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Commentary

Canso 2005 Q3 Market Observer

The U.S. financial markets faced monetary policy reality in the third quarter of 2005. Despite the passionate pleas of those addicted to loose money and low interest rates, the U.S. Federal Reserve persisted in its…
Commentary

Canso 2005 Q2 Corporate Bond Newsletter

The bond market is in a state of denial. The Federal Reserve is tightening monetary policy and raising short term interest rates. Economic growth continues to surprise with its underlying strength. The bond market in…
Commentary

Canso 2005 Q2 Market Observer

Or more appropriately to the sentiment of bond managers: Confounded Markets! In the first six months of 2005 the U.S. bond market has returned 2.9%, with a strong second quarter offsetting the 0.6% setback in…
Commentary

Canso 2005 Q1 Corporate Bond Newsletter

The financial markets were not friendly to investors in the first quarter of 2005. The U.S. Federal Reserve continued to increase short term interest rates in the United States and energy prices continued to stoke…
Commentary

Canso 2005 Q1 Market Observer

Watching Larry Kudlow recently on CNBC, we had the rather strange feeling that he was the spokesperson on some sort of infomercial for lower interest rates. One of his guests had just made a rather…
Commentary

Canso 2004 Q4 Corporate Bond Newsletter

Despite the tightening of monetary policy in the United States, long term yields actually fell over the course of 2004. Credit spreads contracted as well, as the substantial existing liquidity in the financial system was…
Commentary

Canso 2004 Q4 Market Observer

The year 2004 was reasonable for most investors. The world’s economies grew and the important world stock markets were positive, thanks to a strong rally after the U.S. Presidential election. The S&P index in the…
Commentary

Canso 2004 Q3 Market Observer

The Federal Reserve continued its “measured” tightening of U.S. monetary policy with a .25% increase in the Fed Funds rate in both August and September. Alan Greenspan, the Chair of the Federal Reserve, had been…
Commentary

Canso 2004 Summer Corporate Bond Newsletter

The Canadian corporate bond market seems to have hit its tight yield spreads for this cycle, as can be seen by the chart below of the Corporate Bond Index yield spread. The recent Yellow Pages…

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