Coronavirus and the Markets
Municipal Strategy:
Actively Managing Times of Change
Recent rate spikes have come off historic lows, and we believe the pace of rate pressure has unnerved markets far more than still low yield levels. Appleton views market cycle adjustments as environments in which value can be found...and it is our belief that rising rates and other sources of volatility often allow active municipal separate account managers with research expertise to outpace passive approaches.
Review and
Outlook
April 2021
“Curve steepening was pronounced with the spread between 2s and 10s rising from 57 to 98 basis points. We welcome a more normalized curve…“
Learn MoreMarch 2021
“It is our belief, as outlined in a newly published white paper, that active bond managers have considerable advantages relative to passive strategies during times of cyclical change…”
Learn MoreFebruary 2021
“The Democrats’ sweep of both Georgia Senate seats on January 6th has increased both the likelihood and size of a third COVID-19 stimulus bill. Stimulus negotiations are ongoing, with Biden seeking $1.9 trillion, including aid for state and local governments, continuing unemployment benefits into the Fall, a $15 minimum wage, and additional $1,400 stimulus checks…”
Learn MoreJanuary 2021
“Georgia has commanded much political attention in recent days and reports now indicate that the Democrats have narrowly won both Senate run-off elections…While we do not understate the importance of these races, their impact on the Biden agenda may be overstated by the markets and media…”
Learn MoreEconomic and
Market Commentary
03.16.2021
Uncle Sam Bolsters Municipal Budgets
“Passage of the American Rescue Plan was challenging, yet the outcome was clear in one respect – municipal budget conditions improved with the Bill’s signing…”
Learn More03.03.2021
Municipal Strategy:
Actively Managing Times of Change
“Recent rate spikes have come off historic lows, and we believe the pace of rate pressure has unnerved markets far more than still low yield levels. Appleton views market cycle adjustments as environments in which value can be found…and it is our belief that rising rates and other sources of volatility often allow active municipal separate account managers with research expertise to outpace passive approaches…”
Learn More11.23.2020
Municipal Credit Observations – November 2020
“Our belief that larger issuers with diversified revenue streams, substantial reserves, and management acumen would weather the storm has so far proven to be the case. That said, credit vigilance remains imperative…” Learn More08.25.2020
Corporate Credit Observations – August 2020
“We believe that despite today’s absolute level of rates, the corporate bond market still offers compelling relative value. Despite record-breaking summer issuance, spreads continue to grind tighter as investor demand remains high…” Learn MoreQuarterly
Perspectives
Q1 2021
Thoughts on Speculation, Market Integrity and Investor Trust
“Speculation is hardly new as the dot com frenzy of the late 1990s demonstrated, although certain stocks’ highly unusual trading patterns have raised questions about market stability and even integrity…”
Learn MoreQ4 2020
Looking Ahead to a Post-Pandemic World
“What can we learn from these trying times? … This year has shined a spotlight on risk, most notably a need to proactively prepare for it. As advisors, this speaks to several financial planning fundamentals…”
Learn MoreQ3 2020
What’s in Your Index?
“We feel your primary benchmark should be your financial plan and that’s what we manage towards…while we often speak about “the market”, what matters most is how your portfolio works for you…”
Learn MoreQ2 2020
An Age of No Limits
“On April 9th, Federal Reserve Chairman Jerome Powell declared that the U.S. central bank was committed to “forcefully, pro-actively, and aggressively” helping the country recover, and that there were “no limits” to the money the Fed could deploy…The eventual implications of these prescriptions remain unknown…”
Learn More