In this article, Russ Koesterich discusses the potential impact of seasonal weakness, momentum and the effect these factors could have on earnings in 2H2025.
Discounted municipal bonds could expose you to unexpected taxes. Here's what to know before you buy.
One of the biggest stories in the ETF market in 2025 has been the nonstop impressive asset-gathering pace of the Vanguard S&P 500 ETF (VOO).
The April Consumer Price Index (‘CPI’) report was released last Wednesday and gave the Federal Reserve another positive data point in its inflation fight, as did Thursday’s negative Producer Price Index (‘PPI’).
With mainstream investment products increasingly finding a second home on the blockchain, it’s a good time to ask what role central banks would play if everything they have learned while policing double-entry bookkeeping over the last 350 years becomes irrelevant.
Last week I talked about the upward sloping Treasury yield curve, a welcome change from the inverted yield curve that lingered for years. The upward sloping curve means that investors are rewarded more for taking on duration.
Moody’s Ratings has followed S&P Global Ratings and Fitch Ratings in stripping the US of its top-notch credit score, lowering it one level to Aa1.
The 60/40 approach has not been what it was just a few years ago. Fortunately, there are alternatives.
By incorporating growth CDs into a diversified retirement plan, retirees can take advantage of equity market growth, protect their lifestyle, and avoid the fear of market downturns diminishing their savings.
Imagine an institutional investor that allocates a big chunk of its portfolio to illiquid private assets but then needs to sell some of those investments to raise cash. Or a fund company that makes a fortune on actively managed mutual funds for decades, but its investors move their money to low-cost index trackers.
Head of U.S. Fixed Income Greg Wilensky and John Lloyd, Lead, Multi-Sector Credit Strategies, discuss Moody’s rating downgrade of the U.S. and what the implications may be for the Treasury market, the Federal Reserve (Fed), and fixed income investors.
A new report demonstrating that central banks can port their monetary policy tools into a tokenized financial system is an important step in transforming how we trade securities including stocks and bonds.
QTR Family Wealth, a full-service wealth management firm owned and led by brothers Wes and Chad Hunter, proudly announces the official launch of its independent Registered Investment Advisory (RIA) firm.
Given the recent market volatility and the possibility of an adverse wealth effect, it's worth quantifying the relationship between stock returns and economic activity.
Stocks have rebounded since the White House delayed steep tariffs that were announced in early April, but trade policy remains a potential driver of volatility.
A recent Gallup poll shows gold just passed stocks as Americans’ favorite long-term investment. We explore why it might deserve the top spot.
Major gauges of investment-grade corporate bonds were stung by the April bout of volatility that permeated the bond market.
Technology and trends have made individual investors an important part of the private market.
A rushed exit from conservatorship could increase mortgage rates and worsen home affordability.
If only Europe could offer property investors the kind of buffet the US provides. For now, its listed real estate sector is fragmented and dysfunctional, the raison d’etre seemingly to create cheap takeover targets for buyout firms.
So far in 2025, markets have had plenty to absorb: the Trump administration’s tariffs, Germany’s latest investment commitments, the implications of the DeepSeek moment, and escalating military conflicts (now including one on the India-Pakistan border).
We maintain a focus on resiliency as elevated yields within high quality fixed income continue to offer attractive opportunities.
Saudi Arabia is ramping up efforts to lure high frequency trading firms — a campaign that’s already brought in major players from Citadel Securities to Hudson River Trading — as it looks to bolster activity on the Middle East’s largest stock market.
By the end of April, the S&P 500 rallied its way back, recovering nearly all the declines notched in the opening days of the month when President Trump's "Liberation Day" tariff plans tipped markets towards bear territory.
When volatility ripped through markets last month, many investors scrambled to respond. Some wanted to quickly adjust specific security exposures. Others wanted to flee to cash or build in protection against additional downside moves. And some rushed to buy the dip.
Certificates of deposit (CDs) and Treasuries both can offer steady, predictable investment income—but how to decide between them? Here are five factors to help you choose.
