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Barclays

Apr 20 2018

After The Tax Cut, Watch Out For This Hike

  • Apr 20, 2018

Analysts are still coming to terms with the impact of the big corporate tax cut, as shown by the dispersion still existing across S&P 500 EPS estimates in 2018. But they should also be watching the line item that’s contributed the most to the breakout in profit margins above historical levels: interest expense...

Sep 10 2013

U.S. Municipal Bonds: Maintain Neutral

  • Sep 10, 2013

Their relative cheapness, combined with the prospect of higher tax rates, certainly makes Munis more attractive now. But we’ll wait for interest rate volatility and outflows to subside before turning bullish on Munis.

Sep 10 2013

U.S. High Yield Corporate Bonds: Maintain Neutral

  • Sep 10, 2013

On the positive side, the fundamental picture is still healthy for most U.S. high yield issuers, and defaults are expected to be low. On the negative side, weakening inflation expectations is a divergence that bears close monitoring. We will exercise patience and wait for a better entry point.

Aug 07 2013

Two Valuation Metrics Still Bucking The Norm

  • Aug 7, 2013

With many (but not all) of our valuation metrics in overvalued territory, we present two histograms from our forthcoming quarterly BenchMarks publication that make the case that stocks are cheap (well, almost).

Aug 07 2013

U.S. Municipal Bonds: Maintain Neutral

  • Aug 7, 2013

The relative cheapness combined with the prospect of higher tax rates certainly makes us much more interested in Munis now. But we’ll exercise patience, waiting for the negative headlines to fade and interest rate volatility to subside before turning bullish on Munis.

Aug 07 2013

U.S. High Yield Corporate Bonds: Maintain Neutral

  • Aug 7, 2013

Over the past few months we’ve seen the largest high yield bond fund outflow since 2000. We will exercise patience for now and wait for a better entry point.