While the April 2 tariff announcements were more severe than anticipated, Vanguard’s active fixed income managers were well-prepared for the subsequent market reaction.
Rapid U.S. policy changes pose challenges for investors accustomed to a global financial system anchored in U.S. markets and assets.
If I had a dollar for every time I heard or read the word recession in the last week, well, I’d have enough not to be financially worried about one. Add a dollar for every mention of tariffs and I’d be comfortably flushed with cash.
US critical minerals stocks have soared this week, getting a boost from signs that the Trump administration will favor a sector that’s become a flashpoint in the trade standoff between the US and China.
While we remain open to changes in market conditions, as well as periodic “fast, furious, prone-to-failure” advances that can relieve the oversold “compression” produced by market losses, we are presently on high alert for a possibly abrupt and cascading market and economic dislocation in the weeks ahead.
US Treasuries fell, snapping three days of gains, as traders pared bets on Federal Reserve interest-rate cuts after Chair Jerome Powell reiterated his commitment to keeping inflation in check.
With Congress out for the next two weeks for Easter recess and a short trading week in New York, it should be a quieter week – though tariff-related news continues to capture headlines.
Covered call strategies have been around for a very long time, but covered call ETFs have recently enjoyed a massive increase in popularity.
Although uncertainty remains, perpetual market swings may be less frequent.
CIO Sean Taylor assesses a better-than-expected quarter for emerging markets and takes stock of the drivers that may support the asset class in what could be difficult months ahead for global markets.
JPMorgan's Jon Maier spoke with VettaFi about active management in the ETFs space approaching investing in the current environment.
Technology stocks sank as new US government restrictions on the export of Nvidia Corp. chips to China and a disappointing report from ASML Holding NV dimmed the outlook for the semiconductor sector, wiping out more than $180 billion in market value for the two companies alone.
Now that the stock market has momentarily stabilized from the shock of President Donald Trump’s “Liberation Day” tariffs, investors have an opportunity to reflect on how their portfolio held up during the past two turbulent weeks.
Last week, the S&P 500 was up 5.7%, the strongest week for the market since November 2023.
As we write this, stocks have bounced back as Trump retreated from electronic tariffs from China. Nevertheless, this was a remarkable week for markets with Trump’s tariff policy taking center stage for market stress across stocks, bonds and currencies.
While we continue to feel the U.S. has structural investment advantages, we are mindful that the scope of the current administration's policy shifts may present challenges to our sustained economic momentum.
2025 has marked a striking reversal, with European stocks delivering exceptional returns that have handily surpassed US market performance.
The current market unrest over the potential for tariff increases and their impact is unpredictable. The volatility can be unnerving.
Markets have had a wild ride these past couple of weeks, alongside chaotic tariff-related news, with volatility (and its policy triggers) most elevated in the bond market.
Unlike traditional methods that rely on selling assets, crypto lending 2.0 enables investors to borrow against their bitcoin, unlocking liquidity while preserving the upside potential.
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research Todd Rosenbluth talked about the Neuberger Berman Commodity Strategy ETF (NBCM) with Money Life host Chuck Jaffe. The pair covered a range of topics related to the fund, providing investors with a deeper understanding of the ETF.
Wall Street on Monday finally caught a respite from the deep selloffs and unusually sharp swings that have raced through markets ever since President Donald Trump unleashed his global trade war.
Portfolio rebalancing helps advisors uncover a new investment plan of action that aligns with a client's long-term financial milestones. It also considers how the current market will impact asset diversification.
Commodity markets face uncertainty from tariffs, global growth risks and geopolitics, but may show resilience. Tight supply and global stimulus support a constructive long-term outlook.
On the evening before his presentation at the Exchange Conference last week, I sat down with Rob Arnott to discuss whether now is the time for smart beta to shine. Arnott is the founder and chair of Research Affiliates and is known as the “godfather of smart beta.”
In a tumultuous environment, investors increasingly turned to actively managed bond ETFs this year according to JPMAM research.
This may be the beginning of the long-awaited U.S. stock market crash, but even if it isn’t those near retirement need to protect themselves from sequence-of-return risk that can ruin the rest of their lives.
