BlackRock

Russ Koesterich discusses the risk of higher interest rates and the potential impact (both positive and negative) such a move could have on markets.

In the second half of 2024 the risk premia associated with inflation releases declined relative to labor market data as the Fed shifted focus toward labor market and away from inflation risk. With elevated S&P 500 Index concentration and the market leadership of the artificial intelligence (AI) theme, some single company earnings (NVIDIA) have been rising risk events for the entire index.

The second Trump presidency marks a new regime for government policy, with a range of potential macroeconomic and market implications.

At the same time, the Fed has mostly ignored the impact of easy financial conditions—the combination of stock, bond, and credit conditions—offsetting increases in interest rates by bolstering wealth and confidence.

Last week’s volatility in AI-related stocks shows markets are learning in real time about the transformation underway.

In this article, Russ Koesterich discusses why gold may continue to advance in 2025 despite a stronger dollar and elevated real rate environment.

What’s in store for stocks after two years of strong returns? Fundamental Equities Global CIO Tony DeSpirito assesses the prospects for another positive year and offers his year-ahead outlook through the lens of an active stock picker.

Value stocks hit some investors’ radar screens with a performance uptick in the second half of 2024. Yet many portfolios may be unwittingly underweighted in this popular equity style.

While stocks can move higher, the bond market will continue to matter. Higher rates suggest that equity leadership may continue to reside in companies that are relatively rate insensitive.

We are pro-risk, with the biggest overweight in U.S. stocks, yet eye three areas that could spur a view change.

Three interconnected lessons from 2024 help shape our 2025 outlook.

The S&P 500 Index posted its best month of the year in November, with a clear election result and a “no-surprise” Fed rate cut providing support.

Why cyclical leadership in equities could continue into 2025.

Investment themes are highly dynamic, shouldn’t your investment process be too? Learn about a systematic framework to help with identifying and investing across the themes driving markets.

Historical trends are being permanently broken in real time as mega forces, like the rise of artificial intelligence (AI), transform economies.

Expectations for solid corporate earnings drove our U.S. and Japanese equity overweights this year. They have delivered, showing that fundamentals are key. Earnings strength could matter more to equity investors in 2025 over valuations.

Why the equity market rally following the U.S. presidential election could continue into year-end.

The current global expansion has been characterized as one of US exceptionalism. Despite many developed market economies outperforming low expectations, the robustness of the US expansion has stood out. We believe this can continue based on differences between the US and European economies.

Municipal bonds broke their winning streak in October, posting negative total returns alongside broader fixed income assets.

We are in a world where multiple, starkly different outcomes are possible. The decisive U.S. election outcome has stoked uncertainty about future U.S. policy.

This is not a typical business cycle. We see structural forces holding inflation higher long term, keeping the Fed from cutting as much as markets expect.

As we think about investing around a historic election, establishing what we know, what we need to know, and what we can count on is a useful foundation for navigating the uncertainty.

In this article, Russ Koesterich discusses why he believes U.S. exceptionalism is a trend that is likely to continue.

Annuity owners value the financial security that guaranteed lifetime income provides.

The start of a rate-cutting cycle has opened up new questions ― and possibilities ― for stock investors. Tony DeSpirito, Global CIO of BlackRock Fundamental Equities, outlines key areas to watch as the Fed takes action to “recalibrate” interest rates.

The tendency to blindly follow these rules has led investors towards prematurely de-risking and over-estimating the likelihood of recession.

Municipal bonds bucked the seasonal trend and posted strong performance in September.

In this article, Russ Koesterich discusses gold may continue to serve as a store of value in the current environment.

The puck has certainly moved since our last market commentary. This month, we argue that the needle on portfolio construction should move with it. Equities have been the driver of returns for much of the last few years.

We bring together historical and real-time analysis for insight into the economy, markets, and potential alpha opportunities and risks we’re watching.

The world could be undergoing a transformation akin to past technological revolutions. But the speed, size and impact of that investment is highly uncertain. We think leaning into the transformation and adapting as the outlook changes will be key.

The economy is not the stock market. And that’s good news.

The impressive arc of AI stock growth has been something to behold. Touring Silicon Valley and meeting with AI and tech company leaders offers another level of inspiration and insight on the market juggernaut. Active equity investor Tony Kim shared the experience and his broader AI investment outlook with The Bid podcast.

As the back-to-school season fills your social media feed with first-day photos and ads for the latest school supplies, it is also a prime opportunity for financial advisors to reconnect with clients about their education savings plans.

Munis cemented their best “summer” since 2010 after another month of strong performance. Some near-term caution is warranted given that September has been historically challenging. Robust issuance ahead of the election should provide opportunities in the primary market.

In this article, Russ Koesterich discusses why the next bout of market volatility may last a bit longer than previous downturns and how to best position your portfolio against this backdrop.

An analysis of the leadership reversal and market sell-off observed in recent weeks and why an emphasis on equities with consistent fundamentals is justified.

Recent growth data have been muddled and subject to conflicting interpretations. There have been mixed signals from leading indicators and hard data and divergent readings across major economies.

The healthcare sector offers a compelling mix of defensive characteristics and growth potential driven by innovation. It also features ample dispersion that presents stock pickers with an opportunity to parse potential leaders and laggards in pursuit of above-market return.

The most glaring uncertainties today, which contributed to early August seeing some of the largest market moves in the last several years, are the risks associated with the Federal Reserve’s dual mandate.

Improve your income potential with a tactical, unconstrained strategy that sources opportunities across geographies and asset classes. BlackRock Multi-Asset Income Fund takes a risk-first approach while seeking to deliver a consistently attractive yield.

Robust U.S. stock momentum hit a slowdown in the third quarter, even as strong company earnings results rolled in. Fundamental Equities’ U.S. and Developed Markets CIO Carrie King weighs in on the incongruence with three reflections from Q2 earnings season.

Technology stocks led the market for much of this year, with AI euphoria in full effect. Recent cracks in the momentum caused some investors to question whether the enthusiasm has been exhausted. Technology investors and active stock pickers Tony Kim and Reid Menge offer answers ― and an optimistic outlook.

Municipal bonds maintained their summer strength and posted a second-consecutive month of positive performance in July.

Recent macroeconomic and geopolitical developments, along with shifting AI sentiment, have raised concerns over whether strong headline returns, low volatility, and persistent mega cap tech leadership can continue as we look ahead.

In this article, Russ Koesterich discusses factors behind gold’s impressive performance year to date.

The rise of LLMs and public availability of generative AI tools has driven a wave of excitement over AI’s potential to transform society, economies, and workflows.

The economy and markets have emerged from the pandemic fundamentally changed. For equity investors, we believe this means a different opportunity set than the one that prevailed over the past decade and a half ― and one that favors alpha (excess return) over beta (market return).

When it comes to assembling a well-rounded investment portfolio, the makeup and placement of U.S. equity allocations are key considerations. Tony DeSpirito, Global CIO of BlackRock Fundamental Equities, challenges conventional thinking to suggest that alpha-seeking strategies in U.S. large-cap stocks are deserving of a core position in portfolios.

Elections have been anything but easy for investors. What has been easy is financial conditions in the US relative to the level of policy rates, fostering the debate over the degree of policy restrictiveness as global monetary easing begins.

In this article, Russ Koesterich discusses why bonds are still not a reliable hedge for equities in an environment where inflation remains elevated and volatile.

Municipal bonds posted their strongest June performance since 2019. The asset class outperformed amid improving seasonal supply-and-demand dynamics. Looking ahead, July has historically been the strongest performing month of the year.

The world could be undergoing a transformation akin to past technological revolutions. But the speed, size and impact of that investment is highly uncertain. We think leaning into the transformation and adapting as the outlook changes will be key.

Rick Rieder and team argue that the economy is making further progress towards normalization and continues to offer a once-in-a-generation investing opportunity, which isn’t adequately represented by the benchmarks.

Macro worries meet AI wonderwall. Stocks have managed to climb a wall of macro worries, thanks to largely solid earnings that we believe can expand beyond AI beneficiaries and continue to support prices. As Q3 begins, we look for:

Market indexes can be a useful barometer of long-term performance. But the investment opportunity set need not start and end there. Fundamental Equities investor Alister Hibbert uses an unconstrained approach in seeking to identify those rare companies that stand out from the pack.

Municipal bonds deviated from U.S. fixed income assets and posted negative performance in May.

The Federal Reserve’s balance sheet is one of the world’s most important security portfolios. Yet, its ongoing importance for markets and financial conditions is often underappreciated.

In this article, Russ Koesterich discusses the YTD strength of energy stocks and why it could continue.

A defining feature of the post-COVID investment regime has been the persistence of elevated market uncertainty and volatility. The below visual highlights how this has led to a wider range of market performance outcomes, focusing in on the vast difference between the last two calendar years.

