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Job Growth Ever So Softer
Posted by Jeffrey J. Roach, PhD, Chief Economist Tuesday, August 8, 2023 KEY TAKEAWAYS OVERVIEW The Bureau of Labor Statistics (BLS) reported nonfarm payrolls grew by 187,000 in July, just shy of consensus. This, however, marks a slight uptick from the revised June figure of 185,000. The healthcare sector was the biggest contributor, adding 63,000 jobs, […]
August 8, 2023
Core Bond Inflows Provide Support as the Fed and Banks Step Back
Posted by Josh Whitmore, CFA, Senior Analyst Wednesday, August 9, 2023 Many investors labelled 2023 as the “Year of the Bond” following 2022’s historic bond rout (the Bloomberg U.S. Aggregate Index (Agg) declined 12%). Broadly, fixed income returns are positive across the board in 2023. However, high quality core bond returns (proxied by the Agg) have […]
August 9, 2023
CPI Report: Falling Probabilities of a September Rate Hike
Posted by Jeffrey J. Roach, PhD, Chief Economist Thursday, August 10, 2023 Additional content provided by Colby Hesson Highlights: Bottom Line: Core inflation is getting less sticky, but for the Fed to declare victory on inflation, it is imperative it unwinds at a faster and more decisive pace. The Fed’s dove versus hawk tug-of-war appears now […]
August 10, 2023
What a Pullback Could Look Like
Posted by Adam Turnquist, CMT, VP Chief Technical Strategist Friday, August 11, 2023 Key Takeaways: Stocks have pulled back modestly this month as overbought conditions met overhead resistance. Interest rate volatility spurred by Fitch’s downgrade of the U.S. credit rating, monetary policy uncertainty, stretched valuations, and underwhelming economic data in China have also weighed on risk […]
August 11, 2023
With Inflation Falling, Why Aren’t Treasury Yields Falling As Well?
Posted by Lawrence Gillum, CFA, Chief Fixed Income Strategist Wednesday, August 16, 2023 Last week’s release of the Consumer Price Index (CPI) was the second month in a row that showed inflationary pressures were falling at a faster pace than economists’ estimates, which is undoubtedly good news. Additionally, the fall in inflationary pressures likely means the […]
August 16, 2023
Bullish Individual Investor Sentiment Fades Fast
Posted by George Smith, CFA, CAIA, CIPM, Portfolio Strategist Thursday, August 17, 2023 The latest weekly data from the American Association of Individual Investors (AAII) showed that individual investor sentiment plummeted over the last week from fairly bullish to pretty neutral as the market and economic environment so far in August caused bulls to disappear and […]
Yield on the Rise—Too Much Too Fast?
Posted by Adam Turnquist, CMT, VP Chief Technical Strategist Friday, August 18, 2023 Key Takeaways: Treasury yields are beginning to resemble the popular Cliff Hanger game on the “Price is Right” television show—how high can they go before the game is over for equity markets? Considering stocks bottomed at nearly the same time longer duration yields […]
August 18, 2023
China Concerns Send Hong Kong’s Stock Index Into a Bear Market
Posted by Jeffrey Buchbinder, CFA, Chief Equity Strategist Tuesday, August 22, 2023 Additional content is provided by John Lohse, CFA Key Takeaways Investors are growing increasingly cautious over China’s problematic economy. Those fears have been wreaking havoc on the HSI where many large Chinese-incorporated companies list their shares for foreign investors. As of August 21, the […]
August 22, 2023