As with all decisions involving uncertainty, we want to find the answer which maximizes your expected risk-adjusted return, not your base-case or expected return. This means that we have to go beyond the industry standard and explicitly account for risk in our analysis.
Yield spreads are critical to understanding market sentiment and predicting potential stock market downturns. While yield spreads have widened, they remain well below the long-term averages. However, if recession risks increase due to tariffs, sentiment, or illiquidity, those yield spreads will widen further.
Credit investors are looking to pounce on new opportunities resulting from the wild swings in global financial markets triggered by the US-China trade war.
After starting the year on a high note with the S&P 500 index of U.S. Large Cap stocks posting an all-time high on February 19th, equities retreated during the second half of the quarter, officially falling into correction territory (down 10 percent) on March 13.
It was a wild week on Wall Street after President Donald Trump announced a broad new tariff policy that went beyond what most analysts had anticipated, spurring a plunge in both stock and bond markets.
On 9 April, President Donald Trump announced a 90-day pause on the higher “add-on” reciprocal tariffs on 50-plus countries that had been announced the previous week, precipitating a historic equity market rally and showing that there was seemingly a limit to how far he would go to move forward with his trade agenda.
Spending cuts, tariffs and recession risk—Jan van Eck’s latest outlook breaks down what to watch and why he’s focused on gold, bitcoin, semiconductors and India.
Bonds have gained as investors sought shelter amid growing fears around a tariff-driven global economic slowdown.
Getting into Donald Trump’s head is no easy task. And to the extent his economic intentions are decipherable and coherent, can Trump impose his economic will on other countries? As tariffs go into place, albeit with a partial pause, that remains to be seen.
Taxpayers plan to use their tax refunds for essentials and debt repayment, as well as savings strategies. Bill Cass shares ideas and strategies to consider this year.
The markets are in the middle of a historic decline. Not so much in the magnitude—while we are approaching a bear market, these happen fairly regularly—but in the speed of the drop.
On 2 April, the Trump administration announced sweeping tariffs that were more aggressive than many had expected. Then on 9 April, the administration announced a 90-day pause on most of the new country-specific “reciprocal tariffs.”
Concerns about a trade war have rattled markets so far in 2025, but we believe fixed income investors need to be patient, stay defensive, and see how things evolve before making any big decisions.
Global equities faced fresh challenges in the first quarter of 2025 amid growing trade-war concerns and developments in artificial intelligence (AI).
Given the abundance of market uncertainty, it may be best to adhere to Treasuries, or for additional yield, to municipal bonds.
US inflation cooled broadly in March, indicating some relief for consumers prior to widespread tariffs that risk contributing to price pressures.
In an era when a select group of tech behemoths has dominated market returns, investors are growing increasingly wary of the concentration risk it poses.
With uncertainty in abundance, we think investors should avoid drastic moves.
Callable bonds make up a large share of the bond market—and introduce one more variable into the bond-investing process.
With a number of factors at play, the short-term pullback in gold will likely meet resistance to the long-term, unchanged fundamentals,
DoubleLine Global Bond Portfolio Manager Bill Campbell shares DoubleLine’s outlook for risk markets, the U.S. Treasury curve, inflation, growth and Federal Reserve policy in light of Washington’s reciprocal tariffs and reactions of U.S. trade partners.
When it’s finally completed seven years from now, Citadel LLC’s New York tower will be the second tallest building in the city, after the World Trade Center. It will also loom over the headquarters of JPMorgan Chase & Co. just a few hundred yards south along Park Avenue.
An enduring image from 2024 will be the capture of the SpaceX booster rocket by the Mechazilla robot arms on its return to Earth.
While there are no absolute winners in a trade war, there may be relative winners in the global stock market for investors to consider.
Lost in the focus on the bludgeoning that tariff policy has had on equity markets, is the impact on global currencies. From the end of February through April 3rd, the U.S. Dollar is down 5.1% relative to other developed market currencies (DXY). In addition, we’ve also seen a violent unwinding of the popular currency carry trade.
At the start of last week, the S&P 500 rallied three days in a row, with investors believing that the tariffs announced on Wednesday would be targeted.
Tariff Turbulence. The President’s long-anticipated tariff announcement on April 2 has come and gone. Our hopes for some clarity, so the uncertainty weighing on confidence and the equity market could subside, were dashed after we heard the breadth and magnitude of the administration’s tariff plan.