Flows of gold into Asian ETFs exploded in April, driving global ETF gold holdings higher for the fifth straight month.
The more duration risk taken, the more reward or yield demanded by investors. This is why, historically, the yield curve provides incrementally more yield for longer-maturity bonds.
In 2025, liquidity is not a background variable — it's a front-line risk factor, one that’s being tested repeatedly as global markets navigate a web of geopolitical uncertainty and macroeconomic signals.
The NFIB Small Business Optimism Index dropped for a fourth straight month, falling to 95.8 in April. Notably, the percent of small business owners who reported difficulty filling job openings fell to its lowest level since January 2021.
It may seem risky to lend against recurring revenues, not earnings. With proper underwriting, it doesn’t have to be.
In the latest edition of Design Matters, titled “What’s the Frequency… Russell?” Greg Behar of Westwood’s Managed Investment Solutions (MIS) team examines how the Russell U.S. Indexes’ decision to return to a semi-annual reconstitution schedule is transforming risk management practices, market participation and the future of custom indexing.
For my entire decades-long career in capital markets, I’ve made the case that gold is not just a shiny relic of the past, but a serious, strategic asset for modern investors. After years of pounding the table, it feels pretty good to say that the world’s central banks—and now the U.S. banking system—are finally catching up.
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research, Todd Rosenbluth, discussed the Unlimited HFGM Global Macro ETF (HFGM) with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF overall.
I’ve been writing about tariffs for a couple of months now, focusing mostly on the macroeconomic harm and the costs they impose on small businesses. Today I want to consider something else: the new risks they are adding to the financial system alongside the old risks.
Warren Buffett opened his 60th—and final as CEO—Berkshire Hathaway annual meeting with the same understated clarity that has defined his career: "This is my 60th annual meeting... I think it'll be the best yet."
As the effects of US import tariffs begin to emerge, we shift our stance on equities to underweight.
Bonds and stocks falling together stirs painful memories of the 2022 inflation surge. This time, trade and tariff uncertainty is to blame, along with a dose of questioning the Fed’s independence.
At Wednesday’s press conference, Chair Jay Powell signaled a wait-and-see approach, as the Fed keeps a close eye on inflation pressures and the job market.
China drove the surge in retail investment demand, charting the second strongest quarter on record.
The Fed held the federal funds rate steady but noted that the risks of slowing economic growth and higher inflation have risen.
Currently, the Three Tactical Rules are a “flashing yellow light” - a roughly neutral rating which represents a slight downgrade.
Our Cash Indicator methodology acts as a plan in case of an emergency. Importantly, each of these systems work together.
Private equity transaction volumes remain limited despite predictions for a boom in 2025. With interest rates remaining elevated and the economic backdrop increasingly uncertain, executing acquisitions and IPOs is proving a challenge, leading financial sponsors to hold portfolio companies for longer.
A time-honored signal heeded by Wall Street’s credit industry — the weekly flow of money — is breaking down.
Trend-following strategies can offer attractive, positively skewed returns, with large positive outperformance often coinciding with large equity selloffs, thereby offering tail protection.
Morningstar Inc. has been rating stock and bond funds for everyday investors for years. Now it will award gold, silver and bronze medals to less-liquid private asset funds marketed to the masses.
One of the advantages of individual bonds is the ability to custom-select bonds that fit individual needs and/or goals
US markets struggled in the first half of April due to tariff-related worries. The second half saw rallies amid policy reversal.
Shockingly, given that I thought most readers would find interest rate swaps dull or wonky, we have received a few emails asking for more information. Given the importance of liquidity to all markets and how interest rate swap spreads are a good liquidity barometer, it's worth giving you that “coming article” now.
Citigroup Inc. is ramping up lending to private equity and private credit groups, working to catch up with peers like JPMorgan Chase & Co. and Goldman Sachs Group Inc. after the bank spent years on the sidelines.
In investing, success is often judged by numbers—returns on investment, percentage gains, and the ability to outperform benchmarks like the S&P 500. However, some investors frequently pursue a peculiar set of “awards” without realizing the pitfalls they embody.
