The Long View

Chart of the Week

A visual snapshot of the trends shaping the economy and the market.

Latest Stories

Time to Arbitrage Oil?

By Hong Mu | June 14, 2018

Since February of this year, U.S. oil production has topped and has remained over 10 million barrels per day (mmb/d), a level of output we haven’t seen since 1970. This… Read More

Absolute Versus Relative Returns

By Greg Zappin | June 7, 2018

Credit spreads have been resilient for the majority of 2018, outperforming duration-matched Treasuries, as business fundamentals remain sound and new issue supply remains down year-over-year. However, fixed income total returns… Read More

The Changing Derivative Market

By Zhiwei Ren | May 31, 2018

The derivative market is vast, with notional value estimated to be between $500 trillion and $750 trillion. Since the crisis, there have been three major changes in derivative markets: Before… Read More

Not Quite Closing Time

By Jen Ripper | May 24, 2018

There has been no shortage of negative headline news surrounding retail over the past few years. Major retailers have announced thousands of store closures and many have gone out of… Read More

Today’s Long Corporate Credit Curve

By James Faunce | May 17, 2018

Long end corporate credit spread curves have been somewhat range bound in recent weeks off the tights experienced in late January. The January print for the 10-year to 30-year curve… Read More

U.S. High Yield Credit Spreads vs. S&P 500 VIX

By Scott Ellis | May 10, 2018

Market pundits often report on the “VIX” or volatility index, but when markets are weaker, it seems to be discussed even more frequently. However, despite relatively strong markets over the… Read More

What has changed in equity markets?

By John Swarr | May 3, 2018

The U.S. equity market had strong performance and low volatility in 2017, which continued through January this year. This trend ended the first Friday in February when Average Hourly Earnings… Read More

Bond Market Sending Mixed Inflation Signals

By Mark Heppenstall | April 26, 2018

Investors and policy makers alike have been paying close attention to the shrinking Treasury term spread, defined by the difference between long-term and short-term interest rates. Recently published economic research… Read More

The Mind of a CLO Investor

By Jason Merrill | April 19, 2018

This week’s chart demonstrates recent annual issuance for higher-yielding domestic sectors in structured credit.  Many investors took substantial losses in non-agency commercial mortgage-backed securities (CMBS) and residential mortgage-backed securities (RMBS)… Read More

Is 1Q18 Volatile?

By Hong Mu | April 12, 2018

Is 1Q18 equity market volatile? It surely feels so. According to the chart, there were 23 days during 1Q18 in which the S&P 500 Index (SPX) moved more than 1%… Read More



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.

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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.

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 © 2014 Penn Mutual. All Rights Reserved. All trademarks are the property of their respective owners.

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