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Results: 63 Articles found.

Winter in Puerto Rico

Puerto Rico is not representative of the broader municipal bond market, as both state and local governments continue to benefit from improving revenues. The municipal bond market has so far taken Puerto Rico’s downgrade in stride, but lingering risks remain due to individual investors’ bias to sell and uncertainty over upcoming Puerto Rico borrowing.

Current Conditions Index 3/27/13

Over the past week, the LPL Financial Current Conditions Index (CCI) slid slightly from near multiyear highs to 247. The path of the CCI remains consistent with continued, though modest, economic growth in the United States. Over the past few months, momentum in the CCI has improved slightly...

High-Yield Bonds and the Credit Cycle

High-yield bonds are among the leading performers in the bond market in 2013, according to the Barclays US High Yield Index, but the sector is not without critics. Naysayers have highlighted the record-low yields offered by the lowest-rated debt companies in the bond market, the increasing amount of leveraged buyout-related issuance, and growth of more speculative bond structures/issuance in 2013.​

Portfolio Compass 3/20/13

Compass Changes: Upgraded long-term and high-yield municipal bonds to positive from modest positive. Upgraded Treasuries to modest negative from negative. Investment Takeaways: Our near-term stock market view remains slightly cautious, given our...

Current Conditions Index 3/20/13

Over the past week, the LPL Financial Current Conditions Index (CCI) rebounded further to 253. The path of the CCI remains consistent with continued, though modest, economic growth in the United States. Over the past few months, momentum in the CCI has improved slightly.

Ride the Yield Curve

The yield curve, a graphical representation of yields across the maturity spectrum of the bond market, has long received attention as a relatively good leading economic indicator. The shape of the yield curve can impact total returns for bond investors and help determine which maturity segments (short, intermediate, or long-term) of the bond market offer the most attractive potential reward for a given amount of interest rate risk. The year-to-date rise in high-quality bond yields...

Current Conditions Index 3/13/13

Over the past week, the LPL Financial Current Conditions Index (CCI) rebounded to 248. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States. Over the past few months, momentum in the CCI has improved slightly.

Back to the Highs

Bond yields are back to the highs of the year after gains from the prior week were more than erased. A stronger-than-expected employment report, continued stock market strength, and reduced fiscal uncertainty pushed the 10-year Treasury yield back to 2.06%. The municipal bond market, struggling with its own unique circumstances...

Current Conditions Index 3/6/13

Over the past week, the LPL Financial Current Conditions Index (CCI) remained basically unchanged at 236. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States. Over the past few months, momentum in the CCI has stalled.

Portfolio Compass 3/6/13

Compass Changes: Upgraded consumer staples view to neutral from modest negative. Upgraded utilities view to modest negative from negative. Downgraded materials view to neutral from modest positive. Downgraded emerging markets (equities) view to neutral from modest positive. Investment Takeaways: Our near-term stock market view...

Old Acquaintances

The re-emergence of European risks and domestic fiscal policy uncertainty helped Treasuries post their strongest weekly performance since last November. Higher yielding segments of the bond market such as bank loans, high-yield bonds, and preferred stocks, backed by good fundamentals, are our preferred way to navigate a low-yield, range-bound market....

Current Conditions Index 2/27/13

Over the past week, the LPL Financial Current Conditions Index (CCI) remained basically unchanged at 239. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States. Over the past few months, momentum in the CCI has stalled...

Waiting for the Spring

Municipal bonds have struggled in February following a good start to 2013. Price declines have translated to modest losses for investors in February, but on a positive note, year-to-date municipals still hold a performance advantage to their taxable counterparts (both through February 22, 2013), according to Barclays Index data. The tough slog for municipal bonds...

Portfolio Compass 2/20/13

Compass Changes: ƒNo changes. Investment Takeaways: Our near-term stock market view remains slightly cautious, given our Base Path expectation for modest single-digit returns in 2013.* ƒƒWe continue to favor...

Current Conditions Index 2/20/13

Over the past week, the LPL Financial Current Conditions Index (CCI) improved modestly to 238. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States. Over the past few months...