While the S&P 500 index was almost unchanged in April, the dollar remained extremely weak, ending the month down over 4%.
Like sailors lured by the Sirens' song, today’s investors risk being captivated by seductive narratives in the market. While diversification remains a time-tested strategy for building wealth, we examine the risks and returns investors are embracing today.
The Institute for Supply Management (ISM) manufacturing purchasing managers index (PMI) came in at 48.7 in April, indicating contraction in U.S. manufacturing for a second straight month. The latest reading was above the forecast of 48.0.
Stable value funds can offer capital preservation and stable returns. Our Mike Dullaghan explains the key role of stable value in long-term retirement savings.
Doug Drabik discusses fixed income market conditions and offers insight for bond investors.
When Meta Platforms Inc. reports earnings on Wednesday afternoon, the social media giant will face a high hurdle to satisfy anxious investors.
The Treasury Department said it’s now looking at “enhancements” to its buybacks of older US government debt securities, just weeks after Scott Bessent hinted at the potential to beef up the program in the event of any major market turmoil.
The National Association of Realtors® (NAR) pending home sales index rose more than expected in March, experiencing its largest monthly increase in over two years. The index came in at 76.5, a 6.1% jump from the previous month but a 0.6% decline from one year ago. Pending home sales were expected to rise 0.9% month-over-month.
Sharp losses in investment grade (IG) corporate bonds this month have reminded us of the potential advantages of rules-based fixed income ladders.
As we have written…The Era of Easy Everything is ending. Part of this involves bringing inflation back to the Federal Reserve’s target of 2.0%. We could debate that number, but the Fed is getting closer.
Goldman Sachs Group Inc. Chief Executive Officer David Solomon said he believed that activity in mergers and public listings will find a comfortable level despite uncertainty that’s led to a slowdown across investment banks.
The sole pursuit of shareholder value — i.e. of maximizing stock price — leads not to a focus on creating the greatest possible value for the firm’s customers, but to a focus on financial metrics and financial engineering.
The panic over the years has inevitably influenced policy even if heeding cooler heads would offer reassurance. Which brings us to the current US administration.
Although President Trump has said he has no intention of firing Fed Chair Powell, the Trump administration may be testing the laws underpinning Fed independence.
Unexpected wider and larger-scope tariff announcements have sent tremors through bond and equity markets, resulting in a brisk sell-off that signals investors’ caution.
We have good and bad news for investors who want to know whether the stock market will soar, stall, or plummet. First, the good news. This article presents a market path for what lies ahead. Unfortunately, the “right” path lies among three likely scenarios.
Gold has been a high-performing investment over the prior year. It has rallied on the back of falling short-term interest rates and recently increased uncertainty about global trade and economic growth.
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research Todd Rosenbluth talked about the the WisdomTree Floating Rate Treasury Fund (USFR) with Money Life host Chuck Jaffe. The pair covered a range of topics related to the fund, providing investors with a deeper understanding of the ETF.
Historically the United States dollar strengthens when U.S. Treasury yields rise. But the reverse happened in April after the White House announced widespread tariffs.
Five pivotal U.S. economic considerations, including tariffs, monetary policy, fiscal policy, debt overhang, and demographics, are aligning to depress economic growth for the balance of this year and into 2026.
Former Federal Reserve Vice Chair Richard Clarida shares three charts highlighting possible macro inflection points in the business cycle: from growth and inflation to debt and labor.
Risk-assets struggled amidst extremely volatile price action as investors weighed the probabilities of tariffs hitting profits and valuations.
How our open platform of best-of-breed managers allows us to distill complexity in the face of market turbulence by tapping into their collective intelligence.
A historic sell-off enhances value, with high yields, strong fundamentals, and ample reserves mitigating policy risks.
Even with tariff uncertainty, there’s no stopping the engine of ETF creation. More than 288 new ETFs have already launched this year.
Uncertainty surrounding trade policy is a key driver of our forecast this quarter, which includes an increased probability of a recession.
As chief investment officer of Yale University for more than three decades, David Swensen redefined institutional investing.