We’re adjusting our stance in response to rising risk while maintaining a disciplined view on long-term strategy.
While the path may have twists and turns, the destination seems clear; higher U.S. tariffs.
The recent market drawdown highlights risks of a concentrated S&P 500—and the case for diversification now.
Many of us came into the year with highly concentrated portfolios, which now were faced with changing market conditions.
A sharp selloff in shares of Apple Inc. illustrates investor skepticism about its ability to navigate President Donald Trump’s tariffs on China, Vietnam and India — countries all critical to the iPhone maker’s supply chain.
MFS, which pioneered the first mutual fund in 1924, recently entered the ETF arena with the launch of five actively managed products. MFS’s Emily Dupre discusses the firm’s decision-making process around launching ETFs, their investment capabilities, and the role active management plays in a portfolio. Plus, VettaFi’s Roxanna Islam assesses the ETF impact of the recent tariffs announcement.
Markets faced more volatility as Trump’s aggressive tariff measures injected both economic and political uncertainty into the system.
We reexamine our macroeconomic outlook in light of newly announced tariffs, which have exceeded market expectations and prompted us to update our assumptions and analysis.
The markets face a challenging path as tariff policies intensify economic uncertainty, yet opportunities persist for discerning investors.
The announcement of global tariffs by President Trump has rocked markets and much is uncertain, but there are key facts for investors to keep in mind.
As investors are uncomfortably aware of, global equity markets have been in freefall since U.S. President Donald Trump’s announcement of “reciprocal tariffs” on April 2.
Last week, we noted that “nothing good happens below the 200-DMA,” and the tariff-induced market crash this past week confirmed that statement. However, we also noted that over the last 30 years, previous failures at the 200-DMA have also often been buying opportunities.
Moving forward, investors may want to keep investment-grade options close with a few from Vanguard to consider.
VettaFi head of sector and industry research Roxana Islam talked to T. Rowe Price PM Dom Rizzo on active tech ETF investing.
As market prices change over time, so will the fraction of your portfolio which is in stocks or bonds. How often should you rebalance your portfolio back to your desired asset allocation? And how much is that rebalancing worth?
President Donald Trump has said his reciprocal tariff policy was meant to stand up for the American worker, whom he portrayed as the victim of a decades-long shift toward unfettered globalization.
The incremental tariffs were bolder than market expectations and ushered in new uncertainty.
The tariff chaos continues … but the economy remains intact. For now.
We examine the April 2 tariff announcement from President Trump, outlining key proposals and the potential implications for trade and market sentiment.
In the report, Fixed Income Portfolio Managers John Lloyd and Greg Wilensky discuss how fixed income markets are responding to Trump’s sweeping tariffs and the implications for investors.
As volatility rises, staying invested is a strategic priority for capturing long-term return potential in a broadening market.
U.S. indexes suffered their worst day since the pandemic, hurt by Trump's massive tariffs that sparked recession fears. Almost every sector fell, with retailers and tech hard hit.
The stock market faces severe downside risk ahead, and the U.S. is constrained in the unsystematic monetary and fiscal expansion that both amplified that bubble and fueled record but wholly impermanent corporate profit margins. Meanwhile, the U.S. economy now faces an imminent recession, and if we fail to be vigilant, we, once united Americans, risk losing what is far greater and more valuable than money.
Traders boosted their bets on Federal Reserve interest-rate cuts this year and US Treasuries rallied as a solid report on American jobs failed to calm markets.
To summarize the market action of March of 2025: U.S. stocks (SPX) did poorly, international stocks (especially Europe, VGK) did well in dollar terms, and gold (IAU) did spectacularly well. The main culprit appears to market concerns about the Trump administration’s tariff policies.
Portfolio managers that didn’t fully embrace the AI trade withstood their share of criticism over the past year or two, as many AI-linked stocks reached great heights.
Adam Hetts, Global Head of Multi-Asset & Portfolio Manager, and Oliver Blackbourn, Portfolio Manager, give their thoughts on how US President Trump’s ‘Liberation Day’ tariffs have reshaped global trade dynamics, emphasising the benefits of diversification at a time of heightened uncertainty about the prospects for growth.
