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EM debt currently offers value to investors with a medium- to long-term horizon and a willingness to tolerate a period of higher volatility. EM sovereign high-yield spreads are particularly compelling, especially relative to U.S. high-yield debt. Longer term, we believe the outloo...
Expects the bond market volatility to come off the boil a little bit or even better, see a rally in yields. There's a lot already priced into the bond market with respect to central bank interest rate hikes. Michael Craig, Head of Asset Allocation and Derivatives, TD Asset Managem...
As Q1’s third-highest inventory accumulation follows Q4’s record-high accumulation, the fact it was less, if still huge, when compared to the prior three months counts as a reduction to overall GDP. As has been the case since the last recession, spending on goods may be ...
After US median home prices collapsed 40% nationally by 2011, American disposable income growth was able to get ahead of home appreciation for a few years. The median household is now adding about $6400 in new debt per year to meet their obligations. Unfortunately, those who borro...
I expect S&P 500 total returns to be negative, on average, for well over a decade – an outcome I also projected at the 2000 market peak. The most severe market losses tend to emerge when elevated valuations are joined by deterioration and divergence in market internals, sug...
Sound Point Acquisition Corp I raised approximately $225 million in a recent IPO. The SPAC has not provided meaningful detail in terms of which industries it is going to target for an initial business combination. Management has experience in credit and commercial real estate but ...
Real gross domestic product fell at a 1.4 percent annualized rate in the first quarter versus a 6.9 percent rate of gain in the fourth quarter. Businesses added to inventory at a $158.7 billion annual rate in the first quarter versus accumulation at a $193.2 billion rate in the first ...
Initial claims for regular state unemployment insurance fell slightly, decreasing 5,000 for the week ending April 23, coming in at 185,000. The number of ongoing claims for state unemployment programs totaled 1.464 million for the week ending April 9, a drop of 102,848 from the prior ...
GDP growth figures are notorious for revisions, but the headline number missed pretty badly, coming in at -1.4% annualized after inflation vs. an estimate of +1.0%. Here in Texas, restaurants that were packed this time last year on weeknights are only about half full, while road traff...
Investors are concerned about the impact the latest wave of Covid in China will have on the global supply chain. The greatest impact will be on China's economic growth in the second quarter, but stimulus should follow. U.S. multinationals seem to be effectively navigating this lat...