Strong Q1 earnings were a bright spot as sticky inflation and dimmed expectations for rate cuts cast some shade on U.S. equity markets. Fundamental Equities investor Carrie King looks beyond the headlines to offer four takeaways from the most recent earnings season.

Artificial intelligence (AI) and its unparalleled potential have powered stock market returns over the past year. Yet the market has more to offer, particularly as leadership may be poised to broaden beyond AI beneficiaries.

In this article, Russ Koesterich discusses why stocks are proving to be resilient in the face of higher rates and muted expectations for monetary easing.

How momentum and election cycles may shift the impact and timing of seasonal trends.

With yields at current levels, bond funds can lock in longer term yields, offer price appreciation potential and overall serve as a hedge against a possible hard landing. Though elevated cash balances worked during the Fed’s hiking cycle, we believe now is an opportunity for clients to consider adding duration given the potential for a Fed pause.

Elevated all-in yields in high yield credit present an attractive opportunity for income-seeking investors to lock in higher levels of income. Of course, that comes with a much higher degree of risk as compared to sitting in cash.

After a strong start to the year, equity investors are assessing whether a range of escalating risks will lead to continued volatility ahead. In this quarter’s Systematic Equity Outlook, we’ll explore macro and micro risks through a systematic lens, and how we’re positioning portfolios to harness alpha opportunities ahead.

In this article, Russ Koesterich discusses why a higher rate environment may still allow stocks to end the year higher.

Improve your income potential with a tactical, unconstrained strategy that sources opportunities across geographies and asset classes. BlackRock Multi-Asset Income Fund takes a risk-first approach while seeking to deliver a consistently attractive yield.

Why the current momentum trade, despite stretched valuations, could continue.

Market update from BlackRock's municipal bond team.

A favorite Mark Twain aphorism states, “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”

What next for stocks after a strong start to 2024? While a near-term pullback wouldn’t be surprising, we see fuel for the positive momentum to continue throughout the year ― but with selection growing more important.

After a career in design that included restoring furniture and textiles for nine presidents, Iris Apfel became a fashion icon in her 80s. This isn’t a commentary on how to live out one’s retired years (some may air-quote that term). It’s to drive home the point that she lived – really lived – to 102.

Russ Koesterich discusses the reason that bonds are not providing the same diversification benefit to equities as in prior decades.

Gargi Pal Chaudhuri, Head of iShares Investment Strategy and Markets Coverage at BlackRock, and Anne Ackerley, Head of BlackRock’s Retirement Group, sat down for a conversation about women and investing – the good, the bad, and the diversified.

Municipals posted positive performance and outperformed comparable Treasuries in February. We expect supply-and-demand dynamics to turn less supportive in the coming months. After patience to start the year, we would view any material backup as an opportunity to buy.

We monitor battery prices, elections and market attention on climate resilience for their impact on transition-related investment opportunities and risks. U.S. stocks were mostly flat last week, while 10-year U.S. Treasury yields fell further. Markets still expect the first Federal Reserve rate cut around mid-2024.

Q4 earnings revealed a tale of two markets in the U.S., with tech and internet players hitting home runs as other sectors and industries played small ball in comparison.

We get granular as the environment for risk-taking is supportive for now. That’s why we like euro area high yield credit, emerging market debt and U.S. stocks.

The shift from a regime of secular stagnation to one of reflation is contributing to both a broadening of global earnings growth and significantly higher dispersion in company results and performance.

22%. That is the average increase in potential retirement spending that individual savers in defined contribution plans can achieve when they embed guaranteed retirement income solutions into a target date fund. For lower-income workers, it’s a 25% increase.

In this article, Russ Koesterich discusses the reason behind the recent resiliency of stocks, despite rising rates.

We see Japan stocks climbing higher on robust earnings, corporate reforms and a Bank of Japan likely worried about returning to a chronic deflationary mindset.

We think market optimism can persist for now but stay nimble. We get more active in our long-term portfolios given a greater dispersion of returns.

The deceleration of the core PCE (Personal Consumption Expenditures) inflation rate in the second half of 2023 catalyzed a pivot in monetary policy messaging and shifted market pricing for the path of policy rates in 2024.

Japanese stocks were standout performers in 2023 after years of stagnation and deflation left Japan an unloved investment destination. Can the positive momentum continue in 2024? BlackRock’s Belinda Boa believes it can and sees the makings of a rags-to-riches story with staying power ― and abundant investment potential.

Municipal bonds posted negative total returns as the market reassessed macro expectations. Seasonal supply-and-demand dynamics were supportive, albeit less so than in prior years.

In this article, Russ Koesterich discusses why a different approach to portfolio construction within equities is warranted in 2024.

Improve your income potential with a tactical, unconstrained strategy that sources opportunities across geographies and asset classes. BlackRock Multi-Asset Income Fund takes a risk-first approach while seeking to deliver a consistently attractive yield.

After initial optimism at the start of 2023 spurred strong performance, munis subsequently struggled as the Fed continued its tightening policy, raising fed fund rates to 5.25%−5.50%, before pausing in September.

What’s in store for stocks after they climbed a wall of worry to exceed expectations in 2023? Fundamental Equities Global CIO Tony DeSpirito sees a rich hunting ground for stock pickers and offers four insights for 2024 ― from sector likes to international opportunities.

Factors are long run drivers of portfolio risk and returns. Having strategic allocations to factors may increase a portfolio’s expected return.

Markets in 2023 kept investors on the edge of their seats. Groundbreaking technological advancements, mega-popstars being blamed for summertime inflation, and a December Fed pivot were just a few of the plot twists.

Risk assets surged to end 2023 as the Federal Reserve blessed market hopes for rate cuts. That momentum could persist for some time as inflation cools.

In this article, Russ Koesterich discusses why equity performance in 2024 may be more muted and warrant more focused positioning across segments of the market.

20 years into retirement, most retirees have spent only 20% of their savings. We talked to retired participants to understand why–and what it means for the next generation of retirees.

We think 2023 stressed the value of adapting to a new volatile macro regime and leveraging investment insight and structural forces to find opportunities.

Bond markets expect more cuts than the Fed is signaling, and this expectation largely reflects a return to pre-COVID dynamics of low inflation, massive central bank support, and suppressed term premia.

The use of “factors,” or broad and persistent drivers of investment returns, has grown rapidly in equity markets, but with less adoption in fixed income.

In the same way that a swimmer can make the biggest splash by jumping off of a higher diving board, so too fixed income asset returns can appear prospectively most attractive after a prolonged back up in rates.

Municipal bonds posted historic total returns of 5.90% in November. Rallying interest rates led the way, while strong demand aided outperformance versus Treasuries.

Insurance is making national headlines in 2023 as major providers retreat from writing new policies in large parts of the country and renewal premium prices skyrocket.

Q3 earnings season had many familiar refrains relative to the year’s first two quarters. One difference was a return to positive earnings growth for the first time since Q3 2022. Still, the market wasn’t unanimously cheering the results.

Generative artificial intelligence (AI) is firmly on the scene and set to change the way we live and work. NVIDIA CEO Jensen Huang, an AI pioneer and visionary, is optimistic and energized.

Year-to-date, technology has outperformed the broader market largely given the prevalence of low leverage, high profitability and consistent earnings across many names in the mega-cap tech space.

The potential for a Fed pause presents an opportunity for investors to consider adding duration back into their portfolios. In this market regime, we believe duration serves well as hedge and equity diversifier.

Despite progress on bringing down inflation from mid-2022 highs, data from online job postings suggests that wage pressures may be reaccelerating. Beneath the surface, growing divergence in wage gains across occupation categories may be adding a layer of complexity to the outlook for labor markets.

As investors face continued macroeconomic and market uncertainty, evolving the 60/40 portfolio of stocks and bonds to include alternative investments may help build portfolio resiliency.

Municipal bonds sold off considerably in September alongside vastly rising interest rates.

With all eyes on generative AI (genAI) and its transformative potential, individual investors’ interest has been piqued. The market-moving innovation certainly has generated a lot of hype ― and questions. Equity CIO Tony DeSpirito parses three reasons for excitement and three areas for awareness.

Global central bank hiking cycles have dominated financial market headlines for the last 18 months, keeping many investors on the sidelines, hiding out in cash as inflation and the resulting rate hikes were serious headwinds to returns.

Rising rates in the second half of the year have brought year-to-date returns for the US Aggregate (“Agg”) benchmark index negative.

U.S. stocks typically post their best returns in the final quarter of the year. Our review of S&P 500 performance since the index’s inception in 1957 found an average Q4 uptick of 4%. (Q1 was next best at an average of 2%.)

The prevailing narrative about the U.S. economy is that it’s ‘resilient’: despite rapid rate hikes, economic growth has held up and may even be accelerating.

In many ways, 2023 continues to be the mirror image of 2022, with the most volatile assets being some of the best performers for much of the year.

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.

