Bonds: Born to Be Mild
A 30-year bull market for bonds has come to an end, but this does not make a bear market inevitable, in our view.
read moreGauging the Mortgage Trade Today
Doug Peebles and Matthew D. Bass Is the mortgage trade over? No, and in some ways, it’s just beginning.
read moreTAG Could Be Tagged in Fiscal-Cliff Negotiations
Doug Peebles, Jon Denfeld and Ed Dombrowski Caught up in the wrangling over the US fiscal cliff is a little-publicized program that could have big implications for short-term investors and bond yields if the program expires on December 31. If the Transaction Account Guarantee (TAG) program ends, huge sums of money may start looking for a new [...]
read moreDo TIPS Pose a Hidden Risk to Seekers of Inflation Protection?
Treasury-inflation protected securities, or TIPS, have been a popular choice for investors concerned about future inflation. And TIPS’ returns have been impressive in recent years. But the main contributor to TIPS’ performance isn’t inflation. It’s an ingredient that could become as hurtful down the road as it’s been helpful in the past.
read moreHow Would Municipals Fare Under Romney?
Last month, we wrote that changes to the tax code being discussed in Washington would affect the value of municipal bonds. While that analysis still holds true, that was before the election campaign engines really revved up. Now there’s more chatter, if not more clarity. My colleague Michael Brooks weighs in.
read moreIs CCC Credit Worth the Risk?
Typically, one would expect higher-risk assets to generate higher returns. But when it comes to high-yield corporate bonds, indiscriminate exposure to the CCC-and-below category may not produce the expected results. Here, high-yield portfolio manager Ivan Rudolph-Shabinsky discusses some of our research findings.
read moreCould Tax Reform Hurt Municipal Bond Prices?
Tax rates and federal government expenditures are being discussed in Washington. The ultimate result could affect the value of municipal bonds. My colleague Michael Brooks explains.
read moreThe Underfunded Pension: States Take Action
State and local governments with significant pension funding shortfalls are coming under increased political pressure due to new transparency rules in accounting. My colleague Joe Rosenblum examines their options.
read moreMunicipal Pensions: A Big Problem?
Underfunded pension systems pose significant challenges to many state and local governments. For a few, it’s an immediate problem. But as my colleague Joe Rosenblum explains, for most municipalities, pension troubles aren’t really the proverbial last straw.
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