A surprising shortage in housing
Home construction is falling behind the pace of new household formation, creating an imbalance between housing supply and demand.
Author: Michael V. Salm
Dollars tied to bond indexes face risk
2013 marked a watershed moment for index versus non-index sectors in fixed income. We see significant risk in the composition of the index.
Fed weighs addition to policy toolbox
The Fed may have a desire to switch to a different monetary-policy regime, one that would involve using a permanent balance sheet.
U.S. bond opportunities still stack up
We continue to be cautiously optimistic on the U.S. economy, which has been gradually improving. Clearly, there are a number of long-term fiscal issues that the federal government needs to address, including entitlement spending and the debt load overall. Nevertheless, the United States continues to be among the most attractive developed bond markets for investors.
Short maturity bonds rallied on Europe bank woes
Short-term income securities have attracted interest in recent months from investors seeking opportunities in a moderately growing U.S. economy, but concerned about risk spreading from Europe’s banking sector.
Yield-seeking investors may consider short-duration bonds
Putnam Short Duration Income Fund’s Portfolio Manager Michael Salm explains the objective of the fund.
Finding value in asset-related securities
Despite a weak housing market, asset-related securities can offer attractive fundamental value.
The Fed’s exit from the mortgage market
On the heels of the Lehman Brothers bankruptcy in late 2008, the U.S. Treasury and Federal Reserve Board (the “Fed”) rolled out a number of unprecedented programs designed to inject liquidity into the financial system. The mortgage purchase program began in conjunction with the Troubled Asset Relief Program, or “TARP,” and both were designed to