BlackRock and Human Interest have found that American workers earning less than the national average are not saving due to lack of access to saving tools. Broadening access requires an intuitive and automated approach to retirement savings.

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

Seven mega-cap US-based companies – Apple, Microsoft, Amazon, Google, Nvidia, Tesla, and Meta (Facebook) – have stayed top of mind for many investors this year.

As multi-asset income investors, we seek to help a wide range of clients meet their income needs. The benefits of an income-centric approach are especially relevant for investors as they enter retirement – and that’s especially true today. We bring that to life with two case studies.

U.S. companies broadly notched better-than-expected results in the second quarter, even as overall earnings growth for the S&P 500 saw a decline. Equity investor Carrie King sees more interesting developments beyond the numbers and posits one area that may be getting tired as another readies for a reawakening.

Monetary and fiscal policy are typically thought of as independent tools that central banks and governments use to manage the economy.

U.S. corporate earnings have stagnated for a year, but Q2 beat a low bar. Expectations of improving margins look rosy. We stay selective in equities.

Following the YTD strength in equity markets, Russ Koesterich discusses how a combination of cyclical, and a growth bias may serve investors well in today’s market.

We maintain a neutral-duration posture overall. We prefer an up-in-quality bias and have become increasingly selective in non-investment grades.

For the better part of the last century, the largest companies in the world were those that produced physical property – traditional transportation machines, the energy that powered them, or the capital that financed them.

The potential for a Fed pause presents an opportunity for investors to consider adding duration back into their portfolios.

We see emerging markets better withstanding volatility and benefiting as supply chains rewire. We switch our EM debt preference to hard currency from local.

The economy and markets that have emerged from the pandemic fundamentally changed. For equity investors, we believe this means a different opportunity set than the one that prevailed over the past decade and a half ― and one that favors alpha (excess return) over beta (market return).

Russ Koesterich CFA, JD, Managing Director, and Portfolio Manager discusses how improving economic expectations may suggest adding to cyclical areas of the market.

Healthcare stocks rank high on our like list, boasting a history of resilience amid both inflation and recession as well as attractive growth prospects thanks to potent innovation. Dr. Erin Xie examines the opportunity.

Central banks are set to hike policy rates this week. Markets expect rate cuts to soon follow due to cooling inflation, whereas we see central banks holding tight.

So far in 2023, equity markets have shrugged off banking stress, recession risk, and monetary tightening in favor of a more optimistic view. While risks remain, alternative data suggests that inflation may fall faster than expected as the economy remains relatively healthy.

We favor emerging market (EM) to developed market (DM) assets on a brighter macro backdrop. We get granular and harness mega forces, per our playbook.

Municipal bonds posted positive absolute and relative performance in June. Modest primary and secondary supply was outpaced by improved demand. While July has historically been a top-performing month, we maintain some near-term caution.

Factor investing can help drill through broad sector labels to help investors better understand past performance and expected returns.

Higher expected corporate earnings mask broad pressure under the surface. We see more earnings pain ahead and look for opportunities at the sector level.

We see different and abundant opportunities in the new macro regime. We go granular within asset classes, regions, and sectors – and harness mega forces.

Financial advice often focuses on boosting personal savings rates and maximizing return on investment during a worker’s accumulation years. Equally important, however, is the decumulation process, when people spend those savings in the form of income.

The US Federal Reserve (“Fed”) paused rate hikes in June, but signaled it expects to deliver 50 basis points of additional hikes this year.

An ounce of optimism, a pound of prudence. It’s still a good time to be measured about taking risks in equities, but we believe the longer-term horizon holds particular promise for active stock pickers.

Macroeconomic uncertainty has remained front and center in 2023 as the new investment regime continues to play out. Inflation remains above central bank targets and some signs of economic weakness have started to surface in the wake of rapid monetary tightening.

Since the March trough the S&P 500 Index has gained around 14% and ten-year Treasury yields have risen roughly 0.50%. As market conditions have improved, inter-asset correlations have also shifted.

The exit from a decade of very low interest rates, via the most aggressive hiking cycle since 1980 has laid bare the distorted financing incentives that became entrenched in the years between the Global Financial Crisis in 2008 and the end of pandemic-era monetary policies in 2022.

Sticky inflation looks to compel developed markets (DM) central banks to crank policy rates higher – and keep policy tight for longer. The Federal Reserve paused last week but pointed to more hikes on the way.

Artificial Intelligence (AI) has garnered widespread attention with the public launch of ChatGPT. Learn how these same technologies can be used in investing.

With the passage of SECURE 2.0, new in-plan emergency savings solutions are on the horizon. What have the past five years of research taught us about the connection between short-term and long-term financial security? And how can 401(k) plans benefit from lessons learned?

The potential for a Fed pause presents an opportunity for investors to consider adding duration back into their portfolios.

Macroeconomic uncertainty has sparked questions over the durability of the traditional 60/40 portfolio—highlighting why investors may want to add alternative investments to the mix.

Municipal bonds posted negative total returns in May amid continuing heightened volatility. Interest rates rose throughout most of the month as banking concerns abated, economic data exceeded expectations, comments from the Federal Reserve turned more hawkish, and the debt ceiling negotiations remained contentious to the very end.

Emerging markets (EMs) are a big, heterogeneous universe of economies and markets that can be subject to big volatility. They also are a large and fertile hunting ground for investment opportunities. Stock picker Emily Fletcher offers a grand tour of the “wild” EM equity landscape.

With stocks struggling to break out of their range, rates climbing, and valuations stretched investors are rightly asking whether it’s time to sell.

Transitioning into the post-COVID investment environment shifts the foundations of portfolio construction that investors relied on in recent decades. On full display in 2022, inflation and recession risk punished both bonds and stocks together to historic declines.

We see the market’s focus returning to higher-for-longer rates and sticky inflation after a U.S. debt ceiling deal. We prefer an up-in-quality portfolio.

New findings from EBRI’s recently released 2023 Retirement Confidence Survey reveal what’s top of mind for American workers and retirees. Below, we look at two key findings – alongside ways the industry is responding.

Inflation has proven sticky, even as growth weakens. Markets are realizing that policy rates are set to stay higher for longer. We like quality in stocks and bonds.

First-quarter earnings largely surprised to the upside, but expectations also had been guided down. What does the latest earnings news mean for stock investors? Carrie King, Global Deputy CIO of BlackRock Fundamental Equities, offers three observations.

Rick Rieder and team argue that a series of small, but more probable, wins in fixed income can pave the way for portfolios to outperform benchmarks in 2023.

Stocks are having a great year, but gold is doing even better. Year-to-date global equities are up roughly 9% in dollar terms; gold has advanced more than 10%.

We prefer private to public credit long term on better return potential. It’s the mirror image in equity: We prefer public stocks as risks fade in the medium term.

Macroeconomic uncertainty presents new challenges for investors who are saving for long-term goals like retirement. Inflation can diminish the ability to save today and the value of those savings tomorrow.

Factor investing has seen increased popularity in the US. Investors may also want to consider increasing their opportunity set by considering factors abroad.

The view by many is that sustainable investing is concessionary in that financial results are forgone in order to achieve sustainable outcomes. Our historical analysis shows that this assertion isn’t true and that unique ESG data can be predictors of company results.

We think the U.S. debt limit showdown will spark renewed volatility in markets. That risk reinforces why we stay invested and cautious by going up in quality.

Pay attention to the bond diversification, resiliency quality stocks may offer, and current allocation to cash within portfolios in the wake of Fed action.

Financial cracks from rate hikes have led to jitters over commercial real estate. Yet granularity is key. We see opportunities in some U.S. industrial properties.

A direct repercussion of higher central bank policy rates is on the cost of capital for corporations and other issuers of debt. However, not all issuers feel the impact of higher rates at the same time, and we’re more cautious on asset classes that are experiencing higher interest costs sooner.

Since early March bonds and growth stocks have rallied, and for the first time since 2021 bonds have resumed their role as an equity hedge.

There have been glimmers of hope in 2023 that the inflation fixation of 2022 was a transitory phenomenon. In particular, the market has begun to more closely monitor jobs market data releases to try to spot signs of a labor market and wage slowdown.

Fear of missing out, or “FOMO,” seems to be a common trend with investors. Whether it was GameStop, AMC, Bitcoin, or the FAANGs, the last few years has seen some investors exhibit FOMO as they chase the hottest trends in the market.

Over the past year, the municipal bond market has seen increased volatility stemming from rising interest rates across the yield curve.

The sudden collapse of two US regional banks and the forced acquisition of Credit Suisse in Europe introduced a third dimension to the existing policy dilemma of balancing inflation and growth objectives: financial stability.

Rick Rieder and team argue that a major shift in market perception of growth, inflation and policy trajectories means investors should consider calling a "time-out" to reassess portfolios.

The market gyrations are not rooted in a banking crisis, but in financial cracks from rapid rate hikes.

