Highlights Duration: The Fed will need to see further significant tightening in broad indexes of financial conditions before backing away from its +25 bps per quarter rate hike pace. With only 54 bps of rate hikes priced into the curve…

Dear Client, Next week on November 26th instead of our regular weekly publication you will receive our flagship publication “The Bank Credit Analyst” with our annual investment outlook. Our regular publication service will…

Highlights Duration: The waning impact from fiscal stimulus and the drag from weak foreign economic activity will cause U.S. growth to slow as we enter 2019. But with market-implied rate hike expectations still depressed, we are…

As is tradition, during client visits in Europe last week, I had the pleasure of reconnecting with Ms. Mea, a long-term BCA client.1 It was our third encounter and, as always, Ms. Mea was eager to delve into our reasoning, challenge our…

Highlights Chart 12015 Repeat?    Credit spreads widened as Treasury yields rose in October, bringing to mind the experience of 2015 when tight monetary policy and flagging global growth combined to cause a large drawdown…

Highlights Portfolio Strategy Frenzied software M&A activity, the ongoing capex upcycle, firming industry operating metrics and pristine balance sheets suggest that software stocks are a must have for equity portfolios. Rising…

Special Report

Highlights Investors looking for equity upside, along with fixed-income-like downside protection, coupled with a hedge against rising rates, should consider convertible bonds. As we near the end of the business cycle, the attractions…

GAA DM Equity Country Allocation Model Update The GAA DM Equity Country Allocation model is updated as of October 31, 2018. The quant model downgraded U.S. and Italy to underweight from overweight while upgrading Canada to a slight…

Dear Client, You will see in this Monthly Portfolio Update that we have expanded our table of Recommendations to include a wider range of the views that Global Asset Allocation (GAA) regularly discusses in its publications. Please see…

Highlights Growth Scare: Despite the recent pickup in global equity market volatility, bond volatility remains subdued. Until there is more decisive evidence of a deeper pullback in global growth that is impacting the mighty U.S.…