No Love for Bonds

High-quality bonds remain unloved in financial markets in 2013. After modest improvement during the first full week of February, weakness resumed with the 10-year Treasury yield rising back to the 2.0% threshold. Last week’s Treasury auctions saw...

Current Conditions Index 2/13/13

Over the past week, the LPL Financial Current Conditions Index (CCI) was unchanged at 229. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States.​

Return of the LBO

The recent trend in leveraged buyout (LBO) activity bears watching for bond investors but even at the current pace would lag well behind the boom years of 2006 and 2007. We are more concerned with valuation levels among corporate bonds on evaluating investment appeal.

Portfolio Compass 2/6/13

Our near-term stock market view remains slightly cautious, given our Base Path expectation for modest single-digit returns in 2013.* ƒƒWe continue to favor economically sensitive (cyclical) sectors, including industrials, materials, and technology, over defensive sectors. Our recently upgraded emerging markets (EM) view is based on...

Current Conditions Index 2/6/13

Over the past week, the LPL Financial Current Conditions Index (CCI) was basically unchanged at 229. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States. Over the past few months, momentum in the CCI has been slowing...

Winter Hits the Bond Market

Winter seems to have hit the bond market full force in January 2013 with the broad Barclays Aggregate Bond Index posting its worst monthly performance in just over two years. Relief over last-minute legislation to avert the “fiscal cliff,” an agreement to temporarily increase the debt limit to avoid a potential default, continued, albeit sluggish, economic expansion, and optimism over Europe all contributed to put a chill on bond market performance in January after a strong 2012...

Current Conditions Index 1/30/13

Over the past week, the LPL Financial Current Conditions Index (CCI) slid slightly further to 226. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States. Over the past few months, momentum in the CCI has been slowing...

The Fed’s Bond Diet

Bond investors may revisit an early catalyst to bond market weakness in 2013, when Federal Reserve (Fed) policymakers reconvene this week. Minutes of the December 2012 Fed meeting, sparked selling among high-quality bonds, as investors feared the Fed would end or curtail bond purchases earlier than expected. As we commented in early January, we believe bond market reaction to the Fed meeting minutes was overdone...

Fourth Quarter 2012 OMP

Stocks limped to the finish as 2012 ended amid the uncertainty surrounding the fiscal cliff — the combination of tax increases and spending cuts that were scheduled to take effect at year-end. Nonetheless, stocks delivered solid double-digit returns in 2012. The Russell 3000 returned 0.25% in the quarter, bringing the total return for the year for the broad equity market index to 16.35%...

Current Conditions Index 1/23/13

Over the past week, the LPL Financial Current Conditions Index (CCI) slid slightly to 235. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States. Over the past few months, momentum in the CCI had been slowing as the fiscal cliff neared...

Quick Start for Municipal Bonds

Acting more like a sprinter than a long-distance runner, the broad municipal bond market is up 0.80% year-to-date through last Friday, as measured by the Barclays Municipal Bond Index, just over 1% more than their taxable counterparts as measured by the Barclays Aggregate Bond Index...

Current Conditions Index 1/16/13

Over the past week, the LPL Financial Current Conditions Index (CCI) slid slightly to 239. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States...​

High-Yield in Name Only

High-yield bonds may be “high-yield” in name only now. Robust demand for corporate bonds pushed the average yield on high-yield bonds further into record-low territory, closing at 5.75% last week. A mid-single-digit yield just does not seem that “high,”....

Fourth Quarter 2012 SAM

Stocks limped to the finish as 2012 ended amid the uncertainty surrounding the fiscal cliff. Nonetheless, stocks delivered solid double-digit returns in 2012. Performance for the SAM/Research Recommended Mutual Fund Models in the fourth quarter was outstanding, resulting in a very strong year for both relative and absolute returns. All 10 of these portfolios outperformed their respective blended benchmarks in the fourth quarter...

Current Conditions Index 1/9/13

Over the past week, the LPL Financial Current Conditions Index (CCI) rebounded to 246. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States.

