Weekly Market Commentary

December 16, 2014

The holidays are upon us, but some unexpected gifts and shifts allow no time for the financial markets to pause. This is the last full trading week of December, and the talk on trading desks and at cocktail parties is not about travel plans and family gatherings but about the price of oil, which has fallen below $55 a barrel, and the Russian ruble, which has turned to proverbial rubble.


December 09, 2014

Holidays are fast approaching, as is the end of tax and fiscal years for all households and many institutions.  Borrowers have only about two weeks before the 2014 chimney closes, and financing teams are working overtime on a sleigh full of deals.


December 02, 2014

Municipal bonds have been in feast mode all year long, gobbled up as soon as they are served, leaving behind nothing but a wishbone for those late to the table. The S&P Municipal Bond Index was up 0.17% in November and has returned 8.67% year to date.


November 18, 2014

Election Day certainly produced a number of surprise endings, and we tip our hats to all who were gracious in accepting their wins and losses.  Some won on the issues or lost because a majority casting their votes wanted change.


November 11, 2014

The first week of November ushered in changes that could be seen in everything from the weather to the composition of the U.S. Senate.  Fall was the theme, and it encompassed the surprise snow in South Carolina as well as the change of control of 11 state legislatures and the upper house of the United States Congress.


July 08, 2014

Historically, the days leading up to the July 4th holiday are slow and uneventful as trading desks are lightly staffed and attentions drift toward barbecue and beach plans. Not so last week. In response to Puerto Rico’s new debt restructuring law, large mutual and hedge funds began a sell-off which caused the prices of Commonwealth and public corporation bonds to plummet.

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