Recent volatility has pushed yields to historically high levels, potentially creating opportunities in municipal bonds, especially for higher-net-worth investors.
The bond market has been extremely volatile the past couple of weeks since the introduction of global tariffs by the US. Bond yields have sold off almost 50 basis points, and today we'd like to examine why did that occur, what's next, and how should investors think about duration in this environment?
Big US banks are navigating a choppy environment just two years after the last round of turmoil, this time with almost no one questioning the industry’s ability to ride out whatever is coming.
Many investors are wondering what to think of the volatility and uncertainty that has been pulsing through financial markets over the past few weeks.
Practically every financial meltdown or crisis can be traced back to a misunderstanding of which assets are “risk-free.” Investors think they have a risk-free asset — it could be a mortgage-backed security, shares in a Bernie Madoff fund, Greek debt — and are surprised when it turns out not to be.
A reintroduction of SLR relief to balance treasury market stability and systemic risk would likely produce several market effects.
Nomura Holdings Inc. is telling clients to stay invested through the turmoil that’s pervaded financial markets during the escalating trade tensions. With its $1.8 billion acquisition of an asset management business, the Japanese brokerage is putting its money where its mouth is.
If the US slides into recession, banks will be ready – at least according to commentary on their earnings calls last week.
Compare corporate and municipal bonds, including risks, returns, and tax benefits. Learn which bond type fits your investment goals.
U.S. defensives and international lead.a
Active management has not disappeared — it has simply evolved. Rather than focusing on outdated stock selection methodologies, today’s most effective active strategies center on active portfolio construction and dynamic asset allocation.
Liquidity
Seasonal Weakness Is a Bigger Risk This Year
In this article, Russ Koesterich discusses the potential impact of seasonal weakness, momentum and the effect these factors could have on earnings in 2H2025.
Buying a Muni Below Par? Reasons to Think Twice
Discounted municipal bonds could expose you to unexpected taxes. Here's what to know before you buy.
5 Unique Passive ETF Ways of Owning the S&P 500
One of the biggest stories in the ETF market in 2025 has been the nonstop impressive asset-gathering pace of the Vanguard S&P 500 ETF (VOO).
Inflation Continues to Cool
The April Consumer Price Index (‘CPI’) report was released last Wednesday and gave the Federal Reserve another positive data point in its inflation fight, as did Thursday’s negative Producer Price Index (‘PPI’).
What Will Central Banks do When Tokens Replace Money?
With mainstream investment products increasingly finding a second home on the blockchain, it’s a good time to ask what role central banks would play if everything they have learned while policing double-entry bookkeeping over the last 350 years becomes irrelevant.
Growing U.S. Debt – Trouble Ahead?
Last week I talked about the upward sloping Treasury yield curve, a welcome change from the inverted yield curve that lingered for years. The upward sloping curve means that investors are rewarded more for taking on duration.
Moody’s Market Jolt Will Leave Its Mark
Moody’s Ratings has followed S&P Global Ratings and Fitch Ratings in stripping the US of its top-notch credit score, lowering it one level to Aa1.
The Rebirth of the 60/40 Portfolio Has Been Greatly Exaggerated
The 60/40 approach has not been what it was just a few years ago. Fortunately, there are alternatives.
Growth CDs: Access Stock Market Appreciation With FDIC Protection
By incorporating growth CDs into a diversified retirement plan, retirees can take advantage of equity market growth, protect their lifestyle, and avoid the fear of market downturns diminishing their savings.
Guess Where Harvard’s Private Equity Will Likely End Up
Imagine an institutional investor that allocates a big chunk of its portfolio to illiquid private assets but then needs to sell some of those investments to raise cash. Or a fund company that makes a fortune on actively managed mutual funds for decades, but its investors move their money to low-cost index trackers.
Assessing the Implications of Moody’s U.S. Credit Rating Downgrade
Head of U.S. Fixed Income Greg Wilensky and John Lloyd, Lead, Multi-Sector Credit Strategies, discuss Moody’s rating downgrade of the U.S. and what the implications may be for the Treasury market, the Federal Reserve (Fed), and fixed income investors.