European stocks have outperformed this year as China’s economy restarts and the energy shock proved less severe than expected.

As fourth-quarter earnings rolled in with mixed results, the stock market opened the year in rally mode.

Inflation appears to have peaked, led by improvements in core goods prices and rate-sensitive sectors like housing.

The Aiguille du Midi, neighboring popular Mont Blanc in the French Alps, is famous for having the highest vertical ascent cable car in the world, a vertigo-inducing ride that is equal parts scary and awe-inspiring.

Rick Rieder and team outline how to think about portfolios as we enter 2023.

For years leading up to the pandemic, low inflation and stable growth created a favorable environment for investors that supported sustained periods of robust stock and bond returns. With inflation virtually non-existent, economic downturns were met with monetary and fiscal stimulus that provided a backstop for financial markets.

An astounding $200 million dollars per day, every day, is spent gambling in Las Vegas casinos.

We see central banks on a path to overtighten policy.

Russ Koesterich, CFA, JD, Managing Director and Portfolio Manager, of the Global Allocation team discusses whether markets have bottomed or not. 

Millennials were more comfortable with the stock market this year, a May survey found. We explore the outlook for equities through a generational lens.

Growth stocks enjoyed a supercharged post-COVID rally before higher rates and inflation dealt a heavy blow in 2022.

The list of assets that have risen year-to-date is both short and odd: energy, broad commodity indexes and the dollar.

Over the last few months, the Federal Reserve (Fed) has changed its angle of attack quite dramatically, in an attempt to battle surprisingly and stubbornly high inflation.

Balancing acts. As the Fed walks the line between curbing inflation and averting recession, anxious investors are seeking to balance the two risks. Amid the uncertainty, we believe stock selection matters more.

After a lower-than-expected July inflation print led many investors to rejoice at the prospect of inflation having peaked, the recent August print showed that consumer prices continued to rise year over year – albeit more slowly than prior months.

This year has been a tough one for retirement savings. Inflation is high, markets are volatile and it’s hard to know where we’ll be in a few weeks, months or even a year.

Most consumers wait for things to go on sale before buying them, look for promo codes prior to purchasing something online, and suggest that discounts are the greatest influence on their purchase decisions around the holidays...

Russ Koesterich, Managing Director and Portfolio Manager, of the Global Allocation team explains why investors should expand their definition of quality in today’s market environment.

We met with the portfolio managers of BlackRock Strategic Income Opportunities to have a wide-ranging discussion on their approach and why it’s so well suited to the current market environment.

What to do in equity portfolios at the midyear point? Fundamental Equities CIO Tony DeSpirto assesses the backdrop and identifies three favored sectors.

Over the last year, we’ve experienced heightened macroeconomic uncertainty with several events impacting society and financial markets.

The ECB and the Fed both need to quickly normalize policy from the emergency settings adopted when the pandemic first hit.

The geopolitical crisis in Ukraine creates a stagflationary shock for global economies. The plan to fight inflation just got far more complicated for global central banks.

Russia’s tragic invasion of Ukraine has layered on existing supply imbalances, causing geopolitical uncertainty and a global energy shock.

Russ Koesterich, Managing Director and Portfolio Manager of the Global Allocation team, discusses the case for the cheaper segments of growth stocks.

Inflation and hawkish central bank talk have spooked investors and led to bond losses not seen since the 1980s in developed markets (DMs).

Seeking resilience. 2022 started with rising interest rates, high inflation and unthinkable violence and human tragedy in Europe.

War in Europe comes at a time when the global economy was just emerging from the COVID-19 pandemic.

The Fed last week signaled a large and rapid increase in its policy rate over the next two years and struck a surprisingly hawkish tone, indicating it’s ready to go beyond normalizing to try to tame inflation.

Market Update from BlackRock's municipal bond team. 

When an iceberg comes into view, investors must be wary of the danger, but Rick Rieder and team argue that it's also important to recall that calmer seas may lie beyond.

Market volatility is a given, but that doesn’t make its inevitable appearance any less stressful.

Nearly four years ago, we wrote a market commentary titled “A New Waze of Investing” in which we highlighted the incredible technological innovations that were changing our everyday lives and our perspectives on long-term investing.

Energy sector leaders quickly shifted from the “green” economy in 2020 to the “brown” economy in 2021.

Impact investing is gaining interest as a growing share of investors seeks tangible progress on environmental and social goals alongside financial returns.

Rick Rieder and team identify 11 themes that could drive returns in 2022, as the greatest monetary experiment since the advent of flat currency enters its next phase.

Russ discusses the recent volatility and how to hedge the risk in the current environment.

What might equity investors expect in 2022? Active stock picker Tony DeSpirito reviews the potential positives and impediments in his Q1 market outlook.

It’s well studied that factors like debt and financial uncertainty impact the way people feel about retirement and prepare for it. In this series, BlackRock explores insights from our 2021 DC Pulse research and additional work with the Employee Benefit Research Institute (EBRI) to recognize inequitable effects and find ways to build a better retirement for all.

We are entering a new market regime unlike any in the past half century: We see another year of positive equity returns coupled with a down year for bonds. But we have dialed back our risk-taking given the wide range of potential outcomes in 2022.

Supply chain issues are making headlines, particularly as consumers are seeing prices rise and delivery times lengthen amid product and component shortages. International equity investors Gareth Williams and David Vos offer four Investment takeaways.

Historically, fourth quarter tax loss selling of closed-end funds (“CEFs”) has been prevalent in the market. CEFs may be more susceptible to tax loss selling given they trade on a stock exchange and market prices (investor return) can deviate from underlying net asset values (“NAVs”) (fund return).

The busy retail season is in full swing, but what can investors make of the longer-term outlook for consumer stocks? Sophie Steel of BlackRock Fundamental Equities looks beyond the seasonalities to three factors that are reshaping the opportunities across consumer sectors.

Rick Rieder and team examine the parallels, or lack of them, between the economy, markets and policy of the 1970s and today.

BlackRock Portfolio Manager, Russ Koesterich, CFA, JD discusses his preference for the US dollar over a long Treasury hedge in the current markets.

Portfolio manager Michael Fredericks reflects on markets and investing to generate income while managing risk over the last decade.

The bonds that held market expectations and central bank policies closely together during the COVID-era are starting to break. BlackRock's quant bond experts discuss the latest developments in inflation dynamics, liquidity in the financial system, and changes in China's policy reaction.

Achieving “net zero” by 2050 will require a shift in the global energy mix, from both a supply and consumption perspective. This has implications for portfolio allocations and alpha generation but there are diverse perspectives on the emergent risks and opportunities related to this shift.

The results of hiring high quality, skilled workers can impact several business functions for companies. But is there added potential for talent acquisition strategies to lead to positive social outcomes and improved financial results?

It’s well-studied that factors like debt and financial uncertainty impact the way people feel about retirement and prepare for it. In this series, BlackRock explores insights from our 2021 DC Pulse research and additional work with the Employee Benefit Research Institute (EBRI) to recognize inequities and help find ways to build a better retirement for all.

This Halloween season, Rick Rieder and team shed light on today's market ghosts, ghouls and goblins and how to build a resilient investment portfolio around them.

September lived up to its reputation as a bad month for stocks. Global equity markets declined more than 4%, making September the worst month since the start of the pandemic. Beyond seasonal weakness, many attributed equity losses to higher interest rates.

Matters of money can pull at both our intellect and our emotions. And when markets get shaky, that’s when the internal tug-of-war kicks into high gear. Two investment pros share strategies for keeping calm and investing on.

Saving for retirement is a decades-long endeavor with factors – both excepted and unexpected – that can affect confidence and preparedness. Even though much of the conversation has centered around amassing a nest egg, it’s also important to look at what else can be done to improve retirement readiness for all.

We view the U.S. Treasury yield spike as resolving a disconnect between the powerful restart and lower yields in recent months, and stay tactically pro-risk.

Market update from BlackRock's municipal bond team.

It's been a good year for U.S. stocks, but is the run nearing an end?

Real interest rates on Treasuries have been strongly negative throughout 2021. But why do investors keep piling into these negative “real” yielding assets? BlackRock’s systematic investment experts decode the markets to reveal why rates are so disconnected from fundamental values and what it means for your bond portfolio.

We stay tactically overweight European equities with two key events on the horizon: a European Central Bank (ECB) meeting and the German election.

During a trying time for the world in 1939, Winston Churchill famously described the largest country in the world and soon-to-be second superpower, the Soviet Union, as “a riddle wrapped in a mystery inside an enigma.”

Investing with the intent to do well while doing good is gaining traction.

Markets, and particularly cyclical stocks, have made great strides in the first six months of the year.

The pristine surface of a lake on a perfectly calm and sunny day is easy on the eyes. Yet it usually offers no insight as to what lies beneath.

