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What to Expect in the Second Quarter

By David O'Malley | March 30, 2015

The first quarter will be remembered for its choppy trading action. Many major markets experienced significant volatility, but with little overall fundamental trend.

A Pause in the Dollar Bull Market

By Zhiwei Ren | March 26, 2015

The DXY Index is the benchmark for the U.S. Dollar and since last June, it has rallied more than 20%.

Markets Rally on the Fed, So What’s Next?

By David O'Malley | March 23, 2015

The Federal Reserve was successfully able to remove the term “patience” from its post meeting statement last week and, at the same time, eased market fears of an impatient Fed.

Hawk and Dove Trades

By Keith Huckerby | March 19, 2015

Only minutes before the Federal Reserve eliminated its patience language with regard to when they will begin to raise interest rates, Penn Mutual Asset Management CEO Dave O’Malley appeared on CNBC Power Lunch with Amanda Drury.

Fed Buying Creates a $1.7 Trillion Agency Mortgage Market “Short Squeeze”

By Mark Heppenstall | March 19, 2015

The current Barclays approach to include uninvestable securities in the Aggregate Index has, in effect, created a short squeeze in the Agency MBS market.

Is Fed Tightening a Policy Mistake?

By David O'Malley | March 16, 2015

Despite the economic data being relatively strong recently, I believe the Fed should tread cautiously in raising interest rates.

One Reason Why this High Yield Cycle is Different

By Greg Zappin | March 12, 2015

This week’s chart tracks the amount of leveraged buyout (LBO) activity over the last 15 years versus the aggregate dollar volume of merger and acquisitions (M&A).

Will the Strong Employment Number Change the Fed’s Timing?

By David O'Malley | March 9, 2015

The markets reacted sharply on Friday to the stronger than expected payroll number, with stocks selling off, bond yields rising and the U.S. dollar strengthening.

All is Not Lost with Energy Market Volatility

By Trevor M. Williams | March 5, 2015

Since last year, the price of West Texas Intermediate (WTI) Crude Oil has approximately halved – experiencing considerable volatility on its way down.

The Fed: “Hawkish,” “Dovish,” or Both?

By David O'Malley | March 2, 2015

Last week’s congressional testimony from Federal Reserve Chairperson Janet Yellen has led to a debate among market participants about whether her comments were “hawkish” or “dovish” and when interest rates will rise.

Disclosure Statement

This blog post is for informational use only. The views expressed are those of the author, Dave O’Malley, and do not necessarily reflect the views of Penn Mutual Asset Management. This material is not intended to be relied upon as a forecast, research or investment advice, and it is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy.

Any statements about financial and company performance of The Penn Mutual Life Insurance Company or its insurance subsidiaries (each, “Client”) made by the author is provided with a written consent from the Client.  Penn Mutual Asset Management is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.


Opinions and statements of financial market trends that are based on current market conditions constitute judgment of the author and are subject to change without notice.  The information and opinions contained in this material are derived from sources deemed to be reliable but should not be assumed to be accurate or complete.  Statements that reflect projections or expectations of future financial or economic performance of the markets may be considered forward-looking statements.  Actual results may differ significantly.  Any forecasts contained in this material are based on various estimates and assumptions, and there can be no assurance that such estimates or assumptions will prove accurate.

Investing involves risk, including possible loss of principal.  Past performance is no guarantee of future results.  All information referenced in preparation of this material has been obtained from sources believed to be reliable, but accuracy and completeness are not guaranteed. There is no representation or warranty as to the accuracy of the information and Penn Mutual Asset Management shall have no liability for decisions based upon such information.

High-Yield bonds are subject to greater fluctuations in value and risk of loss of income and principal. Investing in higher yielding, lower rated corporate bonds have a greater risk of price fluctuations and loss of principal and income than U.S. Treasury bonds and bills. Government securities offer a higher degree of safety and are guaranteed as to the timely payment of principal and interest if held to maturity.

All trademarks are the property of their respective owners. This material may not be reproduced in whole or in part in any form, or referred to in any other publication, without express written permission.

Copyright © 2015 Penn Mutual. All Rights Reserved. All trademarks are the property of their respective owners.

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