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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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 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.

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

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.

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...

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.

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.

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.

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

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.

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.”

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.

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)

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

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.

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.

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.

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.

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

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

Uncertainty around additional stimulus stirs up the market.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.”

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.

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.

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.

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.