Content (155)
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White papersGlobal preferred and capital securities remain attractive
Credit outlook: Remains stable, underscored by a robust U.S. economy
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White papersThe opening salvo in Trump trade war two
Markets were recently rattled by three executive orders announcing tariff increases on Mexico, Canada, and China, marking an opening salvo of President Donald Trump’s trade war. With Europe likely next in line, uncertainty remains high—despite a 30-day delay on tariffs for Mexico and Canada—fueling further market volatility.
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White papers2025 Emerging market debt outlook: Stick to income and relative value in a disruptive year
As 2024 is now behind us, we are reflecting on a year of political and geopolitical upheaval which culminated in the election of Donald Trump in the U.S., whose disruptive agenda hangs over emerging market (EM) investors’ heads. In this outlook, we flesh out our current view of the world, as seen from an EM lens, and highlight a few key investment themes.
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White papersTrump’s first 100 days: Five policies shaping markets in 2025
With an ambitious policy agenda, President Donald Trump’s first 100 days in office will provide an early indication of his ability to sustain momentum in delivering on his promises. Wasting no time, Trump has unleashed a whirlwind of executive actions across a variety of policy focus areas, though many are likely to be challenged in court.
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White papersFixed income perspectives 1Q 2025: Finding opportunities in a dynamic global environment
Fixed income markets are navigating diverging central bank approaches, presenting both opportunities and challenges for investors. With elevated yields, robust credit fundamentals, and selective opportunities across asset classes, fixed income offers an attractive landscape heading into the new year.
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White papersHow to make sense of Emerging Market Debt in a global portfolio
Despite potential short-term volatility stemming from geopolitical events, we believe the current environment presents one of the most favorable opportunities for EMD in the past decade.
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White papersDiverging fortunes: Global Market Perspectives, 1Q 2025
Despite elevated policy uncertainty, a solid economic backdrop implies this is still a risk-on investing opportunity. Our quarterly investment outlook highlights the themes and investment implications for the period ahead.
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White papers2025 investment landscape: Q&A with our CIOs
The December CPI print delivered a much-needed downside surprise, relieving some of the market anxiety that the U.S. economy is at the beginning of a second inflation wave. Annual headline inflation picked up to 2.9%, but, more importantly, annual core CPI dipped to 3.2%, with the pace of monthly core inflation slowing for the first time since May last year. For the Fed, today’s print is certainly not enough to prompt a January cut. But, it does keep hopes alive that the Fed’s cutting cycle still has some room to run.
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White papersDecember CPI: Keeping rate cut hopes alive
The December CPI print delivered a much-needed downside surprise, relieving some of the market anxiety that the U.S. economy is at the beginning of a second inflation wave. Annual headline inflation picked up to 2.9%, but, more importantly, annual core CPI dipped to 3.2%, with the pace of monthly core inflation slowing for the first time since May last year. For the Fed, today’s print is certainly not enough to prompt a January cut. But, it does keep hopes alive that the Fed’s cutting cycle still has some room to run.
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White papersU.S. equities: Climbing the valuation wall
Investors enter 2025 with cautious optimism following a stellar 2024 for equities, as stretched valuations and elevated bond yields pose near-term challenges. Despite these potential headwinds, strong earnings growth remains the driver of market performance—if earnings deliver as expected, equities are likely to remain biased higher.
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White papersFinancials: Poised for recovery
The positive economic outlook—highlighted by an increasingly likely soft landing—along with industry-specific green shoots, such as favorable credit conditions, improving loan growth, higher net margins and fee income, and a more accommodating regulatory environment, is poised to drive an inflection point in financial services earnings. These factors should help create a return to capital and a favorable earnings environment through 2026, helping extend positive investor sentiment within financial stocks.
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White papers2024 recap: Resilient despite risks
Markets defied challenges in 2024, delivering strong gains across equities and bonds, supported by investor optimism and resilient economic fundamentals. Entering 2025, a mix of policy clarity and elevated equity valuations suggests a cautious but optimistic outlook for U.S. growth. Key risks—including trade policy and the Federal Reserve’s evolving ...