With nearly half of the bond market now outside of the Agg, a number of opportunities exist for those seeking exposure beyond the benchmark.
Active ETFs just topped the $1 trillion threshold, making up nearly 10% of the total ETF pie. Enhanced yield is the name of the game.
Here's an interesting set of charts that will especially resonate with those of us who follow economic and market cycles. Imagine that five years ago you invested $10,000 in the S&P 500. How much would it be worth today, with dividends reinvested but adjusted for inflation? The purchasing power of your investment has increased to $19,313 for an annualized real return of 13.24%.
U.S. ETFs saw record first quarter flows this year, bringing in $296 billion during the first three months of 2025.
Bond traders ramped up bets on interest-rate cuts from the Federal Reserve amid concern that Donald Trump’s trade war will backfire on the US economy, sending the yield on benchmark Treasuries toward the closely-watched 4% level.
Market volatility is likely to rise as investors digest the president's plans.
The tariffs that the U.S. is imposing on its trading partners will bring about several costs that are important for investors to understand. Some of those costs are inherent to what a tariff is, while others stem from the fact that U.S. industrial policy has, and looks to continue to have, a huge amount of uncertainty associated with it.
The first quarter of 2025 took investors on a rollercoaster, driven by on-again, off-again tariff policy announcements.
Two of the most common estate planning tools to use are a Will and a Revocable Trust. Both essentially perform the same purpose, ensuring your wishes are fulfilled, but they do so in different ways. Understanding their differences can save your family from unnecessary probate, costs, and stress.
Asset Allocation
Fixed Income Remains Key to Long-Term Diversification
While the April 2 tariff announcements were more severe than anticipated, Vanguard’s active fixed income managers were well-prepared for the subsequent market reaction.
Trade Wars and the U.S. Dollar
Rapid U.S. policy changes pose challenges for investors accustomed to a global financial system anchored in U.S. markets and assets.
Are Dividend Cuts on the Horizon in 2025?
If I had a dollar for every time I heard or read the word recession in the last week, well, I’d have enough not to be financially worried about one. Add a dollar for every mention of tariffs and I’d be comfortably flushed with cash.
Critical Mineral Stocks Rally on Signs Trump Supports Sector
US critical minerals stocks have soared this week, getting a boost from signs that the Trump administration will favor a sector that’s become a flashpoint in the trade standoff between the US and China.
An Abrupt and Cascading Dislocation
While we remain open to changes in market conditions, as well as periodic “fast, furious, prone-to-failure” advances that can relieve the oversold “compression” produced by market losses, we are presently on high alert for a possibly abrupt and cascading market and economic dislocation in the weeks ahead.
US Treasuries Decline as Powell’s Hawkish Message Sinks In
US Treasuries fell, snapping three days of gains, as traders pared bets on Federal Reserve interest-rate cuts after Chair Jerome Powell reiterated his commitment to keeping inflation in check.
Overall U.S. Tariff Level Still High Despite Exemptions
With Congress out for the next two weeks for Easter recess and a short trading week in New York, it should be a quieter week – though tariff-related news continues to capture headlines.
A Deep Dive into Covered Call ETFs
Covered call strategies have been around for a very long time, but covered call ETFs have recently enjoyed a massive increase in popularity.
Is the Worst Behind Us?
Although uncertainty remains, perpetual market swings may be less frequent.
Domestic Drivers in Tariff Headwinds
CIO Sean Taylor assesses a better-than-expected quarter for emerging markets and takes stock of the drivers that may support the asset class in what could be difficult months ahead for global markets.
JPMorgan’s Maier Sees Paradigm Shift to Active Management in ETFs
JPMorgan's Jon Maier spoke with VettaFi about active management in the ETFs space approaching investing in the current environment.
Nvidia Curbs and ASML Warning Spur Global Tech-Stock Rout
Technology stocks sank as new US government restrictions on the export of Nvidia Corp. chips to China and a disappointing report from ASML Holding NV dimmed the outlook for the semiconductor sector, wiping out more than $180 billion in market value for the two companies alone.
Now Is the Time to Ask: How Much Market Risk Can You Take?