Navigating the Markets 1/9/13

Compass Changes: Upgraded long-term and high-yield municipal bonds from neutral to neutral/positive.ƒƒ Downgraded energy commodities from neutral/positive to neutral. Investment Takeaways: Our near-term stock market view is slightly cautious, given our Base Case expectation for modest single-digit returns in 2013.* ƒƒWe continue to favor economically sensitive (cyclical) sectors over defensive sectors...​

Sour Start to New Year

The broad high-quality bond market began 2013 on a sour note, posting its worst weekly performance since March 2012. Optimism over recently passed legislation to narrowly, or temporarily avert, the fiscal cliff boosted economic growth expectations and concerns that the Federal Reserve (Fed) may end bond purchases as soon as mid-2013 both weighed on high-quality bond prices.

Current Conditions Index 1/2/12

Over the past week, the LPL Financial Current Conditions Index (CCI) slid to 221. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States.

Current Conditions Index 12/19/12

Over the past week, the LPL Financial Current Conditions Index (CCI) rebounded modestly to 229. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States.​

Early Lump of Coal for Municipal Bonds

After presenting investors with good returns for much of 2012, the municipal bond market handed investors an early lump of coal last week. The Barclays Municipal Bond Index declined 0.8%, the worst weekly decline in just over a year. There was no “naughty” behavior to single out. Defaults among municipal issuers remain....

Navigating the Markets

Compass Changes: Upgraded emerging markets view from Neutral to Neutral/Positive.ƒ Downgraded precious metals view from Positive to Neutral/Positive. Investment Takeaways: ƒƒ Our near-term stock market view remains slightly cautious, with

Current Conditions Index 12/12/12

Over the past week, the LPL Financial Current Conditions Index (CCI) slid further to 219. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States.

Current Conditions Index 12/5/12

Over the past week, the LPL Financial Current Conditions Index (CCI) fell to 223. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States.

Fixed Income 2013 Outlook

As 2012 winds down, bond investors are reflecting on a good year but questioning what 2013 has in store. Bond investors have enjoyed a good year in 2012, with the bond market on pace to finish the year at the high-end of our low- to mid-single-digit total return forecast. Due to slow economic growth, European debt concerns, and perhaps most importantly, a very market-friendly Federal Reserve (Fed), bond prices continued to rise, and yields continued on their downward descent in 2012.

Portfolio Compass 11/28/12

Compass Changes: No changes. Investment Takeaways:ƒƒ Our near-term stock market view remains slightly cautious, with the S&P 500 having reached our 2012 return target (as of November 27, 2012) and given our base case expectation for modest single-digit returns in 2013.* ƒƒWe continue to favor cyclical sectors for the balance of 2012 and into 2013, consistent with our base case 2013 outlook.*

Current Conditions Index 11/28/12

Over the past week, the LPL Financial Current Conditions Index (CCI) rose to 230. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States.

Banking on Bank Loans

As 2012 comes to a close, bank loans (a.k.a., floating rate funds) are increasingly becoming an attractive alternative to high-yield bonds. While we still continue to find high-yield bonds one of the most attractive sectors in the bond market, the relative appeal of bank loans has improved as we look toward 2013.

Current Conditions Index 11/21/12

Over the past week, the LPL Financial Current Conditions Index (CCI) was basically unchanged at 223. The path of the CCI remains consistent with continued, though sluggish,economic growth in the United States.

Bond Market Perspectives 11/20/12

This week, investors have reason to give thanks to preferred securities, one of our favorite income-producing investments. The sector has produced double-digit returns in 2012, as measured by the Bank of America Merrill Lynch Preferred Hybrid Securities Index, in what has been a good year overall for more economically sensitive fixed income investments such as preferred securities.

Fiscal Cliff Causing Investors Grief

While there are other issues investors are grappling with — such as increasing tensions in the Middle East, meager prospects for earnings growth, and the return to recession in Europe after only three short years of growth — the one most heavily weighing on the minds of investors is the U.S.’s fiscal cliff.

Portfolio Compass 11/14/12

Compass Changes: Upgraded energy commodity to Neutral/Positive from Neutral.ƒƒ Upgraded preferred securities to Neutral/Positive from Neutral.ƒƒ Upgraded mortgage-backed securities (MBS) to Neutral from Negative/Neutral.

Current Conditions Index 11/14/12

Over the past week, the LPL Financial Current Conditions Index (CCI) remained little changed at 222. The path of the CCI remains consisten twith continued, though sluggish, economic growth in the United States.

