Yes, although as the mid-October deadline for significant regulatory-driven changes to US money market mutual funds draws near, investors that wait may find themselves with fewer options for funds that will continue to offer stable net asset values.
Investors that buy developed markets government bonds have been faced with unpalatably skimpy or even negative yields on offer for some time. The question is no longer why, but for how long? Fed funds futures and benchmark ten-year US Treasuries suggest the answer is several more years, a similar timeline to other markets. But as we know, markets have a tendency to surprise.
This chart book presents representative marketable and hedge fund manager performance for second quarter 2016.
July’s publication summarizes two articles discussing fixed income market liquidity. The first highlights a number of worrisome liquidity trends, arguing that policy changes can help improve market function, and the second argues that liquidity has not necessarily improved despite the fact that transaction costs have fallen.
Investors grappled with the trajectory of global growth and the dramatic increase in negative-yielding debt in the year ended June 30, 2016. This brief chart book looks at returns and other market metrics for fiscal year 2016.
Structured credit markets are being affected by technical factors as investors confront modest new issuance, constrained dealer inventory, and lower liquidity than the norm in recent years.
This chart book presents representative marketable and hedge fund manager performance for first quarter 2016.
As more countries move from zero interest rate policy (ZIRP) to negative interest rate policy (NIRP) to try to boost growth and conquer deflation, the risks of unintended consequences are rising and investors should tread carefully.
In over 25 different analyses and 100 charts, our annual analysis of the history of global markets provides context for the range of returns investors can expect from equities, bonds, and cash; reveals the importance of various components of equity returns; examines the evidence for equity mean reversion; and reviews the relationship between initial valuations and subsequent returns for equities and bonds. This year’s edition is accompanied by an appendix showing year-by-year, cumulative, and average annual compound returns for as much as 115 years of market data for Australia, Japan, the UK, and the US.
US municipal bonds remain attractive and we advise maintaining allocations