Now that the stock market has momentarily stabilized from the shock of President Donald Trump’s “Liberation Day” tariffs, investors have an opportunity to reflect on how their portfolio held up during the past two turbulent weeks.
Looking at the Economic Data and Volatility in the Bond Market
Last week, the S&P 500 was up 5.7%, the strongest week for the market since November 2023.
Resilience or Recession? Markets on Edge
As we write this, stocks have bounced back as Trump retreated from electronic tariffs from China. Nevertheless, this was a remarkable week for markets with Trump’s tariff policy taking center stage for market stress across stocks, bonds and currencies.
Equity Outlook: American Exceptionalism Reexamined
While we continue to feel the U.S. has structural investment advantages, we are mindful that the scope of the current administration's policy shifts may present challenges to our sustained economic momentum.
From Magnificent 7 to European Revival
2025 has marked a striking reversal, with European stocks delivering exceptional returns that have handily surpassed US market performance.
Risk Management Amid Economic Uncertainty
The current market unrest over the potential for tariff increases and their impact is unpredictable. The volatility can be unnerving.
Upside Down(side): Markets' Wild Rides
Markets have had a wild ride these past couple of weeks, alongside chaotic tariff-related news, with volatility (and its policy triggers) most elevated in the bond market.
Crypto Lending 2.0: Unlocking the Potential of Bitcoin Without Selling It
Unlike traditional methods that rely on selling assets, crypto lending 2.0 enables investors to borrow against their bitcoin, unlocking liquidity while preserving the upside potential.
Neuberger Berman Commodity Strategy ETF (NBCM)
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research Todd Rosenbluth talked about the Neuberger Berman Commodity Strategy ETF (NBCM) with Money Life host Chuck Jaffe. The pair covered a range of topics related to the fund, providing investors with a deeper understanding of the ETF.
Bond Rebound Relieves Markets Dazed by Week of Trade Turmoil
Wall Street on Monday finally caught a respite from the deep selloffs and unusually sharp swings that have raced through markets ever since President Donald Trump unleashed his global trade war.
How Advisors Can Assist Clients in Rebalancing Their Portfolio Over Time
Portfolio rebalancing helps advisors uncover a new investment plan of action that aligns with a client's long-term financial milestones. It also considers how the current market will impact asset diversification.
Navigating Resource Equities in a Shifting Macro Landscape
Commodity markets face uncertainty from tariffs, global growth risks and geopolitics, but may show resilience. Tight supply and global stimulus support a constructive long-term outlook.
Is It Time for Smart Beta to Be Smart?
On the evening before his presentation at the Exchange Conference last week, I sat down with Rob Arnott to discuss whether now is the time for smart beta to shine. Arnott is the founder and chair of Research Affiliates and is known as the “godfather of smart beta.”
Investors Turn to Actively Managed Bond ETFs in March
In a tumultuous environment, investors increasingly turned to actively managed bond ETFs this year according to JPMAM research.
The Q1 Stock Setback & Target Date Fund Investors — More of the Same to Come
This may be the beginning of the long-awaited U.S. stock market crash, but even if it isn’t those near retirement need to protect themselves from sequence-of-return risk that can ruin the rest of their lives.
Where Did I Put My Investments?
As with all decisions involving uncertainty, we want to find the answer which maximizes your expected risk-adjusted return, not your base-case or expected return. This means that we have to go beyond the industry standard and explicitly account for risk in our analysis.
Yield Spreads Suggest The Risk Isn’t Over Yet
Yield spreads are critical to understanding market sentiment and predicting potential stock market downturns. While yield spreads have widened, they remain well below the long-term averages. However, if recession risks increase due to tariffs, sentiment, or illiquidity, those yield spreads will widen further.
Oaktree, TCW and Sona Spot Opportunity in Market Turmoil
Credit investors are looking to pounce on new opportunities resulting from the wild swings in global financial markets triggered by the US-China trade war.
Tariffs Add Another Challenge for Investors to Consider
After starting the year on a high note with the S&P 500 index of U.S. Large Cap stocks posting an all-time high on February 19th, equities retreated during the second half of the quarter, officially falling into correction territory (down 10 percent) on March 13.
