Pandemic, policy, and prices: 2021 in review

Article January 10, 2022 Pandemic, policy, and prices: 2021 in review Written by River and Mercantile Share Introduction & background After another busy year, we can now reflect on how our macro views fared and what 2022 may have in store for markets. 2021 has been notable for the three Ps: the ongoing Pandemic, continued…

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US pension briefing – December 2021

Article January 7, 2022 US pension briefing – December 2021 Written by River and Mercantile Share Key takeaways Discount rates continued to inch higher with Treasury yields making the biggest moves. Equity returns were once again up, despite concerns from the Omicron variant. Most plan sponsors should see positive funded status improvements during December and…

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US pension briefing – November 2021

Article December 6, 2021 US pension briefing – November 2021 Written by River and Mercantile Share Key takeaways Discount rates were flat, but the Treasury yield curve changes and credit spread changes paint an interesting picture of what is happening with rates. A new COVID variant wreaked havoc on most equity classes domestically and internationally.…

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Monthly macro update – November 2021

Article November 30, 2021 Monthly macro update – November 2021 Written by River and Mercantile Share Snapshot of views US equity markets bounced back from a weak September to reach all-time highs despite ongoing concerns about inflation. Our primary concern is to what extent inflation causes policymakers to withdraw monetary support prematurely, which could negatively…

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Monthly macro update – October 2021

Article November 8, 2021 Monthly macro update – October 2021 Written by River and Mercantile Share Snapshot of views While equities have been our highest conviction allocation this year, we view credit markets as a more useful indicator of economic health. As a result, we will be watching our credit conditions indicators closely to evaluate…

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US pension briefing – October 2021

Article November 8, 2021 US pension briefing – October 2021 Written by River and Mercantile Share Key takeaways Pension discount rates were down from the previous month-end. Asset returns for both US and international equities were positive (7% and 2%, respectively). Fixed income assets stayed stable during the month. Funded status improved across pension plans…

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Monthly macro update – September 2021

Article October 8, 2021 Monthly macro update – September 2021 Written by River and Mercantile Share Snapshot of views For the past year, we have held a preference for equities over credit, but when may a more balanced allocation become suitable? While we think monetary and fiscal economic support will slow, we expect both to…

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US pension briefing – September 2021

Article October 6, 2021 US pension briefing – September 2021 Written by River and Mercantile Share Key takeaways Discount rates were up for the second month in a row and finished the quarter roughly where they started. Asset returns were generally down across the board. Funded status for most pension plans likely declined during the…

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