Bloomberg Gadfly – The Bond Bear That’s Staying In The Cold The great bond selloff is no match for Albert Edwards. Societe Generale’s top-rated global strategist and perennial doom monger is hanging on to his long-held view for yields to turn substantially negative. Never mind all the chatter about the end of the 35-year bull market in bonds… Continue reading The Bond Bear In The Cold
The Financial Times – Trump should sharpen appeal of US corporate bonds Republican’s win has hit US government bonds but tax plan could help corporate bonds … In previous rising rate regimes, corporate bonds have tended to outperform government bonds. Often these periods of rate increases have coincided with a positive return for equities as well.… Continue reading How Trump Can Help Corporate Bonds
<Click on chart for larger image> Bloomberg Business – Bond Buyers Left Bemoaning 13% Returns After Oil’s Wild Comeback High-yield bond indices climb more than 15 percent in 2016 Last year, the biggest winners in the high-yield bond market were investors who eked out any positive gains. This year, even returns of 15 percent aren’t enough… Continue reading High Yield Bond Index Returns In 2016
Bloomberg Business – Yield Curve Suggests Sales of Ultra-Long U.S. Bonds Are Unlikely Positive convexity enticement not seen as enough for investors The likely absence of a dip in the tail-end of the yield curve helps tell you why the U.S. Treasury probably won’t be selling ultra-long bonds. While Steven Mnuchin, President-elect Donald Trump’s pick for… Continue reading More On Ultra-Long Bonds
Bloomberg View – Why Low Rates Failed to Boost Business Investment It’s possible that business investment, in the U.S. and in other rich countries, is now mostly rationed rather than priced. A select set of companies — Apple Inc., or General Electric Co., or whoever — can borrow to their heart’s content at very low rates.… Continue reading Business Investment Still Low Despite Low Rates
<Click on chart for larger image> The Wall Street Journal – The Real Story About Rising Home Prices Inflation-adjusted home values are far below their 2006 peak, and achieving a new high could be tough to achieve in the new year By one measure, the housing market’s lost decade is finally a thing of the past.… Continue reading Home Prices Still Below Their 2006 High By 16% In Real Terms
<Click on graphic for larger image> The Wall Street Journal – NYSE Arca Losing ETFs to Rivals The New York Stock Exchange, the leading marketplace for exchange-traded funds, is losing ground to rivals in the fast-growing business. For the first time in at least five years, NYSE Arca’s ETF listings have declined from a year… Continue reading ETF Listings Down At NYSE Arca As Competitors Step In
The Reflation Trade: Real Growth Or Inflation? A transcript of the December 22, 2016 conference call. Handout Audio [audio:https://www.biancoresearch.com/bianco/SubscriberArea/122216.mp3|titles=Conference Call ] [pageview class=”PDFViewer” url=”https://www.biancoresearch.com/bianco/wp-content/plugins/PDFViewer/plugin.php?id=342″]
Bloomberg.com – Outrage Over the Economy Doesn’t Explain Surging Global Populism Not even 3.2% unemployment calms Wisconsin immigration fears Greece’s anti-establishment push shows progress can be slow The year belonged to people like Bill Heinzelman, a retiree from Wisconsin, and Lucien Durand, a farmer in southeastern France. They helped propel the populist wave that swept… Continue reading Understanding Populism
<Click on image to view video> The Chicago Tribune – Chicago bond expert: Markets will be tough to stomach in ‘great unknown’ 2017 Since Donald Trump won the presidential election, the stock market has been on a tear and bond investors have been losing money. In less than two months, stocks have surged 6 percent… Continue reading Talking Markets
<Click on chart for larger image> Reuters – How JPMorgan could not save Italy’s problem bank On the morning of July 29, former Italian Industry Minister Corrado Passera was traveling in a high-speed train toward the medieval city of Siena, racing to meet the directors of the world’s oldest bank to present them with a… Continue reading Monte dei Paschi Update
<Click on chart for larger image> Barron’s – Why 2017 Could Be the Year of the Stockpicker With stocks and sectors no longer moving in unison, there will be a premium on savvy investment selection. There’s a hoary Wall Street saying about investing: It’s not a stock market, but a market of stocks. That’s been untrue,… Continue reading The Return of the Stockpicker