Market Commentary

Timely takes on markets and the economy.

Market Commentary content

Market Commentary

The bond market has become surprisingly quiet in the past few months. Ten-year Treasury yields have settled into a narrow range near 1.6%, after peaking at 1.74% on March 31st, a steep rise from less than 1% at the start of the year. The market has shrugged off wide swings in the economic data, a spike in inflation readings, and uncertainty about the direction of fiscal and monetary policies. It reminds us of one of the puzzles in children’s magazines where you’re supposed to figure out “what’s wrong with this picture?”

Market Commentary

Liz Ann Sonders shares her perspective on the U.S. stock market and economy in this monthly Market Snapshot video.
Market Commentary

Municipal bond yields are relatively low, which may make some investors wonder about their attractiveness as an investment. However, we have a favorable outlook on munis for the second half of the year, due to a variety of potential tailwinds, including government fiscal support and technical factors.

Market Commentary

Liz Ann Sonders shares her perspective on the U.S. stock market and economy in this monthly Market Snapshot video.
Bond Insights

Although we expect higher prices over the next few years, a return to that level of inflation is unlikely.
Market Commentary

The constraint on global growth this year has evolved from the supply of vaccines to the supply of nearly everything else. Raw materials, intermediate goods including semiconductors, and even labor seem to be in short supply. This environment risks a stall in output, earnings and job growth while pushing prices higher. Commodity prices are soaring at a pace not seen since the Carter administration.

Pump it Up: Earnings Season Starts Off Strong
Market Commentary

Although earnings season has a ways to go, the results have been strong enough to significantly boost growth expectations, while also easing some valuation concerns.
Market Commentary

As the calendar turns to spring, Washington seems to be finally catching its breath after a frantic first quarter of 2021, which began with riots at the US Capitol and continued through the inauguration of a new president, the impeachment of the previous president, and the remarkably quick passage of a $1.9 trillion economic stimulus bill—the second-largest stimulus package ever signed into law.
Hit Me With Your Best Shot: Speculative Trades Take a Breather
Market Commentary

Trendy and speculative trades have gained micro bubble status and rolled over of late, but their weakness hasn’t infected the broader market.

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