The Latest Market Commentary From Our Strategists

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Daily Blog

Thursday, August 22, 2019

The Wall Street Journal reports “ECB Minutes Back up Signals of Broad Stimulus Package” and “European Central Bank officials gave a further signal that they would launch a big stimulus package in September.” These stories, along with the likelihood that the U.S. Federal Reserve will cut interest rates by 25 basis points at its September meeting, make us believe the central banks are going to show us they still have some tools to affect the economy. September’s “back to school” stimulus may have parents celebrating both a rising market and little Tanner “out of the house.”

Please see “Monetary Policy Outlook,” on page 39 of the Voya Global Perspectives book.

Weekly Commentary & Statistics

Monday, August 19, 2019

Stocks ended another volatile week in the red. Investors got spooked by an inversion of the two-to-ten-year U.S. Treasury yield spread, the first since 2007.

Quarterly Commentary & Outlook

July 2019

We unabashedly tout our 2019 theme, “The Storm before the Calm,” as it accurately unfolded in the markets in the first half. The storm in December was followed by a calm from January through April, which sent markets to near record highs.

  • In the first half of 2019 our market theme, “The Storm before the Calm,” has unfolded as we predicted
  • We originally anticipated a rising rate environment, however, this outlook has changed and is allowing for a rebound in fundamentals
  • Markets have been soaring, with the S&P 500 posting its best half-year gain since 1997
  • Corporate earnings may be the best indicator to follow as they continue to beat all-time highs
  • An apt metaphor for investors may be to take advantage of the blowing wind and go “full sail”

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