The outbreak has already become highly disruptive to China; the U.S. will not be immune.
The coronavirus is a serious mounting threat to the fragile Chinese and global economies. It is hard to handicap how broadly the virus will ultimately spread and how virulent it will be, but it has already become highly disruptive to China and increasingly to the rest of Asia. The U.S. will not be immune to its ill effects.
There is a lot to like in the President's Build Back Better plan.
The U.S. economy is booming and near-term prospects have rarely been as strong.
Bond investors have come to terms with a booming U.S. economy and reflation narrative.
We assess the macroeconomic consequences of the AFP in this white paper, and find that while its near-term impacts are small, it provides meaningful longer-term economic benefits by increasing labor force participation and the educational attainment of the population.
Tight U.S. high-yield corporate bond spreads could stick around until the economy begins to cool or volatility in the equity market increases.
High-yield corporate bond issuance had a strong start to the year, due to growing expectations for the U.S. economy to take off coupled with tight credit spreads and less perceived credit risk.
Low-income and minority households are struggling to make their rent and mortgage payments, suffering through increasingly long commutes, and unable to take better jobs because they cannot afford housing near the available work. The American Housing and Economic Mobility Act would help to address these problems.
There are many potential political impediments to passage of the American Jobs Plan, but we expect that an infrastructure plan similar in spirit and size to what the president has proposed will become law later this year.
The secular decline by Treasury bond yields since 1982 has been accompanied by a secular climb in the ratio of private and public nonfinancial-sector debt to GDP.
High yield bond issuance and newly rated loans from high-yield issuers have soared thus far in 2021.