Quarterly Strategy and Observations

Markets seem to obsess over every little economic release. For the first four months of 2015, most of the economic data were somewhat disappointing. A few things changed during the second quarter, and the tone of economic data is now pointing to an improvement in the …Read More

The Bond Box: Notes from our Fixed Income Trading Desk

Interest rates rose during each of the three months of the quarter, providing some small vindication to the predictions of higher rates that have been in place since the end of the Great Recession in 2009. The U.S. economy looked stronger after the abnormally weak first …Read More

Welcome Back, U.S. Consumers

To say consumer spending has been sluggish during this economic expansion is a vast understatement. After the last recession, consumers spent years deleveraging and saving. But now, the U.S. consumer that we all know and love seems to have returned. Unemployment has returned …Read More

Puerto Rico

Much closer to home, we have our own version of Greece, namely Puerto Rico. Shortly before the end of the quarter, Puerto Rico dropped a bomb on the bond market, effectively stating that the tiny island territory will not be able to pay its debts. Why should this matter? …Read More

Greece – Herculean Efforts or an Iota of Trouble?

We would be remiss to leave the current Greek tragedy off these pages this quarter. Predicting an eventual outcome is futile, given the lack of a clear precedent, and the fast moving pace of negotiations between Greece and its creditors. In the short-term, there will …Read More