Russ discusses why low vol and quality stocks are exhibiting surprisingly strong performance.

The investment opportunities are constantly changing as economic reopenings roll on.

Municipals posted another month of positive performance amid rangebound interest rates.

Over the past year, a surge of investors drove high-yield bond prices back to pre-pandemic levels.

In 1974, U.S. President Gerald Ford took office “amidst one of the worst economic crises in U.S. history,” which was characterized by double digit inflation.

“You can't always get what you want
But if you try sometimes, well, you might find
You get what you need”
“You Can’t Always Get What You Want,” The Rolling Stones (Let It Bleed, 1969)

Strategic rivalry between the U.S. and China is creating a bipolar world.

The switch on the U.S. economy is readying to come fully “on,” more than a year after the global pandemic forced abrupt closures around the world and across industries.

Markets have massively recovered from panic-driven lows last spring, and investors are now rightly contemplating if we have come too far too fast.

A powerful economic restart is underway in the U.S. – with Europe and emerging markets (EMs) set to follow.

A flexible bond strategy can deliver strong performance with low volatility by diversifying across global markets.

After an unprecedented year, investors can expect an equally unmatched economic and market recovery.

In 1974, U.S. President Gerald Ford took office “amidst one of the worst economic crises in U.S. history,” which was characterized by double digit inflation.

Some call the recent rotation from growth to value outperformance transitory. We believe it may have staying power, making value stocks a formidable complement to growth in a balanced equity portfolio.

Is it possible to travel in two directions at the same time? Imagine walking to the restroom at the back of an airplane while in mid-flight.

Covered call strategies can help investors manage short-term volatility and may provide better long-term outcomes while seeking to provide attractive monthly income to investors.

Russ discusses why gold has not been an effective hedge recently.

Read the latest model portfolio market insights to see where BlackRock’s Multi-Asset Income team see potential risks and opportunities across the landscape.

Retired participants may leave assets untouched well into retirement due to deep-seated fears that they may outlive their money.

The Queen’s Gambit miniseries helped propel Netflix to a winning earnings report last quarter, but in fact the chess strategy it is named after has helped propel chess players to winning games for decades.

BlackRock Global Allocation Fund portfolio manager Russ Koesterich explains why he expects volatility to drop -- and cyclicals outperform.

New virus variants are stoking COVID-19 angst, but we see vaccination programs opening the door to economic and market recoveries.

Recent volatility and high valuations underscore the need to be selective, but risk premiums still justify a moderately pro-risk stance, in our view.

Rick Rieder and team think that today’s potent policy cocktail holds important implications for the path of economic growth, markets and the value of a dollar.

Cyclically oriented value stocks could make a comeback in 2021, yet there’s still a place for durable growers in a balanced equity portfolio.

In this piece, BlackRock Global Allocation Fund portfolio manager Russ Koesterich discusses the implications of a rise in stock-bonds correlations.

Inflation will likely heat up in the coming months, but not to worrying levels.

Even after the remarkable market performance of 2020, we still see potential for continued growth in 2021.

In times of higher volatility, a multi-asset strategy can offer more consistent income, diversification and upside potential relative to bonds.

2021 market outlook from BlackRock's municipal bond team.

Rick Rieder and team describe how revolutionary changes taking place in corporate business models will impact investing for years.

Members of BlackRock Investment Institute recommend their favorite books of 2020.

Global Allocation Fund portfolio manager Russ Koesterich explains that consumers remain strong, though their focus keeps shifting.

Cash on the sidelines, pent-up demand and a vaccine in flight. Could it be the makings of a bullish 2021? Get our latest outlook for U.S. stocks.

The dynamics in this stage of the economy’s rebound look favorable for industries that are levered to the recovery but also offer stable business models and earnings consistency.

With much of the easy money already made, there’s no better time to think outside the box.

We highlight the reasons behind our pro-risk stance in our 2021 outlook in the weekly commentary.

Amid optimism for a COVID-19 vaccine and greater clarity around the U.S. election, Dr. Erin Xie, portfolio manager of the BlackRock Health Sciences Opportunities Fund, discusses two timely reasons to consider healthcare stocks.

Navigating short-term risks is paramount, but we view the backdrop as favorable for income investors over the medium term.

The new political landscape offers opportunities for investors who adapt their strategy.

Municipals posted modestly negative total returns in October, with the S&P Municipal Bond Index finishing the month down -0.14%. Interest rates moved higher as economic data remained firm...

The post-pandemic world is charging into change. Trends that were in play prior to the onslaught of COVID-19 have been accelerated, and many of the companies that were already leading the charge are emerging supercharged.

BlackRock bond experts reveal the top themes driving our fixed income outlook. Learn the latest key risks and opportunities in today’s bond market.

Technology is transforming the way we work. Asset managers are no exception as they seek better investment outcomes for clients.

What is impacting investing? How is it different from ESG? Equity investor Eric Rice answers these questions and more in this one-minute read.

Global Allocation Fund portfolio manager Russ Koesterich discusses the appeal of the middle area when choosing between growth versus value stocks.

Uncertainty around additional stimulus stirs up the market.

Despite the worst economic and health crisis in generations, U.S. consumers are defying the pessimists.

Markets are facing choppier waters, but the backdrop for risk assets remains positive.

The U.S. presidential election is adding to market angst. How much do politics matter in the long run? Tony DeSpirito answers in this one-minute read.

As portfolio manager Russ Koesterich discusses, negative real interest rates help explain why gold is moving more in tandem with stocks these days.

Market update from BlackRock's municipal bond team.

Rick Rieder and team highlight the critical facts that will drive the markets in the year ahead, as well as the myths that could mislead investors.

Impact investing in public equities can provide exposure to disruptive innovation and structural growth opportunities that are often overlooked.

Russ Koesterich, portfolio manager of the BlackRock Global Allocation Fund, explores what’s driving the continued strength of the U.S. consumer.

Even as markets were rocked by uncertainty as the coronavirus lockdowns began, the seeds of stability were sown in the massive fiscal and monetary policy response.

A vote for stocks. After solid summer gains came September volatility. The question now is what’s priced into markets as investors zero in on COVID-19 developments and the November election.

Compelling economic data and a dovish Fed drove risk assets higher in August.

Russ Koesterich, portfolio manager of the Global Allocation Fund, explains how history is not repeating itself with the recent sharp rise in tech stocks.

The coronavirus shock is accelerating structural trends in inequality, globalization, macro policy and sustainability. This is fundamentally reshaping the investment landscape and will be key to investor outcomes.

Markets may press even higher this year, but some areas may fall behind.

Market update from BlackRock's municipal bond team.

Bond yields are low, but investors’ need for income is high. In this one-minute read, Tony DeSpirito offers three reasons to look to equities for income.

With cyclical stocks rebounding, portfolio manager Russ Koesterich emphasizes that being discerning is key.

Unusual times require more than the usual sources of information to assess the investing backdrop. Jeff Shen discusses how alternative data is making a difference today.

In a post-coronavirus investment world, Jeff argues that investors should be rethinking the role of fixed income in portfolio construction and ask themselves if they are at risk of investing without a parachute?

Elga lays out two main reasons to be optimistic on Europe – and European assets.

Recent underperformance has led some to declare the death of value investing, but don’t be so quick to dismiss it.

Rick Rieder, Russ Brownback and Trevor Slaven contend that in the tug-of-war between the considerable economic damage stemming from the coronavirus and subsequent lockdowns, and the fiscal and monetary policy responses put in place, the latter factor is being underestimated by markets. Further, the instruments used by investors in previous years won’t be what’s required for the time ahead.

Get the ins and outs of green bonds in this two-part series. Let’s start with the basics.

Emily presents key takeaways on the exercise of green bond impact reporting.

Looking to generate income from your nest egg? Make sure you don’t get it all from just one basket. Karen explains two funds designed to provide income that aren’t over reliant on any one source.

What kind of role does private markets play in building a resilient portfolio in the post-Covid world? Mike explains.

Rick Rieder, Russ Brownback and Navin Saigal contend that if a negative monetary policy endgame is to be avoided, particularly in the face of recent economic declines, it will likely be technological advances of a profound kind that get us there.

Russ discusses why consumption has held up, and how the pandemic has accelerated long-term trends.

We have witnessed nothing short of a revolution in macroeconomic policy in recent months. Jean shares his take on what to focus on next.

As the economic fallout from COVID-19 threatens peoples’ livelihoods and erodes their short-term savings, it follows that their long-term financial security is also at-risk. What does it all mean for retirement savings and what steps can we take to build a more resilient system?

In 2020, many investors have shifted the focus of their fixed income portfolios from the return ON principal, to the return OF principal. Karen highlights how the desire for stability is driving investors to tap into U.S. Treasury markets with ETFs.

How’s China’s economic restart looking? And what does it mean for investors?

The pandemic has intensified existing stresses on U.S. state and municipal economies – with implications for investors.