Here’s Proof That the Fed Needn’t Fear a Tokenized World
A new report demonstrating that central banks can port their monetary policy tools into a tokenized financial system is an important step in transforming how we trade securities including stocks and bonds.
QTR Family Wealth Launches Independent RIA Firm
QTR Family Wealth, a full-service wealth management firm owned and led by brothers Wes and Chad Hunter, proudly announces the official launch of its independent Registered Investment Advisory (RIA) firm.
The Wealth Effect Is Not Always Virtuous
Given the recent market volatility and the possibility of an adverse wealth effect, it's worth quantifying the relationship between stock returns and economic activity.
Schwab Market Perspective: The Tariff Effect
Stocks have rebounded since the White House delayed steep tariffs that were announced in early April, but trade policy remains a potential driver of volatility.
Gold Gains in Gallup’s Latest Poll
A recent Gallup poll shows gold just passed stocks as Americans’ favorite long-term investment. We explore why it might deserve the top spot.
Tap Into IG Corporate Debt Perks With IIGD
Major gauges of investment-grade corporate bonds were stung by the April bout of volatility that permeated the bond market.
A Universe of Potential Opportunity Lies Beyond the Public Markets
Technology and trends have made individual investors an important part of the private market.
The Future of the GSEs: Do No Harm
A rushed exit from conservatorship could increase mortgage rates and worsen home affordability.
The Embarrassing Transatlantic Divide in Real Estate Stocks
If only Europe could offer property investors the kind of buffet the US provides. For now, its listed real estate sector is fragmented and dysfunctional, the raison d’etre seemingly to create cheap takeover targets for buyout firms.
India’s Power Play
So far in 2025, markets have had plenty to absorb: the Trump administration’s tariffs, Germany’s latest investment commitments, the implications of the DeepSeek moment, and escalating military conflicts (now including one on the India-Pakistan border).
Income Fund Update: Focus on Stability Amid Turbulence
We maintain a focus on resiliency as elevated yields within high quality fixed income continue to offer attractive opportunities.
Wall Street’s High-Frequency Traders Are Rushing Into Saudi Arabia
Saudi Arabia is ramping up efforts to lure high frequency trading firms — a campaign that’s already brought in major players from Citadel Securities to Hudson River Trading — as it looks to bolster activity on the Middle East’s largest stock market.
Is the Coast Clear Yet?
By the end of April, the S&P 500 rallied its way back, recovering nearly all the declines notched in the opening days of the month when President Trump's "Liberation Day" tariff plans tipped markets towards bear territory.
5 Ways an Overlay Can Smooth Out a Rocky Market
When volatility ripped through markets last month, many investors scrambled to respond. Some wanted to quickly adjust specific security exposures. Others wanted to flee to cash or build in protection against additional downside moves. And some rushed to buy the dip.
CD or Treasury? Five Factors to Consider
Certificates of deposit (CDs) and Treasuries both can offer steady, predictable investment income—but how to decide between them? Here are five factors to help you choose.
A Surge of Gold into Asian ETFs Drove Global Holdings Higher in April
Flows of gold into Asian ETFs exploded in April, driving global ETF gold holdings higher for the fifth straight month.
Market Chaos is Harvesting Income Opportunities
The more duration risk taken, the more reward or yield demanded by investors. This is why, historically, the yield curve provides incrementally more yield for longer-maturity bonds.
Liquidity Risk in 2025: A Strategic Priority, Not a Side Concern
In 2025, liquidity is not a background variable — it's a front-line risk factor, one that’s being tested repeatedly as global markets navigate a web of geopolitical uncertainty and macroeconomic signals.
NFIB Small Business Survey: Uncertainty Continues to Drag Down Optimism
The NFIB Small Business Optimism Index dropped for a fourth straight month, falling to 95.8 in April. Notably, the percent of small business owners who reported difficulty filling job openings fell to its lowest level since January 2021.
Software Recurring Revenue Lending: Flexibility and Skill Required
It may seem risky to lend against recurring revenues, not earnings. With proper underwriting, it doesn’t have to be.
