The collapse of Silicon Valley Bank triggered a sharp sell-off in the stocks and bonds of regional U.S. banks and a rally in Treasurys. All eyes are now on the Federal Reserve. Will it continue raising rates or pivot?

Despite two months in a row of unexpectedly low inflation, the Fed once again raised rates this week. Amid considerable uncertainty over inflation and rate policy, we analyze three scenarios for the U.S. economy and their impact on diversified portfolios.

Good cheer currently prevails in the bond market, as unexpectedly low inflation triggered one of the sharpest rallies of the past several years. But what does the Treasury market expect for inflation and the Federal Reserve’s rate policy in the coming months?

By remaining steadfast in its commitment to zero yields, the Bank of Japan may have sacrificed the ability to control its own destiny. 

Investors in Russian securities have faced sizable hurdles trying to manage and value their positions. Our research of the CDS market suggests that Russian stocks are essentially worthless, in contrast to the prices listed on the Moscow Exchange.