Resources

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Commentary

Fixed Income Market Update: Third Quarter 2023

After a volatile first half, fixed income investors began the third quarter firmly focused on fundamental data for clues about the future path of monetary policy. Not surprisingly, the Federal Reserve (Fed) stayed true to their word and reiterated that their restrictive policy stance would remain in place until significant headway is made lowering inflationary pressures. Interest rates continued their march higher as economic data releases remained surprisingly strong in the face of meaningfully higher mortgage rates, rising energy costs, and faltering consumer confidence. As we begin the final months of 2023, we are likely approaching the end of a historic, nearly two-year monetary tightening campaign. Yet, lower interest rates may still be some time away.

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Videos

Portfolio Manager Q&A - Joe Maginot

Madison Large Cap portfolio manager, Joe Maginot, shares how he and the rest of the U.S. Equity team views current market conditions, the impact of AI on their decision making, and where they are seeing opportunity and challenges across the stock market.

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Videos

Portfolio Manager Q&A - Bill Ford

With interest rates remaining high, and the Fed committed to reaching their inflation goal, Bill Ford, Portfolio Manager and Credit Analyst on the Reinhart Fixed Income team, shares his view on the current state of the bond market. Bill dives into where he is finding opportunities, and when he thinks interest rate hikes will start stressing corporate balance sheets.

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Videos

The Monthly Mosaic | August 2023

Patrick Ryan, head of Madison Multi-Asset Solutions, examines the current state of the economy and dives into the repricing we saw in equity markets during August. Hear where he and the rest of our Multi-Asset team are finding opportunities in international markets across portfolios.

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White Papers

Liquidity Risk

Imagine a crowded room with just one exit. If everyone suddenly had to leave, those close to the exit would be fine, but it would be chaotic for others. This is similar to bond liquidity, which is like the available exits. When bonds are highly liquid, investors can smoothly come and go without a hitch. But when liquidity is low, it's like many investors trying to exit through one door. This article delves into bond market liquidity and its effects.

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Commentary

2023 Mid-Year U.S. Equity Letter from Haruki Toyama

We are halfway through 2023, and so far the U.S. stock market has continued its rebound from last year’s decline. The S&P 500 Index remains about 5% below its peak reached in January of 2022, so it hasn’t quite yet recovered all of its lost value, but as usual, the market averages don’t always tell the whole story.

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