What’s the Frequency. . . Russell?
In the latest edition of Design Matters, titled “What’s the Frequency… Russell?” Greg Behar of Westwood’s Managed Investment Solutions (MIS) team examines how the Russell U.S. Indexes’ decision to return to a semi-annual reconstitution schedule is transforming risk management practices, market participation and the future of custom indexing.
Basel III Makes It Official: Gold Is Money Again
For my entire decades-long career in capital markets, I’ve made the case that gold is not just a shiny relic of the past, but a serious, strategic asset for modern investors. After years of pounding the table, it feels pretty good to say that the world’s central banks—and now the U.S. banking system—are finally catching up.
Unlimited HFGM Global Macro ETF (HFGM)
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research, Todd Rosenbluth, discussed the Unlimited HFGM Global Macro ETF (HFGM) with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF overall.
Tension in the Sandpile
I’ve been writing about tariffs for a couple of months now, focusing mostly on the macroeconomic harm and the costs they impose on small businesses. Today I want to consider something else: the new risks they are adding to the financial system alongside the old risks.
Buffett Steps Back, His Insights Remain
Warren Buffett opened his 60th—and final as CEO—Berkshire Hathaway annual meeting with the same understated clarity that has defined his career: "This is my 60th annual meeting... I think it'll be the best yet."
Barometer: Equities Set for Further Falls as Tariffs Bite
As the effects of US import tariffs begin to emerge, we shift our stance on equities to underweight.
You Can Run, But You Can’t Hedge
Bonds and stocks falling together stirs painful memories of the 2022 inflation surge. This time, trade and tariff uncertainty is to blame, along with a dose of questioning the Fed’s independence.
Increased Risks to Both Sides of the Dual Mandate
At Wednesday’s press conference, Chair Jay Powell signaled a wait-and-see approach, as the Fed keeps a close eye on inflation pressures and the job market.
Global Gold Bar and Coin Demand Rose in Q1 But Not in the U.S.
China drove the surge in retail investment demand, charting the second strongest quarter on record.
Fed Holds Rates Steady but Warns of Rising Risks
The Fed held the federal funds rate steady but noted that the risks of slowing economic growth and higher inflation have risen.
Tactical Rules Move to Neutral
Currently, the Three Tactical Rules are a “flashing yellow light” - a roughly neutral rating which represents a slight downgrade.
The May 25 Dashboard: Our Three Layers of Risk Management
Our Cash Indicator methodology acts as a plan in case of an emergency. Importantly, each of these systems work together.
Gridlock
Private equity transaction volumes remain limited despite predictions for a boom in 2025. With interest rates remaining elevated and the economic backdrop increasingly uncertain, executing acquisitions and IPOs is proving a challenge, leading financial sponsors to hold portfolio companies for longer.
Citi Says Fast-Money ETFs Are Shaking Up Flows Across Credit
A time-honored signal heeded by Wall Street’s credit industry — the weekly flow of money — is breaking down.
Walking the Tightrope: Trend Following’s Tricky Tradeoffs
Trend-following strategies can offer attractive, positively skewed returns, with large positive outperformance often coinciding with large equity selloffs, thereby offering tail protection.
Morningstar Will Now Call Out Lackluster Private Investments
Morningstar Inc. has been rating stock and bond funds for everyday investors for years. Now it will award gold, silver and bronze medals to less-liquid private asset funds marketed to the masses.
A Substantial Collection of Fixed Income Opportunities
One of the advantages of individual bonds is the ability to custom-select bonds that fit individual needs and/or goals
Staying Resilient in Uncertain Markets
US markets struggled in the first half of April due to tariff-related worries. The second half saw rallies amid policy reversal.
Interest Rate Swaps: The Plumbing of the Financial System
Shockingly, given that I thought most readers would find interest rate swaps dull or wonky, we have received a few emails asking for more information. Given the importance of liquidity to all markets and how interest rate swap spreads are a good liquidity barometer, it's worth giving you that “coming article” now.