Hard Turn on Tariffs
It was a wild week on Wall Street after President Donald Trump announced a broad new tariff policy that went beyond what most analysts had anticipated, spurring a plunge in both stock and bond markets.
President Trump Blinks for Now, But Tariffs Remain High
On 9 April, President Donald Trump announced a 90-day pause on the higher “add-on” reciprocal tariffs on 50-plus countries that had been announced the previous week, precipitating a historic equity market rally and showing that there was seemingly a limit to how far he would go to move forward with his trade agenda.
Q2 2025 Outlook: In the Middle of the 3% Reckoning
Spending cuts, tariffs and recession risk—Jan van Eck’s latest outlook breaks down what to watch and why he’s focused on gold, bitcoin, semiconductors and India.
As Tariffs Cloud Outlook, Municipal Bonds May Offer Opportunity
Bonds have gained as investors sought shelter amid growing fears around a tariff-driven global economic slowdown.
Tariffs Are the First Part of a Larger Project
Getting into Donald Trump’s head is no easy task. And to the extent his economic intentions are decipherable and coherent, can Trump impose his economic will on other countries? As tariffs go into place, albeit with a partial pause, that remains to be seen.
Putting Your Tax Refund to Work
Taxpayers plan to use their tax refunds for essentials and debt repayment, as well as savings strategies. Bill Cass shares ideas and strategies to consider this year.
Tariffs Shock Economy and Markets
The markets are in the middle of a historic decline. Not so much in the magnitude—while we are approaching a bear market, these happen fairly regularly—but in the speed of the drop.
The U.S. Economy’s Trajectory Amid Higher Tariffs
On 2 April, the Trump administration announced sweeping tariffs that were more aggressive than many had expected. Then on 9 April, the administration announced a 90-day pause on most of the new country-specific “reciprocal tariffs.”
Strategic Income Outlook: Magic 8-Ball Says, “Ask Again Later"
Concerns about a trade war have rattled markets so far in 2025, but we believe fixed income investors need to be patient, stay defensive, and see how things evolve before making any big decisions.
Finding Silver Linings in Very Cloudy Markets
Global equities faced fresh challenges in the first quarter of 2025 amid growing trade-war concerns and developments in artificial intelligence (AI).
Treasuries & Muni ETF Options for Focusing on Quality
Given the abundance of market uncertainty, it may be best to adhere to Treasuries, or for additional yield, to municipal bonds.
US Inflation Unexpectedly Slows Down Ahead of Tariffs Impact
US inflation cooled broadly in March, indicating some relief for consumers prior to widespread tariffs that risk contributing to price pressures.
Small Caps, Big Opportunities: Investing Beyond Large-Cap Stocks
In an era when a select group of tech behemoths has dominated market returns, investors are growing increasingly wary of the concentration risk it poses.
Tariff Shock: Managing a Portfolio Through the Turmoil
With uncertainty in abundance, we think investors should avoid drastic moves.
Callable Bonds: Understanding How They Work
Callable bonds make up a large share of the bond market—and introduce one more variable into the bond-investing process.
Should You Be Concerned About the Pullback in Gold?
With a number of factors at play, the short-term pullback in gold will likely meet resistance to the long-term, unchanged fundamentals,
DoubleLine's Take on the Reciprocal Tariffs
DoubleLine Global Bond Portfolio Manager Bill Campbell shares DoubleLine’s outlook for risk markets, the U.S. Treasury curve, inflation, growth and Federal Reserve policy in light of Washington’s reciprocal tariffs and reactions of U.S. trade partners.
Shadow Banks Are Too Big to Stay in the Shadows
When it’s finally completed seven years from now, Citadel LLC’s New York tower will be the second tallest building in the city, after the World Trade Center. It will also loom over the headquarters of JPMorgan Chase & Co. just a few hundred yards south along Park Avenue.
2025 Global Market Outlook: The Mechazilla Moment
An enduring image from 2024 will be the capture of the SpaceX booster rocket by the Mechazilla robot arms on its return to Earth.
Relative Winners in a Trade War
While there are no absolute winners in a trade war, there may be relative winners in the global stock market for investors to consider.
