The Long View

Monday Morning O’Malley

A weekly take on the economy and the market, from Dave O’Malley, Chairman & Chief Executive Officer of Penn Mutual Asset Management.

Latest Stories

Stocks Grind Higher as Bonds Await the Fed

By David O'Malley | June 11, 2018

This week is set up to have a significant number of market moving events for stocks and bonds. Just as U.S. equities hit their highest levels since early this year,… Read More

Strong Employment, but Trade Concerns Rise

By David O'Malley | June 4, 2018

Last week’s report on employment conditions showed strong continued gains in hiring, with 223,000 new jobs added during the past month. The unemployment rate fell to a new cyclical low… Read More

Oil Prices and Treasury Yields Fall

By David O'Malley | May 29, 2018

Last week saw a reversal in two market trends that have been occurring for the past several months: increasing oil prices and treasury yields. Oil prices dropped almost 10%, from… Read More

Is the Secular Bull Market Over for Bonds?

By David O'Malley | May 21, 2018

Opinions on the bond market continue to grow louder as several market prognosticators claim that the multi-decade bull market for bonds is over due to some key technical indications being… Read More

Geopolitical Risk Will Take Center Stage

By David O'Malley | May 14, 2018

Equities seemed to find their footing last week, helped by some of the big cap technology stocks. Meanwhile, bonds got some favorable news on the inflation front and were able… Read More

Inflation Expectations and Interest Rates

By David O'Malley | May 7, 2018

As expected last week, the Federal Reserve held interest rates unchanged, but did revise its post-meeting statement to reinforce that inflation has moved closer to its 2% target. This change… Read More

10-Year Treasury Rates Increase to 3%

By David O'Malley | April 30, 2018

Last week the 10-year Treasury rate pierced the 3% level before falling back to 2.96% by the end of the week. This marks the first time the 10-year Treasury has… Read More

Bond Yields Push Higher

By David O'Malley | April 23, 2018

Last week saw bond yields push higher. The 10-year U.S. Treasury ended the week at 2.96%, a new high yield for the year. I expect yields to continue to push… Read More

Stay Focused on the Fundamentals

By David O'Malley | April 16, 2018

The last few weeks, a significant amount of headline news distracted market participants’ attention from the fundamentals. Whether it is the tumult in Washington, the geopolitical tensions in the Middle… Read More

News Headlines Create Market Volatility

By David O'Malley | April 9, 2018

Markets were volatile last week as trade tensions and geopolitical risks kept the markets’ attention. Last week’s employment data was a bit weaker than I expected, with smaller job gains… Read More



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.

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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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