March 25, 2020—The flurry of recent news suggests a grim picture for employment in the near term as mitigation measures are put in place to control the spread of COVID-19, including social distancing and temporary business closures. These have led to a significant number of workers furloughed or laid off as business revenues have dropped drastically for a number of industries, particularly in the service sector.
March 23, 2020—It’s been a bruising few weeks in financial markets, with virtually no asset class left unscathed. Investment-grade municipal bonds—typically thought of as a safe haven that should help weather volatility in riskier asset classes like equities—have seen a significant amount of volatility. We have taken note of a historic buying opportunity within the municipal bond market, and we have adjusted our portfolio allocations to take advantage of any price dislocations.
March 20, 2020—The COVID-19 pandemic is going to hit the U.S. and world economies hard, that much is clear. But the clarity stops there. As we witness the rapid spread of the disease and the ensuing mitigation efforts, we face immense uncertainty about the ultimate economic impact, and, hence, the impact on financial markets.