BCM 2Q 18 Market Commentary

July 10, 2018 | COMMENTARY

Sources and Disclosures:

 

1 & 2 Yield Curve Inversions and Stocks Are a Toxic Mix. Ben Carlson. 12/18/17. Via www.bloomberg.com (articles). 

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The information presented in this report is based on data obtained from third party sources. Although it is believed to be accurate, no representation or warranty is made as to its accuracy or completeness. 

As with all investments, there are associated inherent risks including loss of principal. Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Sector investments concentrate in a particular industry, and the investments’ performance could depend heavily on the performance of that industry and be more volatile than the performance of less concentrated investment options and the market as a whole. Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than larger company stocks. Foreign markets, particularly emerging markets, can be more volatile than U.S. markets due to increased political, regulatory, social or economic uncertainties. Fixed Income investments have exposure to credit, interest rate, market, and inflation risk. Diversification does not ensure a profit or guarantee against a loss. 

The Standard & Poor’s (S&P) 500® Index is an unmanaged index that tracks the performance of 500 widely held, large-capitalization U.S. stocks. The MSCI World Index captures large- and mid-cap representation across 23 Developed Markets countries. The MSCI World ex USA Index captures large- and mid-cap representation across 22 of 23 Developed Markets countries–excluding the United States. The S&P Global 1200 Index is an unmanaged index that tracks the performance of 1200 global stocks that make up 70% of the global stock market capitalization. The Bloomberg Barclay’s U.S. Aggregate Bond Index, which used to be called the “Lehman Aggregate Bond Index,” is a broad base index and is often used to represent investment grade bonds being traded in United States. The Bloomberg Barclays Capital Global Aggregate Bond Index, which used to be called the “Lehman Global Aggregate Bond Index,” is a broad base index and is often used to represent investment grade bonds being traded globally.

In the United States, the Federal Funds Rate is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other depository institutions overnight, on an uncollateralized basis. The U.S. 10-Year Treasury Rate measures the yield on Treasury nominal securities at “constant maturity” of 10 years for non-inflation-indexed Treasury securities. 

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