All United States articles – Page 5
-
White papers360° Fixed Income Report: How not to be a deer caught in the ‘headlines’
Read our latest 360° fixed income report to learn more about our credit team’s outlook for macro, fundamental and technical forces.
-
VideoThe AI toolbox
Damien Zhang and the MDT team look at artificial intelligence as a toolbox, not a black box. From large language models to machine learning, the team pick and choose the right tools to sharpen their investment process.
-
White papersWhy a government shutdown is unlikely to alter the stock market’s course
Historical data suggest U.S. government shutdowns generally have only short-lived market effects—so investors should focus on broader economic fundamentals rather than headline-risk.
-
White papersThe Power of Embracing Competing Ideas
This year’s recommendation for vacation reading is a fascinating exploration of the sources of rising political polarization in the U.S. and how it can be addressed.
-
White papersFed moving towards rate cuts
“The US Fed is carefully treading the policy path forward, given the mixed macro data. As signalled at the recently concluded Jackson Hole symposium, the central bank is likely to start cutting rates in September, in line with our expectations.”
-
White papersBack to school: campus capital backed by muni bonds
Higher education institutions face unprecedented challenges from demographic shifts, federal scrutiny and infrastructure needs. Municipal bonds provide essential financing that enables these institutions to build state-of-the-art facilities, maintain competitive campuses and secure operational liquidity.
-
White papersMo’ Money, Mo’ Problems
With the debt ceiling no longer an issue, the Treasury is set to increase issuance to raise the cash balance in the general account. Treasury intends to use more bills instead of coupon financing. This shift in strategy may pressure the Federal Reserve to adjust its portfolio, which currently holds a much lower proportion of bills than the overall Treasury market. July saw a record $27.7 billion in tariff revenue, yet tariffs remain a minor part of federal government receipts.
-
White papersO’Connor Global Multi-Strategy Alpha Monthly Letter: An energy transition inflection point
As we pass the halfway mark of 2025, the energy transition landscape has undergone significant transformation. US policy shifts under President Trump – including the One Big Beautiful Bill Act (OBBB), executive orders supporting nuclear and clean energy, and broader deregulation – have reshaped global energy dynamics.
-
White papersEquities: All Eyes on the Fed
Political pressure, changing personnel and a complex mix of macroeconomic data in recent weeks have renewed the focus on the Federal Reserve and its policy direction. Compared to the bond markets, equity markets seem to be taking these developments in stride.
-
White papersWheels of fortune
The threat of US tariffs has disrupted supply chains for car manufacturers while regulatory uncertainty over emissions fines poses other challenges. Which companies are in pole position to benefit? Lisa Lange, Justin Bazalgette and Shoa Hirosato assess a market in flux.
-
White papersCracking the code: Quant Investing’s Secret to Finding Alpha
The magnificent 7 accounted for over 50% of S&P 500 gains in 2024. Today, valuations arguably look stretched.
-
White papersIlliquidity premia in private debt: Q2 2025
In our latest private markets deep dive, our research team crunches the data to see how evolving macro conditions are reflected in private debt returns.
-
White papersThe Red Thread for alternatives – Edition July/August 2025: Our monthly insights into alternatives
The trade situation in the US has developed, with more trade deals being negotiated. The agreement between the US and the EU imposes a 15% tariff on most European imports to the US, which is lower than the 20% originally proposed on ‘liberation day’ in April. Moreover, the US economy has held up well so far, showing strong growth in 2Q25, more than reversing the decline in 1Q25, which had been driven by a jump in imports ahead of tariffs.
-
White papersRethinking emerging market debt: A changing risk landscape
Recent turbulence emanating from the US has demonstrated a change in attitudes. Despite evident volatility, the dollar weakened, contrary to what would typically be expected in times of stress. The perception of risk between emerging markets and developed markets are no longer black and white. So, are investors now rethinking emerging markets?
-
White papersTaxable municipal bonds: sunny side of the street
Market conditions present a compelling entry point for taxable municipal bonds. Yields remain historically attractive, driven by heavy issuance and federal policy uncertainty, while a steepening yield curve offers opportunistic duration extension. Looking ahead, reduced summer issuance, combined with strong reinvestment demand and robust fundamentals, should create favourable conditions, potentially offering a sunnier disposition heading into fall.
-
White papersFederal policy shifts reshape the municipal bond landscape
The One Big Beautiful Bill Act introduces sweeping changes to municipal credit across multiple sectors. Despite Medicaid reforms, education funding cuts and energy policy shifts, municipal issuers remain resilient with strong fundamentals, revenue growth and historically high reserves.
-
PodcastA World of Opportunity in the Space Economy
The space economy is quickly moving from science fiction to investable reality, reshaping industries far beyond rockets and satellites. But with hype and misconceptions clouding the landscape, how can investors separate signal from noise and identify the true drivers of value in this rapidly expanding market?
-
White papersInfrastructure inflows: trickles turn to torrents
A heightened pace has returned to unlisted infrastructure fundraising in the first half of 2025, following a subdued 10 quarters since the rate hiking cycle commenced in mid-2022. The latest indicators show the final closes of closed ended funds raised USD 116 in 1H25. This exceeds the total raised in all of 2024, as well as matching the surge of inflows seen in 1H22, when the asset class benefited from the anticipation of the US Inflation Reduction Act and earlier Infrastructure Investment and Job act. The fact that the fundraising market has managed to match this pace, despite a more challenging monetary and geopolitical backdrop, is testament to investors’ ambitions for greater exposure to the asset class.
-
White papersSteady returns, strong foundations: The case for commercial real estate debt
Commercial real estate debt delivers attractive, steady yields—powered by healthy pricing, rising lender market share, and strong loan maturities. Open-ended CRE debt funds offer about 7.4 % annualized returns with low volatility, providing solid income and diversification in today’s elevated rates environment.
-
PodcastGlobal Investment Views - Deal or no deal, expect twists and turns this summer
With summer well underway in Europe, many may be on holiday, but this hasn’t done anything to slow the newsflow. In particular, announcements from the US are keeping analysts busy. Swaha Pattanaik and Monica Defend, Head of the Amundi Investment Institute, get together to work out what the latest developments mean for the markets and share their investment views for growth, inflation and asset valuations.
