June 2020 – Bond Market Review
The National Bureau of Economic Research has officially determined that the US economy entered a recession in February 2020, following a 128-month economic expansion. First quarter GDP declined 5.0% and the decline in second quarter GDP is expected to be more severe. More than 42.6 million people have filed for unemployment since mid-March, though many […]
May 2020 – Bond Market Review
Financial market turbulence eased in April and the S&P 500 index increased 12.7% in the month, even as economic data weakened. Supported by a historic fiscal and monetary response, we believe equity market participants are generally looking through the weak economic data and expect conditions to improve in the second half of the year. First […]
April 2020 – Bond Market Review
Financial markets were extremely turbulent in March, driven by a high level of uncertainty and fear regarding the impact of the COVID-19 pandemic on the global economy. The S&P 500 index declined 20.0% in the first quarter and the average option adjusted spread on investment grade corporate bonds (based on the ICE BofA US Corporate […]
March 2020 – Bond Market Review
Financial markets experienced significant turbulence during the month of February, driven by a high level of uncertainty about the impact of coronavirus on global economic growth. We believe this was further exacerbated by rising US political uncertainty ahead of this year’s presidential election. The US Treasury market was particularly volatile during the month, amid a […]
