The wildfires may affect some municipal bond issuers in the devastated areas, but the impact to other California bonds or to the broader muni market is likely limited.
Some soft data metrics have started to rebound sharply and catch back up to relatively resilient hard data, but it's too soon to say whether the gap is definitively closing.
Investors and markets are anxious to see when and how the new Congress will implement the massive Republican policy agenda. But the details matter, and the answers will take time.
Donald Trump and Republicans support sweeping changes that could affect the economy, markets and investors. But narrow margins in Congress could complicate that agenda.
Stocks are coming off another banner year, but strength has bred a frothy sentiment environment, which continues to loom as a risk for likely coming volatility.
Continuing last year's trend, our 2025 outlook shows fixed income benefiting from high rates, while equities face a narrowing edge over risk-free investments.
Find Market Commentary content
Markets React to a New Administration
Are California Fires a Risk to the Muni Market?
Hard to Handle: A Look at Hard vs. Soft Data
Climate Shocks & the Muni Bond Market
Edgy Investors Waiting to See How Policies Unfold
Does the Resilient Economy Equal a Higher Potential Growth Rate?
New Congress Faces Massive Policy Agenda
It Was a Very Good Year
Schwab's 2025 Long-Term Capital Market Expectations