All United States articles – Page 6
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White papersUS electric utilities: Stability amid uncertainty
Amid the ongoing uncertainty of tariffs and geopolitics, one area of the corporate bond market that stands out as providing a stable and reliable source of income is the US electric utility sector.
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White papersWhat earnings season revealed about US consumers
As the US economy heads into the final months of a tumultuous year, all eyes are on American consumers. Can they continue to power through despite weaker job growth and slower wage increases? Or will they tighten the purse strings amid rising tariffs and higher inflation?
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White papersMIM U.S. Housing Chartbook September 2025
Housing supply is tight in the Midwest and Northeast; inventory is building up in the Sun Belt
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White papersWhat happens if US debt becomes unsustainable?
Is the US national debt growing out of control? Predicting when or if a tipping point may be reached is difficult (or impossible), but the country faces growing fiscal challenges as its soaring interest burden is heightening concerns about long-term debt sustainability.
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White papersFour charts on why the US economy is so resilient
The United States economy is at a crossroads. Cracks are forming and growth is slowing as tariff policies weigh on hiring and curb consumer spending. On the other hand, generative artificial intelligence (AI) is driving a surge in productivity. The question is: Can AI fill the cracks in the US economy?
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White papersCan AI continue to power U.S. exceptionalism?
As AI demand drives technology stocks to record highs, investors question whether extraordinary capital spending will deliver sustainable returns and if the Magnificent 7’s market dominance can continue. Discover why U.S. tech leadership may face new challenges, how market concentration creates both opportunities and risks, and what the competitive threat from emerging markets like China means for long-term investment strategy.
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White papersNothing Burger: The Drivers Behind US Cattle Herd Size Stagnation
Since the United States Department of Agriculture (USDA) started publishing US cattle herd size data in 1973, a persistent downward trend has been present through time with only a few local peaks. In fact, as of the end of 2024, the US cattle herd size reached the lowest level on record and is more than thirty-percent smaller than the peak size it reached in 1974, and only four-fifths of the average size from 1973 to 2024 despite rising cattle prices over the same period. Cattle herd size is cyclical, with a typical cycle length of about ten years.
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White papersMacro Monthly The Fed: Now and Later
It’s not easy to be Chair Powell – or any Federal Open Market Committee member – right now. Tariffs and slower immigration have put the dual mandate in tension, forcing judgment calls about how to balance labor-market downside against inflation and inflation expectations upside. At the same time, intense pressure from the Trump administration to ease aggressively – including threats and actions to remove FOMC members – raises risks to individuals in the near term and, over time, to the institution’s independence and credibility.
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White papersHow far does the Fed’s influence extend?
Not all points of the yield curve respond equally to Federal Reserve rate cuts.
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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.
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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.
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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.
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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.
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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.”
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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.
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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.
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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.
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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.
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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.
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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.
