Commentary

2020 Mid-Year Outlook: Municipal Bonds

The first half of 2020 was dominated by the COVID-19 pandemic, which hit the municipal bond market hard. State and local governments experienced a sharp and sudden drop in revenue, and an increase in expenses, amid stay-at-home orders and business shutdowns.

Commentary

Preferred Stocks: Will Fed Bank Stress Tests Lead to Suspended Dividends?

We believe the risk that preferred-stock dividends will be suspended is low despite the recent announcement by the Federal Reserve that it is requiring banks to cap their common stock dividends.

Commentary

Making Sense Of The Market (And Where We Can’t)

While no one is ever really comfortable losing money, we often hear from investors that they are most uncomfortable when it seems that the stock market isn’t making any sense whether it’s heading up or down. In order to help try to make sense of it all, let’s take a look at where the stock market makes sense right now and where it doesn’t.

Commentary

Pause: Stocks’ June Consolidation Continues

COVID-19 headlines dominated equity market action last week, with the S&P 500 suffering a near-3% decline; although all is not grim. The number of virus cases has been spiking in states that opened earliest—including my new home state of Florida, which went from a mid-60s average age for confirmed cases to the current mid-30s average age.

Commentary

2020 Mid-Year Outlook: Corporate Bonds

Investors should consider these various investments—cautiously. Given the challenging economic outlook and high level of uncertainty, we believe bouts of volatility are possible, albeit not to the level witnessed in February and March.

Commentary

What A COVID-19 Second Wave Means For Investors

A second wave of global COVID-19 is getting a lot of media attention, but the appearance of a global second wave of cases is primarily driven by the different timing of first waves across countries—rather than second waves within countries.

Commentary

Higher-Education Bonds in a COVID-19 World

As the economy reopens from COVID-19 restrictions, a question looms: What will colleges and universities look like come fall? Will students return to a more normal on-campus learning experience, some form of online experience, a combination of both … or will they simply not return?

Commentary

2020 Mid-Year Outlook: Moving at Warp Speed

Economies and markets whipsawed in the first half of 2020. Here’s what we expect for the rest of the year.

Commentary

2020 Mid-Year Outlook: Fixed Income

Returns for most fixed income asset classes are positive so far this year, but the numbers mask the rocky road markets have traveled since January.

Commentary

Not Always Tax-Free: 7 Municipal Bond Tax Traps

Investors often think of municipal bonds, which are sold by local and state governments to fund public projects like building new schools and repairing city sewer systems, as being totally tax-free—but that’s not always the case.

Commentary

Schwab Market Perspective: Mixed Signals

Why did stocks rise over the past month despite grim economic news? The Federal Reserve’s massive liquidity injection is one reason.

Commentary

Fed and Watered: Rates to Stay Near Zero

As expected, the Federal Reserve kept rates unchanged at 0-0.25% and said it will keep them near zero through at least 2022, in a unanimous vote.

Commentary

2020 Mid-Year Outlook: Global Stocks and Economy

In our 2020 Global Market Outlook, we cited many indicators pointing to heightened risk of a recession; now we highlight increasing signs of a recovery from one.

Commentary

Disconnect the Dots: Main Street vs. Wall Street

The dominant question we’ve been getting from investors is about the perceived disconnect between what’s happening on Main Street and what’s happening on Wall Street.

Commentary

What’s Wrong With the Rebound?

There may be something amiss with the stock market rebound. Ahead of any meaningful improvement in economic data, global stocks have gained about 30% over the past two months from their low on March 23, as measured by the MSCI World Index.