Market Commentary

Our portfolio managers give you their analysis of current economic trends
within their targeted area of investment

Please read our PDF download special mid-quarter update about COVID-19.

Core Strategy
Will Wurm
Will Wurm

PDF download Q4 2019 : Positive Reinforcement

Summary: Favorably, the last quarter of 2019 built upon earlier gains in the year to provide outsize returns in most all markets. The rangebound market we saw in the third quarter responded favorably to the resolution of the trade conflict with China. Adding to investor enthusiasm, a dovish Fed cut the Federal Funds target rate for a third time, partially reversing rate hikes that began in 2016. Additional liquidity was provided to the capital markets from the Fed via cash injections in the esoteric overnight repo market (an overnight bank borrowing facility). These actions did much to provide the all clear signal to investors.

Past issues:     Oct 2019     Q3 2019     Q2 2019     Q1 2019     Q4 2018    

Municipal Fixed Income
Evan Slater
Stephen Steglitz



PDF download Q4 2019 : Municipal Market Update

Past issues:     Q3 2019     Q2 2019     Q1 2019     Q4 2018