Rick Rieder and Jacob Caplain contend that with profound uncertainties still present in the economy and markets, and the dislocations witnessed in many market segments in the past couple months, investors don’t need to resort to lower-quality assets. In fact, to achieve potentially attractive returns, higher-quality spread assets can serve quite well.

How has the coronavirus shock changed medium-term fundamentals? And how does that change our long-term asset views?

Russ highlights the surprising resilience of technology stocks this year.

Rick Rieder, Russ Brownback and Trevor Slaven contend that even as markets were rocked by uncertainty as the coronavirus lockdowns began, the seeds of stability were sown in the massive fiscal and monetary policy response. The key is to know how to manage through this period for the long haul.

Ben Powell writes that China may change policy at the delayed National People’s Congress in three key areas: the GDP target, household registration reform, and – crucially for markets – fiscal stimulus.

Ben Powell writes that China may change policy at the delayed National People’s Congress in three key areas: the GDP target, household registration reform, and – crucially for markets – fiscal stimulus.

Russ explains why Chinese equities should still be a core holding.

David Rogal and Bob Miller contend that the TIPS market dislocations witnessed in recent months have resulted in opportunities that investors would be remiss to ignore.

Vivek explains why we see a need and opportunity to adjust strategic portfolios in the wake of the pandemic.

The global coronavirus outbreak has changed everyday life in profound ways ― and will likely reshape the future as well. Tony DeSpirito identifies five areas of change that could have implications for investors.

How do we gauge the impact on global economy from the pandemic? Jean shares his thoughts.

Russ discusses the surprising strength in momentum stocks, and why it may continue.

Scott explains why we have downgraded emerging market local debt to neutral even as its valuation has cheapened.

As Russ explains, bonds may not be providing significant income, but still offer a hedge against equity risk.

Closed-end funds are currently trading at a discount as equity markets have dropped. Here’s where to spot opportunities.

It’s easy to get sidetracked by the ups and downs of the market, but before you act, now may be a good time to review why you own bonds in the first place.

We favor U.S. stocks to their other developed market peers over the next six to 12 months. Why? The U.S. policy response to the coronavirus shock has been decisive and comprehensive, and has exceeded the scale of policy action in other major developed economies. We expect more to come.

Rick Rieder, Russ Brownback and Trevor Slaven contend that even as markets are gripped with the trauma of wild swings, and continued uncertainties, the seeds of future investment opportunity are being sown.

These are unusual times, to say the least. Few in the financial industry have seen a global pandemic and widespread economic shutdown, and we must approach our outlooks with a dose of humility.

Scott explains how the extraordinary outbreak-fighting policy action – and recent market turbulence – has changed our view on credit.

Minimum volatility strategies are one way to seek more equity stability, which may help investors stay in the markets over the long run.

The coronavirus crisis will change the world in many ways. Tony DeSpirito discusses its potential impact on ESG investing and how it may hasten an important trend for active investors.

Russ discusses the importance of keeping perspective as we face an unprecedented crisis.

Financial markets, and the world, are in unprecedented times. Tony DeSpirito offers some perspective along with ideas for preparing for the eventual return to “normal".

Mike explains why it may be prudent re-balancing your portfolio – outside the usual calendar – after the recent market turbulence.

BlackRock’s CIO of Global Fixed Income and Head of the Global Allocation Team weighs in on recent Federal Reserve policy moves and what they might mean for markets.

Municipal closed-end funds (“CEFs”) currently offer high levels of tax advantaged income and can often be purchased at a discount to their current net asset value.

A déjà vu of 2008 in markets lately? Mike explains why we think the coronavirus shock should not spark a 2008-style crisis.

Russ discusses the reasons why gold can be an effective hedge going forward.

Corrections are normal but that doesn't mean they feel good. How to get comfortable with being uncomfortable.

A decisive and coordinated policy action is key to combat the economic fallout from the coronavirus outbreak. Mike explains why.

Emerging markets give many investors cold feet. On our latest podcast, EM equity pro Gordon Fraser discusses whether now may be time to warm up to the elusive asset class.

Mike shares how we are updating views on global growth and asset allocation as the coronavirus spreads across the world.

The coronavirus outbreak has altered market dynamics since late January – including in the space of equity style factors. One example, Quality has posted more muted gains after strong outperformance in late 2019. We stand by our tactical views on factors for now, including a modest overweight on quality.

Technology shares are once again leaving everything else in the dust. Year-to-date, the MSCI Information Technology sector, led by U.S. tech, is beating the broader market by over 5% and is ahead of laggards, notably energy, by nearly 20%.

Mike explains how our global outlook has evolved with the developing coronavirus outbreak.

Which is better: growth or value? It’s an age-old investor question. Tony DeSpirito discusses its modern-day implications in a world of widespread disruption.

Catherine explains the economic and political constraints leaders face in responding to the recent wave of global protests.

As Russ explains, bond yields may be low, but are still critical as an insurance policy against equity risk.

The coronavirus outbreak that started in China has sent jitters across global financial markets amid fears of a hit to the global economy. We think it is too early to assess the eventual impact on the economy yet see potential downside risks posed by the outbreak – with its unknown magnitude and duration. This underpins our view that U.S. Treasuries provide a source of portfolio resilience.

Russ discusses the catalysts favoring Emerging Markets, beginning with the Federal Reserve.

Rick Rieder, Russ Brownback and Trevor Slaven contend that eight major market influences are likely to dominate the investment environment in the year ahead and that the proper portfolio mix will be instrumental in delivering a successful outcome.

After an astounding 2019, what’s in store for 2020? Russ discusses.

‘Tis the season for holiday reading. Jean shares our top picks to take you through the new year.

Rick Rieder and Russ Brownback argue that contrary to the many year-end outlooks foreseeing either a recession or a rebound in 2020, the most likely path for the economy and markets is more moderate, which can be encapsulated in their theme of “1.8.”

We expect to see flows back into UK equity and credit now that some of the Brexit uncertainty has been removed.

Jean highlights some key takeaways that may help you with next year’s investment decisions.

Positive returns across asset classes in 2019 may limit tax loss selling in closed-end funds, but we see potential long term value in select sectors where investors can still buy assets at a discount.

We identified the protectionist push as a key market driver this year but we did not foresee the massive move down in global yields. Scott talks through our 2019 calls.

As Russ explains, the evolution of the consumer, still a pillar of the markets, has major implications for investors.

Redefining your lens on risk may help you win more by losing less.

Rick Rieder and Russ Brownback argue that – in contrast to the past decade of monetary policy lifting all economic boats at once – the years ahead are likely to be characterized by great dispersion between economies, industries and markets. Understanding that dynamic will be the name of the game for investment success.

Markets hate uncertainty, and the type deriving from geopolitical unrest has been heightened this year. Jeff Shen discusses why there may be a silver lining on the horizon for investors.

Russ explains why monetary easing matters more than geopolitical risks for the markets right now.

It’s been a largely solid run for U.S. stocks in 2019. With the year now in its final quarter, Tony DeSpirito addresses three questions on investors’ minds.

Rick Rieder, Russ Brownback and Trevor Slaven contend that much of the recent criticism brought to bear against Fed policy makers is misguided, and in fact the central bank has done an admirable job of pivoting toward a pragmatic equilibrium in recent months.

Recent data show a slowing economy, but no recession. Russ discusses how to position a portfolio in this environment.

Once again, U.S. consumers are keeping the global economy out of the abyss. Russ discusses why.

Covered call strategies in a closed-end fund may help long-term investors manage short-term volatility.

The fourth quarter of 2019 kicked off with a market selloff and more evidence that a protectionist push is hitting the U.S. industrial sector. How are our asset views faring this year to date–and what are the key themes we see shaping markets in the months ahead?

Elga explains why we see a growth pickup looming on the horizon. Hint: Watch the transmission of financial conditions.

Rick Rieder and Russ Brownback highlight their view that effective monetary and fiscal policy in the 21st Century needs to draw not only traditional economic theory, but also from the lessons of finance and other disciplines.

Patrick Nolan offers his top tips to help your money deliver.

Interest rates rose last week, but the surge did not keep stocks from climbing. Russ explains why.

Elga explains why we could see lower growth and higher inflation ahead in the U.S. Hint: trade tensions.

Russ describes the reasons why growth stocks can still outperform value.

Easier financial conditions have lessened the blow of greater political uncertainty. Can that continue?

Rick Rieder highlights the economic policy state-of-play today, and where it may lead to should economic growth falter, productivity not materialize, and populism continue to thrive.

In some parts of the world, bonds are yielding less than zero. Karen explains how that can happen, what it means for your portfolio and moves to consider.

With the dollar remaining strong, Chris discusses whether it makes sense to hedge currencies for international investing.

“Quality” stocks are said to offer a measure of portfolio stability ― a trait that becomes more valuable when markets are volatile and/or the business cycle is growing older. Both are true today. Tony DeSpirito offers his take on investing for quality.

