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Articles & Updates

  • January Inflation Update
    Written by Peter Baden, CFA, Chief Investment Officer Headlines of the Week US Bureau of Statistics – CPI “When demand exceeds supply, the price must go up!” Or so my Microeconomics 101 professor used to say. Let’s look at our current inflation situation through that lens. Spring 2020: Pandemic hits, we
  • Fixed Income Sector Review
    Written by Peter Baden, CFA, Chief Investment Officer Sector Review With the Fed tapering and entering a new phase of the rate cycle, we anticipate increased volatility in the markets. With volatility comes opportunity to pick up bonds at good prices and improve our portfolios. We continue to like municipal bonds, improving
  • 2021 Year End Outlook & Update
    All in all, 2021 was a reasonable year. While the bond indices didn’t show much strength, our hard work paid off and we had a good year. As we look into 2022, we expect another challenging year, but we are prepared for it. We are positioning our portfolios to take
  • December Inflation Update
    Written by Peter Baden, CFA, Chief Investment Officer Headlines of the Week US Bureau of Statistics – CPI Retiring “Transitory”… Google “Define: Transitory” you get a quick definition: “not permanent”. Fed Chairman Powell stated this is what they meant by “Transitory”. However, scroll down a bit and Merriam-Webster definition is: “of brief
  • Weekly Fixed Income Update
    Written by Sarah Conwell, Portfolio Manager Headlines of the Week Biden signs temporary funding bill to prevent government shutdown Sen. Warren calls Fed Chair Powell a ‘dangerous man,’ says she will oppose his renomination China Hidden Local Government Debt Is Half of GDP, Goldman Says Two Fed officials depart amid
  • Weekly Fixed Income Update
    Written by Sarah Conwell, Portfolio Manager Headlines of the Week Schumer sets Monday showdown on debt ceiling-government funding bill Evergrande stays silent on its $83 million dollar bond interest payment, leaving investors in limbo The US Treasury yield curve steepened in the week, with the lion’s share of the long-term
  • Weekly Fixed Income Update
    Written by Peter Baden, CFA, Chief Investment Officer Headlines of the Week Social Security COLI Increases, largest in 40 years Tapering on Track Taper now or Taper Later? That is the question on the markets mind. Analyzing the various economic tea leaves, the Fed could easily justify starting the Taper now
  • Weekly Fixed Income Update
    Written by Sarah Conwell, Portfolio Manager Headlines of the Week Where Ida stands among the worst hurricanes to hit Louisiana Joe Manchin says he will oppose a $3.5 trillion budget bill The US Treasury yield curve barely budged in the week, even when considering the increase in long-term yields that
  • Weekly Fixed Income Update
    Written by Sarah Conwell, Portfolio Manager Headlines of the Week Watch Fed Chair Powell deliver his key Jackson Hole economic speech live Afghanistan Death Toll Climbs As Pentagon Clarifies 1 Bomber Was Involved In Attack Tropical Storm Ida Is Strengthening and Forecast To Slam Gulf Coast As A Major Hurricane
  • Weekly Fixed Income Update
    Written by Sarah Conwell, Portfolio Manager Headlines of the Week Fed’s Powell to Give Virtual Remarks at Jackson Hole Gathering Biggest Tax Hike on Wealthy Since ‘93 Is Bogged Down in U.S. Congress The US Treasury yield curve bull flattened in the week as investors and analysts tempered their expectations
  • Weekly Fixed Income Update
    Written by Peter Baden, CFA, Chief Investment Officer Headlines of the Week CPI Rate of Increase Moderates Consumer Sentiment Plunges An important week for inflation as CPI and PPI both reported numbers that were high but showing signs of moderating. The US Treasury yield curve was virtually unchanged for the week. With the
  • Weekly Fixed Income Update
    Written by Peter Baden, CFA, Chief Investment Officer Headlines of the Week US Treasury Expects to Cut November Funding Needs Unemployment Rate Sinks With COVID variants spreading, companies reporting and entertainment events happening, the markets ranged from concerns of a slow down, to the reopening is happening on schedule. The US Treasury
  • Weekly Fixed Income Update
    Written by Peter Baden, CFA, Chief Investment Officer Headlines of the Week GDP Stronger Than It Seems Fed Guarding Jobs as Delta, Prices Surge What started out as potentially busy and exciting, turned into a relatively quiet summer week. The US Treasury yield curve continue to flatten, marking almost two months of
  • Weekly Fixed Income Update
    Written by Sarah Conwell, Portfolio Manager Headlines of the Week ECB Signals Readiness to Curb Bank Dividends When Cap Lifts Dow jumps 200 points, S&P 500 rises to record as stocks head for winning week The US Treasury yield curve was again little changed in the week, with yields in the
  • Weekly Fixed Income Update
    Written by Sarah Conwell, Portfolio Manager Headlines of the Week Fed Chair Powell grilled by grouchy senators over inflation and climate change, even as economy rebounds U.S. Senate Democrats agree to $3.5 trln for budget reconciliation bill The US Treasury yield curve was little changed week-over-week, with the largest movement coming
  • Municipal Bond & Strategy Update
    We believe municipal bonds are still and always will be critical to wealthy investors, but we now feel that the period of municipal outperformance is behind us. We believe that interest rates have stopped going down in general and we are vulnerable to long-term interest rates moving higher in the
  • Weekly Fixed Income Update
    Written by Sarah Conwell, Portfolio Manager Headlines of the Week Fed Says U.S. Economic Activity Has Picked Up to Moderate Pace Coinbase stock closes down day after landmark Nasdaq debut The US Treasury yield curve flattened for the second week in a row as traders attempt to reconcile current interest
  • Weekly Fixed Income Update
    Written by Sarah Conwell, Portfolio Manager Headlines of the Week Biden open to negotiating on corporate tax hike, but says U.S. must take bold action on infrastructure Explainer: What is a global minimum tax and how could it affect companies, countries? The US Treasury yield curve bull flattened in the
  • Evaluating State Preference Portfolios
    FOR MUNICIPAL BOND INVESTORS, 2020 Municipal securities issued from your state of residence typically provide a level safety and tax-free income that is not found inequities, treasuries, corporate bonds, or even municipal bonds issued from other states. When considering municipalinvestments, investors should first determine if the tax-free income of in-state
  • Active Management in a Low Interest Rate Environment
    Active bond management seeks to provide increased income over cash alternatives, and potential for appreciation.Using a value based total return approach, F/m Genoa Portfolios typically experience capital appreciation if rates trendlower, and transition assets to seek to protect capital and increase yield if rates trend higher. Short Interest Rates Typically
  • The Importance of Municipal Bonds in a High Tax Environment
    With the possibility of increased taxes on the horizon, the resounding question we receive is, “How should I  invest in a high tax environment?”  Municipal bonds are typically a type of tax advantageous investment offering federally tax-free income, and depending on your state of residency, state and local tax-free income. Municipal
  • Weekly Fixed Income Update
    Written by Sarah Conwell, Portfolio Manager Headlines of the Week Suez Canal: Ships stuck in ‘traffic jam’ as salvage efforts continue Build America Bonds may be key to financing Biden’s infrastructure plans The US Treasury yield curve flattened in the week, with long-term yields declining roughly 9 basis points (bps).
  • Weekly Fixed Income Update
    Written by Sarah Conwell, Portfolio Manager Headlines of the Week Here are the highlights from the heated exchange between the U.S. and China in Alaska Fed won’t extend relief for banks from key capital rule The US Treasury yield curve steepened yet again in the week, as the market grappled with