All United States articles – Page 2
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White papersCRE lending index at fifth-highest level ever
The Mortgage Bankers Association (MBA) recently published its 3Q25 Survey of Commercial / Multifamily Mortgage Banker Originations, which provides quarterly updates on changes in the originations market. It details changes in the volume of loans originated and breaks down the data by property type and investor type. Notably, in the latest release, lending activity rose meaningfully across nearly all segments of the market. The volume of commercial and multifamily loan originations increased 18% from the previous quarter, 36% year-over-year, and is now up 47% year-to-date compared with the same nine-month period in 2024. While seasonal patterns can influence quarter-over-quarter comparisons, the year-over-year and year-to-date gains indicate a broader recovery is underway in the CRE debt space.
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White papersIs the U.S. Shutdown Impact About to Hit?
While U.S. consumer sentiment has broadly held up, it may begin to crumble in certain segments, potentially impacting the sector at its most important time.
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White papersNavigating CLOs: Opportunities in AAA-rated tranches
Exploring the evolving role of AAA CLOs and their growing accessibility through ETF structures
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White papersUS debt and dollar dominance
The US has long defied conventional economic wisdom by sustaining persistent fiscal and trade deficits without triggering a dramatic sell-off in government bonds or a collapse in its currency.
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White papersTaxable municipal bonds: room to run
Taxable municipal bonds returned 6.43% year-to-date through Q3 2025, marking the best start since 2020, with spread advantages over similarly rated corporates providing runway for additional gains despite slight underperformance. Strong fundamentals—tax revenues and reserves at all-time highs—combine with compelling entry points from year-to-date underperformance, seasonal upticks in new issuance creating buying opportunities, and widening performance gaps between credits that make disciplined security selection increasingly critical for active managers seeking optimal returns.
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White papersAmerica’s housing opportunity: Beyond the supply gap
Rentership remains a cornerstone at approximately 35% of U.S. households, the rental market goes well beyond apartments, and the central challenge is not only undersupply — but a mismatch between the types and locations of housing relative to where demand exists.
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White papersRecent Credit Stress a Canary in the Coal Mine?
While idiosyncratic credit risk is beginning to emerge, signs of broader credit or systemic stress are still sparse.
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White papersThe income conundrum (and a potential solution)
The Federal Reserve (Fed) has resumed its rate-cutting posture after a lengthy pause. While we expect the easing cycle’s impact on the economy to be beneficial, lowering rates comes at a cost: many savers who depend on income-oriented financial instruments will have challenges meeting their living expenses.
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White papersDefault shockwaves: short‑term pass, medium‑term wake‑up call
Tricolor Holdings is a subprime auto-lender and used-car retailer, focused on borrowers with weak credit histories. It filed for Chapter 7 liquidation in September. The episode could involve up to $10 bn of claims and more than 25,000 creditors.
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White papersU.S. CRE deal volume up 17% in 3Q 2025
MSCI Real Capital Analytics reports that U.S. commercial real-estate (CRE) transaction volume increased by 17% in 3Q 2025, with volumes year-to-date through September up 17% compared with the same period in 2024 — signalling renewed investor demand and confidence across most property types.
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White papersAmerica First policies: What are the global implications?
Through its tariff policy, the US administration is attempting to correct fundamental trade imbalances with the rest of the world. The US has the largest current account deficit globally, while countries such as China, Germany, and Japan boast meaningful surpluses.
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White papersHow much could AI drive future productivity?
It goes without saying that the US has been a dominant force in the global economy. The structural foundations of its long-term economic growth included a winning combination of superior productivity, a culture of innovation and risk-taking, and a stable, predictable regulatory framework.
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White papersAsset Allocation Committee Outlook 4Q 2025
After a remarkably resilient performance in 2025 for the global economy and markets, the Asset Allocation Committee (AAC) maintains confidence in its overall outlook—continued strength in growth and risk assets over the medium term, with targeted tactical exposures across asset classes and regions.
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White papersHome away from home? Europe and APAC living sectors’ appeal amid US uncertainty
Amid economic fluctuations and fraying geopolitical ties, investors are reassessing their reliance on US assets. The unfolding ‘great rotation’ shifts attention toward Europe and Asia-Pacific, where the resilient residential or ‘living’ sectors within the real estate market present appealing returns in uncertain times. With secular tailwinds in housing supply and student mobility, Noura Tan asks, can these markets lead the way toward future growth?
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White papersU.S.-China trade tensions: From complacency to concern
From complacency to concern: Recent escalations in tariffs and export controls between the U.S. and China have jolted market complacency, bringing trade risk back into focus as a potential headwind for growth and tech-heavy portfolios.
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White papersFresh breadth? Market concentration in three charts
With the S&P 500 Index near record highs, have we moved past peak dominance for the Magnificent Seven (“Mag 7”) group of stocks? It appears so, and it represents a healthy move away from the extreme concentration that raised concerns about risks to investor portfolios.
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White papersBond markets prove resilient amid systemic shifts
The U.S. economy has undergone major changes in 2025, including stimulative fiscal policy, tariff uncertainty, declining labor force growth and increased AI adoption. These systemic shifts create both opportunities and challenges, accompanied by significant uncertainty. Despite this fluid environment, fixed income markets have delivered strong performance across all major sectors, with many exceeding 6% year-to-date returns. Active management and diversified portfolios with moderate risk posture, emphasizing higher-yielding sectors, may help capitalize on historically attractive yields and emerging opportunities while navigating tremendous change.
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White papersMIM Public Market Signals for Private Real Estate Investors Part II: Risk Assessment
Housing supply is tight in the Midwest and Northeast; inventory is building up in the Sun Belt
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White papersRelative Value & Tactical Asset Allocation – Q4 2025
Turbulence in growth resulting from U.S. policy vacillations continues to drive expectations for global activity and inflation risks. Although initial tariff announcements resulted in a significant equity market downturn and a surge in volatility, financial markets have recovered and rallied. However, the tariff impact on data is likely to lag survey and other data, suggesting that we are unlikely to see a significant acceleration in economic activity anytime soon.
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Asset Manager NewsMidOcean Credit Partners and Lumyna Investments Announce Launch of the Lumyna – MidOcean Absolute Return Credit UCITS Fund
London, 13 October 2025 – MidOcean Credit Partners (“MidOcean”), a leading U.S. credit manager with nearly two decades of experience that is part of the broader MidOcean Partners platform, and Lumyna Investments, part of Generali Investments, are pleased to announce the launch of the Lumyna – MidOcean Absolute Return Credit UCITS Fund (“the Fund”, “MARC”), an actively managed short-duration long/short high yield strategy designed to provide capital appreciation across market cycles.