Carry Trade Destruction
Lost in the focus on the bludgeoning that tariff policy has had on equity markets, is the impact on global currencies. From the end of February through April 3rd, the U.S. Dollar is down 5.1% relative to other developed market currencies (DXY). In addition, we’ve also seen a violent unwinding of the popular currency carry trade.
Putting the Market Sell-Off into Perspective
At the start of last week, the S&P 500 rallied three days in a row, with investors believing that the tariffs announced on Wednesday would be targeted.
Trade Policy Shifts Put the Fed in a Challenging Position
Tariff Turbulence. The President’s long-anticipated tariff announcement on April 2 has come and gone. Our hopes for some clarity, so the uncertainty weighing on confidence and the equity market could subside, were dashed after we heard the breadth and magnitude of the administration’s tariff plan.
Recalibrating for Higher Risk Without Overcorrecting
We’re adjusting our stance in response to rising risk while maintaining a disciplined view on long-term strategy.
Tariff Turbulence: What to Watch, Including Possible Constraints
While the path may have twists and turns, the destination seems clear; higher U.S. tariffs.
Market Madness: The 'Elite 8' Are Becoming a Liability
The recent market drawdown highlights risks of a concentrated S&P 500—and the case for diversification now.
3 ETF Demand Trends Amid Market Turmoil
Many of us came into the year with highly concentrated portfolios, which now were faced with changing market conditions.
Apple’s Historic Selloff Has Bulls Balking From Tariff Risks
A sharp selloff in shares of Apple Inc. illustrates investor skepticism about its ability to navigate President Donald Trump’s tariffs on China, Vietnam and India — countries all critical to the iPhone maker’s supply chain.
Mutual Fund Pioneer MFS Enters ETF Arena
MFS, which pioneered the first mutual fund in 1924, recently entered the ETF arena with the launch of five actively managed products. MFS’s Emily Dupre discusses the firm’s decision-making process around launching ETFs, their investment capabilities, and the role active management plays in a portfolio. Plus, VettaFi’s Roxanna Islam assesses the ETF impact of the recent tariffs announcement.
Tariff Turbulence Raises Recession Odds
Markets faced more volatility as Trump’s aggressive tariff measures injected both economic and political uncertainty into the system.
The Price of Protectionism - Tariffs Toll On Growth
We reexamine our macroeconomic outlook in light of newly announced tariffs, which have exceeded market expectations and prompted us to update our assumptions and analysis.
Navigating Tariffs, Volatility, and a Slowing Economy
The markets face a challenging path as tariff policies intensify economic uncertainty, yet opportunities persist for discerning investors.
Tariff Tantrum
The announcement of global tariffs by President Trump has rocked markets and much is uncertain, but there are key facts for investors to keep in mind.
What to Watch in The Face of Tariff Turbulence
As investors are uncomfortably aware of, global equity markets have been in freefall since U.S. President Donald Trump’s announcement of “reciprocal tariffs” on April 2.
The Market Crash – Hope In The Fear
Last week, we noted that “nothing good happens below the 200-DMA,” and the tariff-induced market crash this past week confirmed that statement. However, we also noted that over the last 30 years, previous failures at the 200-DMA have also often been buying opportunities.
2 Quality ETF Options to Consider as Bonds Exhibit Resilience
Moving forward, investors may want to keep investment-grade options close with a few from Vanguard to consider.
T. Rowe Price PM Rizzo on Active Tech ETF Investing at Exchange
VettaFi head of sector and industry research Roxana Islam talked to T. Rowe Price PM Dom Rizzo on active tech ETF investing.
Portfolio Rebalancing: Free Lunch or Empty Calories?
As market prices change over time, so will the fraction of your portfolio which is in stocks or bonds. How often should you rebalance your portfolio back to your desired asset allocation? And how much is that rebalancing worth?
America’s Retirees Will Share Wall Street’s Pain
President Donald Trump has said his reciprocal tariff policy was meant to stand up for the American worker, whom he portrayed as the victim of a decades-long shift toward unfettered globalization.
Questions Linger Following Latest Tariff Announcement
The incremental tariffs were bolder than market expectations and ushered in new uncertainty.
‘Stagflation Frustration’ in the Age of Tariffs
The tariff chaos continues … but the economy remains intact. For now.
Navigating Tariff Complexities
We examine the April 2 tariff announcement from President Trump, outlining key proposals and the potential implications for trade and market sentiment.
