Latest Stories

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.

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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