Bonds do their job during the first 100 days of uncertainty
The month of April demonstrated the complexity of capital market relationships. After a solid first quarter, where US Treasuries offered some positive returns to counter struggling stocks, the volatility shock created by the 2 April ‘Liberation Day’ announcement and President Donald Trump’s later attack on Federal Reserve (Fed) chair Jerome Powell temporarily took things in another direction. […]
Let Powell drive the bus
No one likes backseat drivers, but if they lunge for the steering wheel, you can’t ignore them. That’s the position that US President Donald Trump has repeatedly put Federal Reserve Chair Jerome Powell in when he attacks him for refusing to cut interest rates. Presidents occasionally chirp about Fed policy, but Trump’s tweets go well […]
Global High Yield Credit Engagement* Annual Report, 2024
Turning engagement into meaningful change
A mixed bag
market snapshot
Investing in a post ‘Liberation Day’ era
Video transcript It’s been almost a month now since Liberation Day, and it’s time to try to think about what this all means. My suggestion is ignore the short term and the volatility that goes with it. It’s hard to predict. Ignore the politics because people have different views. Let’s concentrate on what we know. […]
The greenback is singing the blues
The hurly-burly in Washington has the potential to reshape the global political and economic landscape, but will it knock the US dollar from its preeminent perch? Some are viewing the plunge of the dollar index since President Donald Trump’s announcement of tariffs as a sign it will. The argument itself conflates two concepts. One is that the […]
A bunker for the trade war
President Trump’s tariffs have driven market volatility, as measured by the VIX, to levels not seen since the pandemic. Currently, there is a temporary pause on the tariffs (aside from a 10% rate) for every nation except China, but that is not stopping the market from reeling as the world’s two largest economies push tariffs […]
Global SMID Equity Engagement* Annual Report, 2024
Constructive engagement and positive change
Gold soars, capital flows to Europe
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ECB cuts rates amid trade war fears
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