Municipal Bonds

Many of the speakers and attendees were bullish on the physical metal, pointing to gold’s resilience in the face of a very strong U.S. dollar and multiyear-high yields.

The Federal Reserve weighs the data while investors wonder: Is the rate-hike cycle over?

Over the last 100 years, the US equity market has returned about 9% annually. What will it return over the next 100 years?

While some stocks may seem expensive, there are areas of opportunity that feature attractive valuations and growth catalysts, according to the Franklin Templeton Investment Solutions team.

The September Federal Reserve meeting provided few surprises, but ongoing uncertainty about the Fed's next move may mean more volatility ahead.

The European Central Bank is likely at or very near its peak policy rate, but we don’t expect rate cuts in the near term.

Inverted curves (when the gold line goes below the red line meaning that short maturity yields are higher compared to longer maturity yields) have preceded recessions.

The Franklin Templeton Fixed Income team believe that issuers that think critically about the environment in which they operate could outperform throughout the full market cycle compared with those who are slower to adapt.

Whatever stories Americans are told about the strength of the economy under President Joe Biden, they are not going to be persuaded to look past the issue of their own living standards. For most Americans, these have declined somewhat as price increases have outpaced wage growth.

Banks have reemerged as a potential pain point for the investment community, as rating agencies recently embarked on a downgrade cycle in the sector.

For new investors, the world of finance can appear daunting. But among the sea of investment options, Treasury bonds (often just called “Treasuries”) are a pillar of stability and reliability.

Given the uncertainty over a recession, there are other incremental steps that investors may want to consider instead. These include making adjustments to a portfolio’s market beta and credit exposure.

Celebrating an exciting milestone: Franklin Income Fund turns 75. Learn more about this flagship strategy and read some fun facts from back in 1948.

The term “Bond Vigilantes” is a nostalgic twist on an old-west theme. In the nineteenth century, the American West formed self-appointed groups, or committees, to seize the duties of law enforcement and judicial authority in situations when citizens found law enforcement lacking or inadequate.

Now seems like a good time to talk about wrappers and which ones are best for different situations. How do you decide whether to use an ETF, a mutual fund, or something else?

When markets are in a rising tide, all boats (aka stocks) can benefit. When the waters are choppier, active equity selection aims to identify the sounder vessels. Tony DeSpirito reviews five reasons why he believes the new environment is setting up to favor an active approach.

Confidence is returning to the bond markets and one sign is corporations’ willingness to start taking on debt again with new issuance.

Credit Research Analysts Greg Schantz and Julian Wellesley dive into why they favor European banks vs US banks and why they see a potential opportunity in Yankee bank bonds.

Competing narratives have emerged to describe the state of the U.S. economy.

Today, I am going to do something that I've never done. I am going to start a two-part series describing what is in my personal portfolio and why. Let me start by offering two caveats: This letter is in the “do as I say and not as I do” category.

If held until the bond is redeemed (either by call or maturity), the annual yield earned for the life of a bond is known upfront at the time of purchase. Knowing the return on an investment upfront makes long-term financial planning a much easier task.

Although US bond yields are well above their lows of the past decade, it’s always a good idea to think globally.

Municipals posted negative total returns amid rising interest rates. Issuance exceeded tempered expectations, while demand waned as performance struggled.

The 10-year Treasury yield has climbed steadily over the past two years. But we believe fixed-income investors should be prepared for lower yields ahead.

Touchstone Investments now has six actively managed ETFs. It seeks to bring its “distinctively active” mutual fund approach to meet advisors where they are focused.

That’s a bold prediction in the title. I believe it will come true.

ETFs are the instrument of choice for millions of investors in the U.S. Through a single trade and for a relatively low price, an investor gains broad exposure to a market, sector or niche.

For the savvy private wealth investor, portfolio diversity is key to success. Investing in infrastructure is one option that can help you both optimize your portfolio and make a positive and meaningful impact on your local community.

Since the beginning of the year, economic data has continued to defy the recession calls of 2022.

In his latest memo, Howard Marks discusses the essential choice in both investing and sports. Should you go for more winners or try to eliminate losers? That is, should you emphasize aggressiveness or defensiveness? This is a key decision that every investor has to make thoughtfully, and the answer can be different for each person.

PIMCO’s Global Advisory Board discusses economic and geopolitical factors shaping the long-term global outlook.

Higher yields on cash have allowed some de-risking.

We expect yields to fall later this year and into 2024 as inflation continues to cool.

In September, where volatility can strike at any time, investors will want the safety cushion of bonds for their portfolio. At the same time, short duration continues to be the default play as the U.S. Federal Reserve still attempts to cool down inflation further.

The U.S. dollar has dropped to its lowest level against other currencies in 15 months. In this environment, a wide range of assets stand to profit, not least of which is the AI-infused U.S. technology sector. However, no space stands more ready to benefit from this environment than emerging markets..

Today's economic conditions are attractive for BDCs (business development companies), and some benefit from businesses seeking alternative financing sources.

High-yield bonds, often referred to as “junk” or “speculative grade,” are corporate bonds that command a higher interest rate than other bonds. This higher yield is essentially compensation for the increased risk of default that investors assume when purchasing these securities.

On the interest rate front, the Federal funds rate is now close to systematic benchmarks that have historically been consistent with prevailing core inflation, nominal GDP growth, and unemployment.

Vanguard has forecasted that inflation will remain sticky, so the U.S. central bank will continue raising rates. But the investment giant also estimates that a recession still won’t hit the U.S. this year.

Tony Davidow, Senior Alternatives Investment Strategist, at Franklin Templeton Institute, shares some takeaways from a panel discussion on the topic.

When you step back and think about it, it is hard to believe that this hugely important retirement benefit has only been around for just over 40 years.

I write a few newsletters, and I frequently get feedback from my subscribers. Sometimes, they’re just saying hello, and sometimes, they’re ripping on me, but sometimes, they’re telling me about things they see in the economy that are of interest.

Diversifying a portfolio means spreading the investments across a variety of asset classes, industries and geographies.