September Perspectives Podcast

by Jim Baird on October 1, 2014

A new PMFA Perspectives Podcast is now available via the link below:

September Market Perspective Podcast

Market Perspectives (September 2014)

by Jim Baird on September 22, 2014

Executive Summary

  • Domestic equities extended their rally in August, nearing double-digit returns year to date. Small caps led the pack but continue to trail for the year.
  • Developed international equities lost ground during the month for U.S.-based investors, as the dollar strengthened. This expanded the underperformance gap between international stocks and their domestic counterparts since January.
  • Bonds rallied as the yield curve flattened in August. Short-term rates remained anchored by the fed funds rate, while the 10-year Treasury yield fell.
  • Alternative investments were generally higher during the month; however, commodities trail both stocks and bonds for the year.
  • U.S. economic data suggests a generally positive trend. The ECB recently announced additional stimulus efforts, while the Fed is on the cusp of wrapping up its QE3 program. The timing of the first rate hike remains a wild card for the capital markets.

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August Retail Sales Research Notes

September 12, 2014

Retail sales surge; sentiment reaches highest point in over a year The University of Michigan Consumer Sentiment Index rose to 84.6 in September, easily beating expectations.  That result marked a high-water mark for the index for the year, driven higher by a sharp improvement in expectations for the economy over the coming year. Earlier this […]

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August’s Employment Situation Research Notes

September 5, 2014

August nonfarm payrolls disappoint; jobless rate falls to 6.1% The unemployment rate declined to 6.1% in August, but the good news in the jobs report largely ended there. The economy added only 142,000 jobs in August, falling short of expectations by about 90,000 for the month. On top of that disappointing result, revisions to prior […]

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August Perspectives Podcast

September 4, 2014

A new PMFA Perspectives Podcast is now available via the link below: August Market Perspectives Podcast

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Consumer Sentiment Research Notes

August 29, 2014

Sentiment rebounds in August; expectations for future slip The University of Michigan Consumer Sentiment Index increased in August, printing at 82.5 this morning, a better-than-anticipated result for the month and a meaningful uptick from the July reading of 79.2. The news on sentiment comes on the heels of a report earlier today that consumer spending […]

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Q2 GDP Research Notes

August 28, 2014

Economy grew at 4.2% pace in Q1, beating expectations To the surprise of no one, today’s report from the Commerce Department affirmed that the economy grew in the second quarter. Modestly surprising, however, was the fact that it apparently grew at a faster pace than previously believed. The second estimate of second quarter GDP indicated […]

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Portfolio Blueprint (Second Quarter 2014)

August 28, 2014

PMFA’s research team outlines our thoughts on capital markets and how current conditions are impacting decisions related to asset allocation and portfolio construction. Read the full article>>

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Quarterly Equity Market Outlook

August 27, 2014

On a quarterly basis, PMFA publishes our equity return outlooks that incorporate a range of potential assumptions for the fundamental drivers of returns, including profit margins, sales growth, and P/E ratios. A rational view of the potential range of returns for various scenarios can be beneficial to investors by providing a reasonable range of expectations […]

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Market Perspectives (August 2014)

August 21, 2014

Executive Summary Stocks took a step back during July, while fixed-income markets were mixed. Despite the setback, returns remain largely positive year to date. Small cap equities were hit hardest during the month followed by larger cap stocks and developed international stocks. Emerging-markets stocks were the lone positive performer for the month. The yield curve […]

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