Citi Restarts Business of Lending to Buyout Funds After Retreat
Citigroup Inc. is ramping up lending to private equity and private credit groups, working to catch up with peers like JPMorgan Chase & Co. and Goldman Sachs Group Inc. after the bank spent years on the sidelines.
The Awards You Never Get When Investing
In investing, success is often judged by numbers—returns on investment, percentage gains, and the ability to outperform benchmarks like the S&P 500. However, some investors frequently pursue a peculiar set of “awards” without realizing the pitfalls they embody.
QuantStreet May 2025 Letter: Negotiations
While the S&P 500 index was almost unchanged in April, the dollar remained extremely weak, ending the month down over 4%.
Diversification vs. the Siren's Song
Like sailors lured by the Sirens' song, today’s investors risk being captivated by seductive narratives in the market. While diversification remains a time-tested strategy for building wealth, we examine the risks and returns investors are embracing today.
ISM Manufacturing PMI: Slipped Further into Contraction in April
The Institute for Supply Management (ISM) manufacturing purchasing managers index (PMI) came in at 48.7 in April, indicating contraction in U.S. manufacturing for a second straight month. The latest reading was above the forecast of 48.0.
Why Stable Value is Critical in Retirement Plan Menus
Stable value funds can offer capital preservation and stable returns. Our Mike Dullaghan explains the key role of stable value in long-term retirement savings.
Taking a Breather
Doug Drabik discusses fixed income market conditions and offers insight for bond investors.
Meta Earnings Have High Bar to Clear After Shares Outperform
When Meta Platforms Inc. reports earnings on Wednesday afternoon, the social media giant will face a high hurdle to satisfy anxious investors.
US Treasury Looks to Revamp Buyback Program After Recent Tumult
The Treasury Department said it’s now looking at “enhancements” to its buybacks of older US government debt securities, just weeks after Scott Bessent hinted at the potential to beef up the program in the event of any major market turmoil.
Pending Home Sales Jump 6.1% in March
The National Association of Realtors® (NAR) pending home sales index rose more than expected in March, experiencing its largest monthly increase in over two years. The index came in at 76.5, a 6.1% jump from the previous month but a 0.6% decline from one year ago. Pending home sales were expected to rise 0.9% month-over-month.
How Corporate Bond Ladders May Help to Hedge Volatility
Sharp losses in investment grade (IG) corporate bonds this month have reminded us of the potential advantages of rules-based fixed income ladders.
Don't Watch "Cash on the Sidelines"
As we have written…The Era of Easy Everything is ending. Part of this involves bringing inflation back to the Federal Reserve’s target of 2.0%. We could debate that number, but the Fed is getting closer.
Goldman’s Solomon Says Markets to ‘Settle Down’ After Chaos
Goldman Sachs Group Inc. Chief Executive Officer David Solomon said he believed that activity in mergers and public listings will find a comfortable level despite uncertainty that’s led to a slowdown across investment banks.
The Finance Curse
The sole pursuit of shareholder value — i.e. of maximizing stock price — leads not to a focus on creating the greatest possible value for the firm’s customers, but to a focus on financial metrics and financial engineering.
Critical Minerals Are a US Headache, Not an Emergency
The panic over the years has inevitably influenced policy even if heeding cooler heads would offer reassurance. Which brings us to the current US administration.
Challenges to Fed Independence
Although President Trump has said he has no intention of firing Fed Chair Powell, the Trump administration may be testing the laws underpinning Fed independence.
Bracing for Impact
Unexpected wider and larger-scope tariff announcements have sent tremors through bond and equity markets, resulting in a brisk sell-off that signals investors’ caution.
Will the Stock Market Soar, Stall, or Plummet?
We have good and bad news for investors who want to know whether the stock market will soar, stall, or plummet. First, the good news. This article presents a market path for what lies ahead. Unfortunately, the “right” path lies among three likely scenarios.
The Gold Investment Thesis Revisited
Gold has been a high-performing investment over the prior year. It has rallied on the back of falling short-term interest rates and recently increased uncertainty about global trade and economic growth.
