Resources
Insights, research and news to keep you updated and informed on Madison's strategies and process. For Investment Strategy specific commentary, see our Investment Strategies & Solutions pages.
Commentary
Monthly Market Update - February 2023
Stock and bond markets raced higher in January, ignoring the adage “don’t fight the Fed.” Despite the Fed’s resolve to continue hiking the fed funds rate towards five percent, the fixed income markets continued to push yields lower across intermediate and long-term maturities, with the five-year Treasury yield falling 50 basis points and the ten-year yield falling nearly 50 basis points during the month. Intermediate and long-term rates finished January almost a full percentage point lower from their October peaks, indicating the bond market believes the economy is at a turning point despite Chairman Powell’s continued hawkish rhetoric.
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Reinhart Week in Review by Madison Investments 2.3.2023
In this Week in Review the Fed’s 25 basis point raise and the European Central Bank’s 50 basis point increase, January’s employment results, and more. Read it all here.
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2022 Year-End U.S. Equity Letter from Haruki Toyama
The U.S. stock market suffered one of the worst annual losses in its history, with the S&P 500, Russell Midcap, and Russell 2000 declining -18.11, -17.32%, and -20.44%, respectively. Headlines point to many culprits, but higher interest rates dominate the conversation. We’ve had four decades of declining interest rates; it’s no coincidence that with rates rising sharply this past year, the S&P 500 Index had its third worst year in the past 40 years.
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Reinhart Fixed Income Week in Review by Madison Investments 1.27.23
What this month’s GDP number really tells us, the latest indicator of the Fed’s progress on controlling inflation, and more in this Week in Review.
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2023 Fixed Income Outlook
The 4th quarter capped a difficult 2022 for financial markets. The Federal Reserve’s (Fed) campaign to combat a historic rise in inflation left investors with few hiding places from broadly negative returns. As we begin 2023, we survey a fixed income landscape with meaningfully higher yields, wider credit spreads, and further expected Fed tightening.
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Commentary
Reinhart Fixed Income Week in Review by Madison Investments 1.20.23
This week Reinhart’s Fixed Income team look at the inflation story in Europe, the United States hitting its debt ceiling and other noteworthy news. Read their Week in Review here.
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“Madison” and/or “Madison Investments” is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC (“MAM”), and Madison Investment Advisors, LLC (“MIA”). MAM and MIA are registered as investment advisers with the U.S. Securities and Exchange Commission. Madison Funds are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member firm of the Financial Industry Regulatory Authority. The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison’s toll-free number is 800-767-0300.
Any performance data shown represents past performance. Past performance is no guarantee of future results.
Non-deposit investment products are not federally insured, involve investment risk, may lose value and are not obligations of, or guaranteed by, any financial institution. Investment returns and principal value will fluctuate.
This website is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.
The Captive Review awards were independently determined and awarded by one of Captive’s Captive Owner Panels. Madison Scottsdale did not pay a fee in exchange for these awards. The Investment Management Award is open to asset managers and investment advisors and is presented to the firm that best exhibits unrivaled customer care and innovation.
Any performance data shown represents past performance. Past performance is no guarantee of future results.
Non-deposit investment products are not federally insured, involve investment risk, may lose value and are not obligations of, or guaranteed by, any financial institution. Investment returns and principal value will fluctuate.
This website is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.
The Captive Review awards were independently determined and awarded by one of Captive’s Captive Owner Panels. Madison Scottsdale did not pay a fee in exchange for these awards. The Investment Management Award is open to asset managers and investment advisors and is presented to the firm that best exhibits unrivaled customer care and innovation.