Market Insights

Economic activity accelerates heading into spring

March was another strong month for risk assets, especially in the U.S. as vaccine manufacturing and distribution ramped up.

Treasury volatility returns as stocks advance

Equities rallied, notably small cap and value stocks, amid more vaccine progress and the anticipation of more stimulus.

Optimism abounds

While we are constructive on near-term markets, we will focus on the rebound in business activity following progress with the vaccine.

A “Glass Half Full” Market

November displayed the forward-looking nature of markets as global equities reacted positively that a vaccine may be distributed in 2021.

Fiscal stimulus tricks, no treats for markets

Rising COVID-19 cases and a failure from policy makers to pass further fiscal stimulus weighed on equity markets.

Tech tumbled, ended risk asset rally

U.S. dollar strengthened in September as the existing monetary stimulus wane and expectations for fiscal stimulus before the election fade.

Rally continued, but pace slowed

Sustained upside inflation risks remain low despite recent stimulus measures, but inflation dynamics are fluid.

Relatively attractive yields benefit real estate

Reopening risks weighed on midstream energy performance and relatively attractive yields benefited real estate.

Positive risk sentiment benefits credit spreads

In regard to fixed income, nominal Treasury yields fell across the curve and positive risk sentiment benefited credit spreads.

Fed holds on policy and shares updated projections

Investors can expect continued accommodative monetary policy and should recognize the Fed’s willingness to employ necessary emergency tools.