WisdomTree Floating Rate Treasury Fund (USFR)
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research Todd Rosenbluth talked about the the WisdomTree Floating Rate Treasury Fund (USFR) with Money Life host Chuck Jaffe. The pair covered a range of topics related to the fund, providing investors with a deeper understanding of the ETF.
Why is the U.S. Dollar Declining?
Historically the United States dollar strengthens when U.S. Treasury yields rise. But the reverse happened in April after the White House announced widespread tariffs.
Quarterly Review and Outlook
Five pivotal U.S. economic considerations, including tariffs, monetary policy, fiscal policy, debt overhang, and demographics, are aligning to depress economic growth for the balance of this year and into 2026.
Charting the Business Cycle
Former Federal Reserve Vice Chair Richard Clarida shares three charts highlighting possible macro inflection points in the business cycle: from growth and inflation to debt and labor.
Investing Alongside Change
Risk-assets struggled amidst extremely volatile price action as investors weighed the probabilities of tariffs hitting profits and valuations.
Tariff-Fueled Volatility Reveals Access to Best Ideas
How our open platform of best-of-breed managers allows us to distill complexity in the face of market turbulence by tapping into their collective intelligence.
Outlook on Municipal Bonds: Seeking Opportunity Amid Volatility
A historic sell-off enhances value, with high yields, strong fundamentals, and ample reserves mitigating policy risks.
ETF Market Booms: Record Launches & Sophisticated Strategies
Even with tariff uncertainty, there’s no stopping the engine of ETF creation. More than 288 new ETFs have already launched this year.
Asset Allocation Quarterly: 2nd Quarter 2025
Uncertainty surrounding trade policy is a key driver of our forecast this quarter, which includes an increased probability of a recession.
Yale Signals That Private Equity May Have Peaked
As chief investment officer of Yale University for more than three decades, David Swensen redefined institutional investing.
Why the Tariff Rollout Spooked the Muni Market
Recent volatility has pushed yields to historically high levels, potentially creating opportunities in municipal bonds, especially for higher-net-worth investors.
Anatomy of a US Treasury Sell-Off
The bond market has been extremely volatile the past couple of weeks since the introduction of global tariffs by the US. Bond yields have sold off almost 50 basis points, and today we'd like to examine why did that occur, what's next, and how should investors think about duration in this environment?
US Banks Ride Out Market Turmoil Thanks to Capital Buildup They Opposed
Big US banks are navigating a choppy environment just two years after the last round of turmoil, this time with almost no one questioning the industry’s ability to ride out whatever is coming.
Opportunities
Many investors are wondering what to think of the volatility and uncertainty that has been pulsing through financial markets over the past few weeks.
US Bonds Have Never Been Risk-Free, and Never Will Be
Practically every financial meltdown or crisis can be traced back to a misunderstanding of which assets are “risk-free.” Investors think they have a risk-free asset — it could be a mortgage-backed security, shares in a Bernie Madoff fund, Greek debt — and are surprised when it turns out not to be.
Balancing Treasury Market Stability and Systemic Risk
A reintroduction of SLR relief to balance treasury market stability and systemic risk would likely produce several market effects.
Nomura Bets Big on US Market Rebound With $1.8 Billion Deal
Nomura Holdings Inc. is telling clients to stay invested through the turmoil that’s pervaded financial markets during the escalating trade tensions. With its $1.8 billion acquisition of an asset management business, the Japanese brokerage is putting its money where its mouth is.
As US Recession Looms, Banks Brace for Worse
If the US slides into recession, banks will be ready – at least according to commentary on their earnings calls last week.
Corporate vs. Municipal Bonds: Key Differences Every Investor Should Know
Compare corporate and municipal bonds, including risks, returns, and tax benefits. Learn which bond type fits your investment goals.
Quarterly Recap Q1 2025
U.S. defensives and international lead.a
The Evolution of Active Management: From Stock Picking to Active Asset Allocation
Active management has not disappeared — it has simply evolved. Rather than focusing on outdated stock selection methodologies, today’s most effective active strategies center on active portfolio construction and dynamic asset allocation.