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The Intersection of Political Uncertainty and Global Debt Markets
Global bond markets have sold off recently due to uncertainty surrounding key political changes most notably in France and Japan. Japan’s Prime Minister, Shigeru Ishiba, resigned last week, which adds a potential shift in fiscal policy to concerns about slowing...
Calm Before the Storm: Can This Rally Continue in September?
The winning streak for stocks continued in August, as the S&P 500 posted its fourth consecutive month of gains. It was an informative month for investors, as we learned that the labor market may not be as solid as expected, tariffs have had a minimal impact on...
Grand Ideas at the Grand Tetons
As central bankers, economists, and policymakers gathered last weekend in Wyoming’s Grand Teton National Park for the 2025 Jackson Hole Economic Symposium, the Federal Reserve (Fed) found itself at a critical juncture marked by political pressures, personnel changes,...
Stocks Sailing Smoothly Through Policy Crosscurrents So Far
We’re all ready to put the tariff talk to bed. But don’t worry. While this commentary provides an update on the tariff situation, there’s more happening on the policy front than just tariffs. Whatever policy we highlight, it’s clear that the stock market is sailing...
Midyear Fixed Income, Currency, and Commodity Markets Outlook: Higher for Longer
The Jekyll and Hyde Bond Market: A Tug of War Between Economic Data and Deficit Spending Within fixed income markets, a tug of war has unfolded between two opposing forces, much like the classic tale of Dr. Jekyll and Mr. Hyde. The benevolent Dr. Jekyll emerges when...
LPL Research Presents: 2025 Mid-Year Outlook: Pragmatic Optimisim, Measured Expectations
We started 2025 on a high note, although we acknowledged that “no market environment is ever permanent, and that change is always potentially around the corner.” Well change did come, and with it, volatility, perhaps in part because we assumed President Trump’s...
China’s Equity Market Diverges: A- Shares vs. H-Shares
Chinese equities have been a major focus for investors in recent months, with catalysts ranging from DeepSeek’s artificial intelligence (AI) advancements to tariffs and trade negotiations. However, the performance of Chinese equities has varied significantly depending...
Q1 Buybacks Boost Stocks Amid Market Recovery
There have been plenty of catalysts supporting the broader market’s recovery from the correction lows set last month. Oversold conditions fueled by indiscriminate selling left the S&P 500 with washed-out market breadth and a hard reset of its lofty valuation....
Market Update: Tariff Pause Boosts Sentiment, Fed Stead
Investor sentiment dramatically changed after Treasury Secretary Scott Bessent and other members of the Trump administration announced a temporary pause on tariffs with China. Was that sentiment shift warranted and did anything materially change? Estimates of the...
Finding Value Among the Muni Market Malaise
The municipal bond market faced significant volatility in April, driven by spillovers from a turbulent Treasury market. Treasury yields were pressured higher by rising inflation expectations; the Federal Reserve’s cautious policy stance, reduced foreign demand; hedge...