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Tax Receipts Slow, but the Bid Remains Strong

By James Faunce | September 29, 2016

State and local tax receipts have continued a slowdown that began in the middle of 2015 and has extended into the second quarter of 2016. In spite of this, municipal issuance has continued at a record pace.

Fed Keeps Rates Unchanged. The Number of Dissenters Increase.

By David O'Malley | September 26, 2016

The Federal Reserve (Fed) chose to keep rates unchanged at last week’s meeting; however, the decision was far from unanimous. Three Federal Open Market Committee (FOMC) members dissented from the decision.

Elevated Duration Risk

By Zhiwei Ren | September 22, 2016

In the most recent issue of The Economist, several articles were written about the rise of superstar corporations. These are companies such as GE, Amazon, Google, Apple, that dominate the… Read More

The Fed’s Dilemma

By David O'Malley | September 19, 2016

On Wednesday around 2:00 p.m. ET, we will find out the Federal Reserve’s (Fed) decision to either keep interest rates unchanged or increase them by 25 basis points. Most market… Read More

Subprime Auto Performance Looking Subpar

By Jason Merrill | September 15, 2016

After the financial crisis, consumer and mortgage credit contracted sharply as lenders and regulators grappled with the new credit landscape.  Regulators sought ways to curb underwriting slippage to prevent future… Read More

Complacency Broken

By David O'Malley | September 12, 2016

I am writing this week’s blog post from the PartnersFinancial Fall meeting in Chicago. For a few weeks now, I have been writing about the complacency in markets surrounding global… Read More

Cybercrime Continues to Drive Security Spending

By Trevor M. Williams | September 8, 2016

At the beginning of 2016, many skeptics were questioning whether we were witnessing a cybersecurity bubble as a number of security-related stocks took a beating. Those concerns were overblown.

August Employment Report was Inconclusive

By David O'Malley | September 6, 2016

The employment report last week was mediocre, which makes my predictions for September less certain. During August the economy created 151,000 new jobs, below the last two months but not low enough to create concerns.

Money Market Fund Reform Increases Dollar Funding Cost

By Yiming Hong | September 1, 2016

The Money Market Fund (MMF) reforms taking effect on October 14 impact approximately $2.7 trillion in money market mutual funds. Prior to the effective date, many prime money market funds are converting to government money market funds.

Does the August Employment Report Determine Fed Rate Increase in September?

By David O'Malley | August 29, 2016

Last week’s Jackson Hole meeting reinforced the consensus view within the Federal Reserve (Fed) that the U.S. economy is continuing to improve and that the Fed expects to achieve its dual mandate of full employment and stable inflation in the coming quarters.

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