December 10, 2019 Is Investing in Gold Worth Its Weight? by Vinod Chathlani Few assets have as much polarized debate and disagreement on their role as an investment than gold. “Gold bugs” tout its reliability as a store of value, while skeptics view gold as a “barbarous relic” whose value is driven primarily by sentiment and occasional mania. Alternatives, Asset Allocation, Economics, Inflation Likes 0 SHARE Bookmarks
November 13, 2019 Fed Next Steps: What’s Likely, What’s Not by Eric Winograd The Fed has signaled it is unlikely to cut interest rates again in December, but we expect further rate cuts next year. We believe the Fed has not yet done enough to protect the economy against headwinds. While we don’t forecast a US recession, we think additional monetary policy easing will be needed to stabilize growth. Economics Likes 0 SHARE Bookmarks
November 05, 2019 Our Most Interesting Chart Right Now: Debt across the Economy—Pre/Post-Crisis Our Bernstein Research US Economics team crunched the numbers to determine which segments of the economy have increased or decreased leverage since the Global Financial Crisis. Economics, Wealth Planning Likes 0 SHARE Bookmarks
October 08, 2019 Is The Brexit End Game Finally In Sight? by Darren Williams The battle for Brexit has undermined traditional political affiliations and triggered changes in the UK’s constitutional order that could affect future governability. We may now be approaching the end game, though the outcome might not be the one markets are counting on. Brexit, Economics Likes 0 SHARE Bookmarks
October 02, 2019 Evaluating the Headwinds To the Economic Outlook by Darren Williams The global economy faces its most challenging year in over a decade. Policymakers still have options, but can they use them effectively? Capital Markets Outlook, Economics Likes 0 SHARE Bookmarks
October 02, 2019 The Fed is Cutting Rates. Will That Be Enough? by Eric Winograd The Fed cut rates again and indicated that one more cut should be enough to shore up growth. We think more will be needed. But will rate cuts work? And if not, what else can the Fed do? Economics, Later in the Cycle Likes 0 SHARE Bookmarks
September 16, 2019 The Fed Has More in Its Policy Tool Kit Than You Might Think by Eric Winograd With the global economy facing stronger headwinds, we’ve reduced our global growth and interest-rate expectations. But the US Federal Reserve has a variety of policy tools it could use—some unconventional—that we think will help the US economy hold up better than some of its peers. Economics Likes 0 SHARE Bookmarks
September 03, 2019 Are We Closer to a Recession Post-August? by Matthew D. Palazzolo, Christopher Brigham To help us assess the macroeconomic environment and put the recession fears into perspective, we look at our dashboard, which continuously monitors numerous metrics that provide insights into the health of the economy. Today, five metrics are particularly telling. Capital Markets Outlook, Economics Likes 0 SHARE Bookmarks
August 07, 2019 China’s Currency Weakness: Not as Bad as it Seems—Yet by Mo Ji China’s currency depreciated this week, with the exchange rate rising to more than 7.0 renminbi per US dollar, unnerving investors and markets worldwide. Here’s the good news: we don’t think the renminbi will continue to weaken at the same pace. Currency, Economics, Trade Wars Likes 0 SHARE Bookmarks
August 05, 2019 Is a New Front About to Open in the US-China Trade War? by Eric Winograd Financial markets are focused on the ongoing trade war between the US and China—which goods and services are in play and what measures are being taken or threatened in each case. But the trade conflict could spill over into currency markets—and that’s a risk that bears watching. Currency, Economics, Trade Wars Likes 0 SHARE Bookmarks
July 30, 2019 Rising Risk of No-Deal Brexit by Darren Williams With the pound sliding to two-year lows, currency markets are signalling a higher probability of a no-deal Brexit. But the fallout from no deal would hurt the rest of Europe, too, and add to downward pressure on euro-area bond yields. Brexit, Economics Likes 0 SHARE Bookmarks
July 25, 2019 Will Easy Monetary Policy Keep the Global Economy Afloat? by Darren Williams Global markets have taken heart from a truce in the trade war and signs of yet more monetary-policy stimulus. Easy money may well give a short-term lift to asset prices, but longer-term prospects look more challenging, especially for Europe. Economics Likes 0 SHARE Bookmarks
June 20, 2019 Fed Looking for an Ounce of Prevention with Rate Cuts by Eric Winograd The Fed left its benchmark rate unchanged this week, but also signaled a very high probability of cuts later this year. Historically, rate cuts have been a sign of trouble—typically made in response to slower growth and rising unemployment. But this time around, growth data aren’t showing much weakness. What’s the story? Economics, Fixed Income, Later in the Cycle Likes 0 SHARE Bookmarks