of Investment Publications Highlights (IPH). The inaugural edition explores the costs and benefits of public debt. The debate surrounding public debt is not a new economic or policy issue, but it has garnered increased attention following the rapid increase in public debt since the 2007–09 global financial crisis and the massive increase in fiscal spending in 2020 to address the COVID-19 crisis.
Room to Run for Muni Bonds
Despite the recent volatility, in our view, munis continue to be an attractive alternative to both Treasuries and high-quality corporates for long-term taxable investors. Even tax-exempt investors that typically don’t hold munis may want to consider them in the current environment given relative valuations and credit fundamentals.
Market Matters: May 2020
Risk assets advanced again in May, building on April’s strong price momentum.
Finding Credit Opportunities Amid the Coronavirus Crisis
COVID-19 plunged the global economy into a deep recession triggering concern over a surge in corporate defaults. Recent monetary and fiscal stimulus has allowed a rebound in credit assets ranging from high-yield bonds to highly rated asset-backed securities, but other markets remain dislocated.
US Manager Universe Statistics: First Quarter 2020
This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.