Fixed Income Markets Take Trump’s Tariffs in Stride
In the report, Fixed Income Portfolio Managers John Lloyd and Greg Wilensky discuss how fixed income markets are responding to Trump’s sweeping tariffs and the implications for investors.
Finding Silver Linings in Very Cloudy Markets
As volatility rises, staying invested is a strategic priority for capturing long-term return potential in a broadening market.
Tariffs Trigger Worst Session Since 2020
U.S. indexes suffered their worst day since the pandemic, hurt by Trump's massive tariffs that sparked recession fears. Almost every sector fell, with retailers and tech hard hit.
Humpty Dumpty Was Pushed
The stock market faces severe downside risk ahead, and the U.S. is constrained in the unsystematic monetary and fiscal expansion that both amplified that bubble and fueled record but wholly impermanent corporate profit margins. Meanwhile, the U.S. economy now faces an imminent recession, and if we fail to be vigilant, we, once united Americans, risk losing what is far greater and more valuable than money.
US Treasuries Surge as Trade War Overshadows Solid Jobs Data
Traders boosted their bets on Federal Reserve interest-rate cuts this year and US Treasuries rallied as a solid report on American jobs failed to calm markets.
April 2025 Update
To summarize the market action of March of 2025: U.S. stocks (SPX) did poorly, international stocks (especially Europe, VGK) did well in dollar terms, and gold (IAU) did spectacularly well. The main culprit appears to market concerns about the Trump administration’s tariff policies.
Defense Wins Championships – Or at Least the First Quarter
Portfolio managers that didn’t fully embrace the AI trade withstood their share of criticism over the past year or two, as many AI-linked stocks reached great heights.
Liberation Day: The Tariff Man Cometh
Adam Hetts, Global Head of Multi-Asset & Portfolio Manager, and Oliver Blackbourn, Portfolio Manager, give their thoughts on how US President Trump’s ‘Liberation Day’ tariffs have reshaped global trade dynamics, emphasising the benefits of diversification at a time of heightened uncertainty about the prospects for growth.
Don’t Box Yourself in When Bond Investing
With nearly half of the bond market now outside of the Agg, a number of opportunities exist for those seeking exposure beyond the benchmark.
Active ETFs Steal the Show: Topping $1 Trillion Mark
Active ETFs just topped the $1 trillion threshold, making up nearly 10% of the total ETF pie. Enhanced yield is the name of the game.
The Total Return Roller Coaster: March 2025
Here's an interesting set of charts that will especially resonate with those of us who follow economic and market cycles. Imagine that five years ago you invested $10,000 in the S&P 500. How much would it be worth today, with dividends reinvested but adjusted for inflation? The purchasing power of your investment has increased to $19,313 for an annualized real return of 13.24%.
ETFs Saw Record Flows in Q1: These Are the Highlights
U.S. ETFs saw record first quarter flows this year, bringing in $296 billion during the first three months of 2025.
Traders Bet on More Fed Cuts With 10-Year Yield Headed Toward 4%
Bond traders ramped up bets on interest-rate cuts from the Federal Reserve amid concern that Donald Trump’s trade war will backfire on the US economy, sending the yield on benchmark Treasuries toward the closely-watched 4% level.
White House Unveils Sweeping Tariff Plan
Market volatility is likely to rise as investors digest the president's plans.
Tariffs: Making the U.S. Exceptional, but Not in a Good Way
The tariffs that the U.S. is imposing on its trading partners will bring about several costs that are important for investors to understand. Some of those costs are inherent to what a tariff is, while others stem from the fact that U.S. industrial policy has, and looks to continue to have, a huge amount of uncertainty associated with it.
Q1 2025 in Review: Investors Take a Wild Ride
The first quarter of 2025 took investors on a rollercoaster, driven by on-again, off-again tariff policy announcements.
Will vs. Revocable Trust: What You Need to Know (And Why You Shouldn’t Wait)
Two of the most common estate planning tools to use are a Will and a Revocable Trust. Both essentially perform the same purpose, ensuring your wishes are fulfilled, but they do so in different ways. Understanding their differences can save your family from unnecessary probate, costs, and stress.