FLGV News and Press, Franklin Liberty U.S. Treasury Bond From 11/24/20

The world economy has really been rocking, and we've been talking about this since the summer, as can be seen by looking at global business activity, PMIs. Copper prices are near four-year highs and have continued to rally through the last several months. And unemployment has really b...

Just because the market is overbought, extended, and deviated from long-term averages does not necessarily mean an immediate correction. Such requires a catalyst. The overbought conditions provide the fuel for the correction. We continue to suggest some caution through active portfoli...

COVID's precision-like timing was supernatural - nothing short of sinister. A once-in-a-century international pandemic surfacing in the waning days of an unrivaled global financial bubble. According to the IIF, U.S. debt is on course to expand about 13% this year to $80 trillion. As a...

A divided government is probably the best scenario for the fixed-income markets. The Fed’s announcements that it is going to be highly supportive of a market, lower for longer, have provided a lot of stability to the fixed-income markets and some predictability. We haven't ...

If we live long enough, almost all of life's activities are cyclical, alternating from favorable to unfavorable. The name of the game is to be able to participate in the favorable. Economic and stock market cycles are not identical, but they tend to "rhyme". If stock prices do their j...

Positive COVID-19 vaccine developments give us greater confidence in the activity restart, and may make it easier for policy support to bridge the income gap. The vaccine news sparked a sharp rotation into value and small-cap stocks that fizzled later in the week when near-term virus ...

Much of the drop in the stated core CPI number is coming from declining rent inflation (or shelter inflation). Real-time data suggests that much of this appears to be related to some amount of exodus from expensive cities like San Francisco and New York City. However, declining CP...

The yield curve has taken a strong bullish move as a result of the election and the COVID-19 vaccine progress. The long end of the Eurodollar curve is nearly back to the pre-COVID level. The Fed probably still has room for more traditional accommodation. For further details ...

On Monday, the announcement by Pfizer sent markets screaming higher. However, it wasn't like rallies we had seen previously. Instead, it was a fierce rotation from the previous leaders to laggards. Given the more overbought condition, we expect a one- to two-week correction at the beg...

Monday's Pfizer announcement followed pivotal elections by only a few trading sessions - an election I have posited as the most hedged individual event ever. Markets were already in a state of acute instability prior to the news, having been spurred sharply higher by the unwind of hedges ...