Bond Market Perspectives 11/13/12

The prospect of higher taxes gave municipal bonds a strong lift following election results last week and keeps municipal bonds on pace to outperform their taxable bond counterparts for the second consecutive year. The re-election of President Obama and status quo in Congress increases the likelihood of higher tax rates on upper income earners.

“Wall Street” Election Poll 11/8/12

In the past week ending Wednesday, the day after the elections, the LPL November 8, 2012 Financial “Wall Street” Election Poll Index sharply reversed the move toward Republican-favored industries relative to those favored by Democrats that began following the first presidential debate.

Current Conditions Index 11/7/12

Over the past week, the LPL Financial Current Conditions Index (CCI) fell slightly to 220. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States.​

Bond Market Perspectives 11-5-12

The bond market continues to move in response to the eventual winner of the presidential election. We expect bond market reaction to the election to be limited, as the resolution of the fiscal cliff will likely be a greater driver of bond yields. The election may bring changes for municipal bonds as well, but attractive valuations should help cushion any potential change in tax treatment.

Portfolio Compass 10/31/12

Compass Changes:ƒƒ Downgraded technology to neutral/positive from positive. Investment Takeaways: ƒ Our near-term stock market view remains slightly cautious, with the S&P 500 having returned 14% this year (as of October 30, 2012), above the high end of our forecast.*ƒƒ Our lowered technology view remains...​

Current Conditions Index 10/31/12

Over the past week, the LPL Financial Current Conditions Index (CCI) fell slightly to 227. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States.​

"Wall Street" Election Poll 10/25/12

In the past week ending Wednesday, the LPL Financial “Wall Street” October 25, 2012 Election Poll Index reflected a modest further move toward Republicanfavored industries relative to those favored by Democrats, a move that began following the first presidential debate.

Current Conditions 10/24/12

Over the past week, the LPL Financial Current Conditions Index (CCI) fell slightly to 239. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States.​

"Wall Street" Election Poll 10/18/12

In the past week ending Wednesday, the LPL Financial “Wall Street” October 18, 2012 Election Poll Index reflected little change relative to the impact of the first debate that resulted in a large move toward Republican-favored industries relative to those favored by Democrats.

Current Conditions 10/17/12

Over the past week, the LPL Financial Current Conditions Index (CCI) fell slightly to 243. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States.​

Portfolio Compass 10/17/12

Compass Changes: Downgraded mortgage-backed securities (MBS) to Negative/Neutral from Neutral. Upgraded Bank Loans to Neutral/Positive from Neutral. Investment Takeaways:ƒƒ Our near-term stock market view remains cautious, with the S&P 500 having returned 18% this year (as of October 16, 2012).*

"Wall Street" Election Poll 10/11/12

In the past week ending Wednesday, the LPL Financial “Wall Street” Election October 11, 2012 Poll Index reflected the impact of the debate and a large move toward Republican-favored industries relative to those favored by Democrats. This is the first meaningful move toward Republicans since the

Current Conditions Index 10/10/12

Over the past week, the LPL Financial Current Conditions Index (CCI) rose slightly to 246. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States.​

"Wall Street" Election Poll 10/4/12

Ahead of the debates, in the past week ending Wednesday, the LPL October 4, 2012 Financial “Wall Street” Election Poll Index reflected a move to the highest levels of the year for Democrat-favored industries relative to those favored by Republicans. The market continued to increasingly reflect a status quo election outcome. Over the past week, the overall market rose. Most industries in both the Democrat and Republican indexes posted gains, but the most sizable upward moves

Portfolio Compass 10/3/12

Our near-term stock market view remains cautious, with the S&P 500 having returned 17% this year as of October 2, 2012), above the high end of our forecast range as discussed in our 2012 Mid-Year Outlook.* ƒƒWithin equities, we favor Growth, Technology

Current Conditions 10/3/12

Over the past week, the LPL Financial Current Conditions Index (CCI) remained basically unchanged at 242. The path of the CCI remains consistent with continued, though sluggish, economic growth in the United States. This year, the CCI has echoed the

 
Results: 63 Articles found.
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