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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…
Commentary

Canso 2004 Q2 Market Observer

The U.S. Federal Reserve increased the Fed Funds rate by .25%, as widely had been expected, at the end of the second quarter of 2004. This was the first increase in U.S. administered interest rates…
Commentary

Canso 2004 Spring Corporate Bond Newsletter

“Low short term interest rates and a steep yield curve provide powerful incentives to boost leverage, undertake carry trades, and seek yield by going out the risk spectrum. There is a real risk of investor…
Commentary

Canso 2003 Winter Corporate Bond Newsletter

Loose monetary policy and a strong North American economy restored confidence to the credit markets in 2003. With plentiful liquidity chasing investment opportunity, portfolio managers, financial institutions and retail investors provided a strong and sustaining…

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