Latest Stories

Happy Holidays!

By David O'Malley | December 26, 2016

Wishing you a healthy and happy holiday season and a prosperous 2017. We will be back with our regular Chart of the Week post on January 5th.

Peak Globalization and the Rise of Political Populism

By Zhiwei Ren | December 22, 2016

This week’s chart shows the history of global trades as a percentage of gross domestic product (GDP). In the last few years, global trade has stagnated. Now, with political populism gaining ground in major countries, it is likely globalization has peaked at this cycle, which will effect asset pricing and the broader economy.

Market Activity to Slow This Week

By David O'Malley | December 19, 2016

Market activity is expected to slow during the final trading days of 2016.

Growing Risk in Fed MBS Holdings

By Jason Merrill | December 15, 2016

This week the Federal Reserve (Fed) is back in the spotlight after Fed Chair Janet Yellen raised interest rates in response to continued strength in the U.S. economy. Worries regarding the expanding girth of the Fed’s balance sheet have moved to the back burner, as the markets have turned their focus to improving economic growth prospects under the Trump Administration. However, the large move in rates this year has had a dramatic effect on the Fed’s book of agency mortgage-backed securities (MBS), which makes up $1.7 trillion of the Fed’s balance sheet.

Busy Week with the Fed Announcement and U.S. Economic Data

By David O'Malley | December 12, 2016

This week will be very active, with the Federal Reserve meeting for the final time in 2016 and significant economic data releases—all of which will be closely scrutinized given the stock market hitting all time highs.

The Times, They Are A-Changin’

By Trevor M. Williams | December 8, 2016

My first “real” job was delivering The Post-Star, a daily newspaper that still serves the upstate New York town where I grew up. It doesn’t seem like newspaper delivery fills that first job role anymore, and the reasons for this are many. One of the biggest contributors has been the shift in the way we consume media today.

Solid Employment Report Opens the Door to Fed Tightening

By David O'Malley | December 5, 2016

Last week’s November employment report was solid and clears the path for a Federal Reserve (Fed) increase in interest rates at this month’s meeting. There were 178,000 jobs added in November versus an expectation of 180,000. Revisions to prior reports were a modest 2,000 jobs and the unemployment rate has dropped by 0.3% to 4.6%.

Reading the Tea Leaves

By Scott Ellis | December 1, 2016

As total return investors, we are always trying to identify undervalued investments that have a catalyst to appreciate to what we believe is fair value. In the current market environment, credit spreads have performed very well across most risk markets this year, and attractive opportunities have become more difficult to identify.

Disclosure Statement

The material provided here is for informational use only. The views expressed are those of the author, and do not necessarily reflect the views of Penn Mutual Asset Management.


This material is for informational use only. The views expressed are those of the author, 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.

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.

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