Given the recent volatility, investors may be wary of tech. Not so fast, Russ explains.

Russ discusses why bonds are his preferred hedge in this environment.

Rick Rieder and Russ Brownback highlight the investment themes that they think will drive markets and dominate debate within the investment community over the next several months and beyond.

Russ discusses how central banks once again have investors’ backs.

Rick Rieder argues that anemic growth in Europe is a longstanding problem that today requires a bold solution. Institutionally, the ECB can offer potentially effective, if unconventional, help.

Following months of strong performance, Russ discusses why defensive sectors may be overpriced in the current environment.

Despite structural regional challenges, Russ provides insight on several factors that support European equities.

Rick Rieder and Russ Brownback argue that while most investors are focusing primarily on trade-related supply chain disruptions today, they need to continue to situate this turmoil in the more fundamental changes at play in technology and demographic trends.

Russ explains why the suddenly easier central bank policies could be key for emerging markets.

Low inflation may sound appealing, but as Russ explains, it has drawbacks for investors.

With stocks on a rollercoaster ride this year, Russ discusses the various potential hedges that could smooth the ride.

The firm’s senior decision makers debated the midyear market outlook last week in London. Jean shares the gist of our debates.

Russ discusses why growth is likely to continue to outperform value for a while.

Rick Rieder and Russ Brownback argue that there’s little benefit to “trading the news” today, as prices adjust instantly to highly-transparent information. Rather, investors would do well to follow long-term cash flows, of which the lion’s share is to be found in tech.

Markets are not too expensive, or too cheap. As Russ explains, that offers a clue into what could cause the next move.

Russ discusses why volatility has not been more severe, even though growth has softened.

Continuing the post-crisis trend, U.S. stocks have outperformed the rest of the world this year. Russ explains why.

Cyclicals rule. After getting trounced in Q4, year-to-date more cyclically oriented stocks and sectors have trounced “defensive”, less-cyclically exposed names. The trend has been even more pronounced during the past month.

Despite being up 25% from December 2018 lows, Russ discusses the factors that remain supportive of the energy sector.

Rick Rieder and Russ Brownback argue that despite the market turbulence witnessed in the past several months, as well as a dramatic policy reversal, we find ourselves at a moment of remarkable economic stability. That fact, along with greater policy accommodation and capacity, argues for healthy and sensible risk taking.

With growth soft, financial conditions are key for investors, Russ explains.

Russ discusses the divergence between rising stock prices and falling bond yields. What gives and can it continue?

The recent U.S. equity rally has coincided with a drop in volatility. But can that continue? Russ discusses.

Rick Rieder and Russ Brownback argue that as the conventional wisdom in policy and investment circles surrounding prospects for growth and inflation have shifted in 2019, so too have investment opportunities.

Russ explains the mystery of why gold is performing surprisingly well while stocks are rallying.

It’s not just stocks: bonds and commodities are up this year as well. Russ discusses whether than can continue.

Recent volatility has created opportunities to invest in high yielding leveraged credit closed-end funds trading at a discount to net asset value.

Russ discusses why energy, despite rallying – and outperforming -- this year, still looks like a value.

Markets have bounced back from December’s selloff. Russ discusses whether investors have shifted sentiment too quickly.

Rick Rieder and Russ Brownback argue that an evolving policy stance at the Fed is altering the risk/reward calculus for investors this year, although left-tail risks remain.

Russ discusses why the dollar has stabilized and what it means for markets.

After December’s rout, are stocks now reasonably valued? Russ’ answer may surprise you.

Rick Rieder argues that the Fed’s price stability mandate has been fulfilled and that today’s drivers of inflation…

Your employer works behind the scenes to review and improve your retirement plan. But are you getting the benefit of their latest and greatest? Paul talks about how to use your employer’s recommendations to evaluate your own plan.

Rick Rieder and Russ Brownback argue that slowing growth, peaking inflation and tightening financial conditions combine to make a strong case for a Fed policy rate hiking pause in early 2019.

It may seem like a poor environment for EM stocks, but they outperformed in the recent volatility. Russ explains why.

A collection of insights our Portfolio Solutions team gathered from working with thousands of advisors on close to ten thousand investment models in the past twelve months.

There are few signs of a recession, but slowing growth is having an impact. Russ explains why and what steps to take.

Unless oil prices collapse, energy stocks now appear to be cheap, as Russ explains.

After the October selloff, stocks got cheaper. But that might not be enough for a continued rebound, Russ suggests.

Contrary to conventional wisdom, Rieder argues that wage growth doesn’t lead to higher inflation, and in fact may even hold a dampening impact on inflation over time, which has important implications for how to judge monetary policy today.

Russ discusses why gold, not a popular asset class until recently, has become so as a hedge.

Rieder and Brownback argue that monetary policy restrictiveness, fading fiscal stimulus, and growing economic uncertainties leave markets more vulnerable today, and these risks are not to be toyed with.

Credit markets are still relatively supportive of stocks, but at the margins, less so. Russ discusses the implications.

Russ takes a look at whether stocks and bonds will move in sync again and what to do if they will.

Rieder and Brownback argue that today investors are confronted by massive shifts in the nature of the economy, alongside cyclical and policy uncertainties; making sense of it all is critically important.

Investors may be ready to abandon emerging markets, but as Russ discusses, the potential is there for a sizeable rebound.

While momentum stocks have prevailed since 2016, is quality about to have its day? Possibly, if volatility continues to rise, as Russ discusses.

As Russ discusses, we remain in a strong dollar environment, which continues to have consequences for the market.

In a future of lower expected price appreciation, investors should focus on the second leg of returns: income. ETFs make it incredibly easy to capture diversified sources of higher-yielding assets.

As yields increase, short-maturity bond funds can offer both higher income potential and a cushion against interest rate risk. Karen explains the mechanics, in part three of her Rising Rates series.

The flattening Treasury yield curve is getting a lot of attention, but there’s another flattening that is arguably of greater importance: the narrowing return gap between low- and high-risk assets. Jeff explains.

Data shows a solid economy, yet markets are acting like recession is around the corner. Russ explains why.

As Russ notes, in a world with few bargains, one stands out: Asia.

As Russ explains, dismal performance of emerging markets this year has make them look like a bargain again.

Value continues to look cheap, however predicting when it will begin to outperform is challenging. Russ suggests one potential catalyst: an unexpected acceleration in nominal economic growth.

Rieder and Brownback argue that as we depart the era of QE, where rising tides lifted all boats, the income component of total return becomes ever more vital to investor prospects.

Russ describes the signs that gold, notoriously difficult to assess, is starting to look cheap.

As Russ explains the key to asset returns in the first half of 2018 was the dollar, not interest rates.

Russ discusses why the energy sector still looks attractive, despite having struggled recently.

Russ discusses why economic conditions (for now) support low volatility in the markets.

Russ discusses why tech stocks are not only not in a bubble, but reasonably valued.

Rieder and Brownback argue that today’s investment environment, like a well-fought chess match, holds great complexity; understanding it is vital for investors.

Russ explains why gold is not working as an effective equity hedge, despite higher volatility.

Is the era of easy financial conditions over? Not yet, says Russ.

Emerging market stocks and bonds are having a rough year, but Russ argues against abandoning the asset class.

Earnings are strong, markets less so. As Russ explains, investors are paying attention to valuations and the economy.

For most of the post-crisis period, defensive stocks have been expensive. Russ suggests that may have changed.

The 3% U.S. 10-year government bond yield isn’t the right yield to focus on. Richard explains why.

Rieder and Brownback discuss how cyclical turning points result in market friction, even with solid growth, presenting the Fed with two potential paths.

Prospects for a trade war are having an impact on markets, but for bargain hunters, stocks are still expensive. Russ suggests looking outside the U.S.

Many are pointing a finger at Washington for the recent spike in volatility. But, as Russ explains, the catalysts lie elsewhere.

Russ discusses why stocks can still thrive when consumers are confident, but frugal.

Rick and Russ on the new volatility regime, why risk is being misapprehended, and how to navigate these new challenges.

Markets are a function of reality meeting expectations. Russ discusses why the expectations are outpacing the reality.

Russ discusses why investors should worry less about higher interest rates and more about the volatility resulting from tighter financial conditions.

Markets have calmed somewhat, but make no mistake: Volatility is back. Russ discusses quality stocks can help in this environment.

Think rising interest rates and higher stock prices are like oil and water? Think again, says Russ, at least for the time being.

Russ reviews the landscape after the selloff and discusses how little has actually changed.

As the recent market volatility made clear, there’s a big difference between plain vanilla ETFs and leveraged products making big bets with big risks.

Russ discusses why the case for emerging market stocks right now simply rests on concept of solid global growth.

