Review and
Outlook
March 2023
“The ‘immaculate deflation’ narrative ended abruptly at the beginning of February after a series of data points dashed hopes for an early end to the Federal Reserve’s hiking cycle.”
Learn MoreFebruary 2023
“The standout moment of the Federal Reserve press conference on February 1st was when Chairman Powell was given an opportunity to pivot and push back against market faith but chose not to.”
Learn MoreJanuary 2023
“Nothing better underscores how year-end is a symbolic and not actual change than a string of indistinguishable dreary days connecting December to January. Still, the turning of the year is a traditional time to take stock, and with that in mind we’re taking a bigger picture view than normal in our review…”
Learn MoreDecember 2022
“Two November inflation reports shifted market expectations concerning Federal Reserve policy and the market is now pricing a “pivot.” We think this is wrong, for two reasons.”
Learn MoreEconomic and
Market Commentary
03.02.2023
The Golden State is Forced to Confront Fiscal Challenges – California Credit Brief
Persistently tightening monetary policy and a slowing economy have begun to work their way into state tax revenue collections. Across the nation, median growth in monthly revenues slowed from double-digit levels early in 2022 to low-single digits by year-end. While most states have faced tax revenue pressures, California is facing more acute revenue deterioration.
Learn More01.17.2023
2023 Municipal Sector Outlook
Appleton’s analysts strike a more cautious tone for 2023. A look at sector specific credit dynamics.
Learn More09.19.2022
Beyond Ladders: Attributes of Active Bond Management
The asset management industry has long wrestled with the active versus passive debate across a spectrum of asset classes. At Appleton, we are strong advocates of active municipal bond management as it affords us the ability to customize solutions and capitalize on opportunities to add incremental yield and total return.
Learn More07.11.2022
Yield, Credit, and Valuation: The Case For Municipals
We recommend advisors and investors take another look at their allocation to investment grade municipals, a case based on higher yield levels, strong credit quality, and attractive relative valuation.
Learn MoreQuarterly
Perspectives
Q4 2022
Navigating Turbulent Times
“We will refrain from offering a comprehensive year-end market retrospective as the financial media has thoroughly covered that ground, and some may prefer not to revisit the details. Instead, our objective is simply to draw upon 2022’s investment experience as a means of reinforcing more personal, timeless planning guidance.”
Learn MoreQ3 2022
Managing Market Emotions and Biases
“Warren Buffett’s contrarian investment philosophy likely resonates with many who embrace a value-oriented mindset. While there is inherent logic in this time-tested recommendation, adhering to advice of this nature presents practical challenges.”
Learn MoreQ2 2022
Fortifying Financial Decision-Making
“Generation X households are likely to inherit a staggering $30 trillion in wealth over the next 25 years and overtake the Baby Boomers as America’s wealthiest generation. The magnitude of this dynamic has caught the attention of wealth management professionals, and what is unfolding in an aging America is also likely to have a profound effect on individual relationships with money.”
Learn MoreQ1 2022
The Gift of Giving
“The war in Ukraine is a tragedy on many dimensions, and along with our sympathies and concern for all those impacted, we offer a few wealth management and financial planning thoughts.”
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