Rick and Russ argue that the recently enacted U.S. tax cut and an evolving monetary policy backdrop provides both greater clarity on expected increases in volatility and underscores the need to remain flexible and opportunistic in allocation.

Amid the seemingly endless noise that poses as news, Rick Rieder and Russ Brownback focus in on three of the most critical themes that investors need to consider for 2018.

Russ discusses why the real economy and financial market conditions offer more clues about volatility than political noise.

Can markets repeat the outstanding performance of 2017? Russ discusses why credit market conditions are likely to provide the key clues.

Rick Rieder and Russ Brownback examine the more volatile cyclical dynamics we’re likely to encounter in 2018, even as the secular risk-asset bull market remains in place.

Long-term interest rates remain stuck in a range that has defined the last six years. Russ discusses why 2018 may see more of the same.

Wondering how style factors work and how to use them? The five Ws tell the story of the value, momentum, quality, size and minimum volatility factors.

Rick and Jacob examine why 2017 provides a seemingly unlikely source of evidence for the effectiveness of an active approach to fixed income.

Value stocks are cheap, relative to growth, but have lacked a catalyst to rally. Russ discusses why tax cuts could be that spark.

Gold has performed surprisingly well this year. Russ discusses why that might not be the case going forward, and it may be time to pare positions.

Stocks are expensive by most measures. Russ discusses why the bond market can impact whether that can be sustained.

Interest rates are set to move higher, but as Russ explains, we are still a long ways away from the long-term average of 6% 10-year Treasury yields.

High yield bonds have been investor favorite the last year and a half. Russ discusses why that may not last.

Rick Rieder and Russ Brownback argue that while cramming for finals may have worked in college, it won’t with the winding down of the global central bank policy liquidity “semester.”

Quality stocks may be out of favor in this environment, but Russ explains the important role they can play in a portfolio.

Value stocks have started to show signs of life. Russ discusses why energy and financial stocks are currently the best ways to play the theme.

A downturn for stocks may not be top of mind these days, but one will happen eventually. To prepare for that, Russ discusses why the source of the selloff matters as much as the magnitude.

Russ discusses the reasons why Japan’s equity market may outperform emerging markets.

Consumer spending helps fuel the economy, but, as Russ explains, still sluggish spending continues to limit growth.

Rick Rieder and Russ Brownback, from the BlackRock Fundamental Fixed Income Team, look to the investment lessons that can be derived from Super Bowl 51 odds making, and particularly that when judged appropriately, prices can contain more valuable information than does “the news.”

What might the German election mean for markets?

With the top two positions at the Federal Reserve soon to be open, Russ discusses how the easy money era goes back a long way.

Rick Rieder explains the economic implications of “the Amazon effect.”

Russ explores why both risky assets and traditional safe havens have performed well this year, and whether that can continue.

Value stocks have largely sat out the broader market rallies this year. Russ explains why, and what could spark a return to investor favor.

We believe biotech's long-term historical drivers, demographics and mergers and acquisitions (M&A) activity to secure patent protected drugs, may outlast near-term political headwinds and should lead investors to consider bio-pharma from a longer-term perspective. Biotech valuations also currently appear attractive relative to the broader market and look less crowded than other growth sectors. Over the short term we see potential opportunities in select individual biotech and pharma names.

Russ discusses the trend behind the surprising gold rally this year, and why the political drama in D.C. means it may continue.

We see three factors that potentially support Japanese equities going forward: 1. Improving earnings outlook amid a strengthening domestic economy and synchronized global expansion. 2. Currently attractive equity valuations compared to developed market peers. 3. Continued monetary stimulus from the Bank of Japan and a potentially stable yen.

Whatever happened to the increase in interest rates that was supposed to occur? Russ explains.

Rick explains what many interpreters of inflation data are missing.

Russ discusses an enigma: Stocks continue to climb higher and volatility is at all-time lows while disarray reigns in Washington.

Several myths have taken hold among market watchers lately. Rick seeks to dispel them.

High yield is not responding to the fall in oil prices like it’s 2016. Russ talks why the pain point is lower today than 18 months ago.

Russ explains why investors should pay more attention to the stock-bond correlation coefficient and understand its impact on investment portfolios.

It’s easy to fixate on headline inflation numbers that appear disappointing, but Rick explains why there’s more to the data than meets the eye.

Should soft commodity prices portend slowing growth and concern investors?

Russ discusses why momentum, which has thrashed value this year, could struggle in the second half.

Stocks are getting expensive by traditional measures. Russ takes a look at what history tells us about what could happen next.

In my many conversations with investors and industry peers about factor investing, one topic seems to always come up: factor investing timing. I’ve had recent discussions on this topic with a central bank whose managers need to think about preserving capital and with a more nimble RIA team which explicitly wants to use timing to pursue incremental returns.

Rick Rieder explains the under-appreciated negative economic side effects of today’s student loan levels, with the help of three charts.

Rick provides his take on the Fed’s most recent rate hike and makes the case against an overly rigid view of price change.

Russ discusses why many technology stocks have tumbled recently, without any obvious reason.

Russ explains the different circumstances that have pushed the U.S. dollar downward and what the recent retreat means for your investments.

With political uncertainty on the rise in D.C., will market volatility spike? Russ discusses why the economy and credit markets matter more.

Russ talks about why bond yields remain low this year, despite expectations of a rise.

Mother’s Day is a good day to celebrate the moms in your life—and prepare for retirement. Anne explains.

Fixed income investing today is very different from several years ago, but this doesn’t mean there aren’t opportunities for generating returns. Rick explains.

Russ discusses the important trends that emerged from a compelling conference of finance, business and political leaders.

With risks abounding in the markets, Russ discusses the case for health care as a defensive sector.

The “reflation trade” that began in late 2016 has lost steam. Russ discusses what comes next.

What does weaker-than-expected March jobs growth mean for the path of rate normalization? Rick Rieder weighs in.

Small cap stocks are faltering this year. Russ describes why and whether that will continue.

Volatility is creeping back into the markets. Russ discusses why that holds some peril for momentum stocks.

With two more Fed hikes potentially on the horizon in 2017, Rick clears up a few wrong assumptions some market watchers are making about rate normalization.

Although the value of a currency can impact your international holdings, Russ talks about when it makes sense to hedge that effect.

Rick shares two reasons why we see abundant fixed income opportunities.

Financial stocks have been rallying on the expectations of higher interest rates and less regulation. Russ discusses whether the good news has already been priced in.

While most investors focus on potential returns in their portfolios, Russ discusses why risk and correlation are just as important.

The rally in value stocks may have stalled, but Russ discusses why the trend still has further to go.

Rick Rieder shares three reasons why a March Fed rate increase is a possibility.

Volatility is low, but political uncertainty is high. Russ discusses what is causing this and whether it can continue.

Russ discusses the signs that inflation is rising faster than many expect, and what that means for your portfolio.

With U.S. stocks rallying, investors may be tempted to stick with a home country bias. Russ discusses why Japan is still worth a look.

Rick explains why there's a good chance U.S. growth will pick up from 2016.

Investors have been bidding up stocks in anticipation of policy shifts by the new administration. Russ discusses the policy that matters most to investors.

Stock markets have been very quiet lately, but as we get ready to enter 2017, things may change. Here's why.

Russ discusses four reasons why the rebound in inflation is likely to continue.

With the Federal Reserve back in the spotlight, Rick Rieder discusses what investors should be focused on in 2017.

Stocks have been helped by low rates and inflation. Russ suggests that may be changing.

Rick Rieder makes the case for a policy that is bolder than what the ECB had announced last week.

Russ describes what has driven the small cap rally, and explains why its days may be numbered.

Russ explains why the post-election selloff in bonds may be a longer-term, not temporary, phenomenon.

Bonds sold off after Donald Trump's surprise election win. What could the election results mean for bond markets over the long term? Rick Rieder weighs in.

In the post-election markets, investors are preparing for the potential for higher growth—and inflation. Russ discusses the implications for investors.

Rick Rieder talks about the improving wage growth and a tight jobs market having a possible impact on the Federal Reserve's rate hike decision in December.

The BlackRock Investment Institute shares the implications of Donald Trump's unexpected election win.

As 2016 draws to a close and a Fed hike looms, where should investors hunt for yield now? Terry highlights the case for three income-yielding asset classes.

Gold has rallied recently with the return of political uncertainty. But Russ points to another factor that suggests the gains can continue: inflation.

International stocks have started to outperform U.S. stocks. Russ explains what's behind the comeback and why it may continue.

Often, high levels of cash in investors' portfolios represent excessive caution. Russ explains why this time is different.

Despite underperforming recently, high yielding defensive stocks are still expensive. Russ sees better value elsewhere, namely technology.

Rick Rieder explains the multiple ways the U.S. economy is moving on two tracks, and what this means for monetary policy.

Historically low bond yields have helped boost stocks in recent years. Russ discusses why this may no longer be enough.