Market Review
U.S. Treasury yields rose across the curve in February as new data reflected a resilience in the economy that was not widely anticipated by investors. The belly of the curve rose the most, with the 5- and 10-year U.S. Treasury yields jumping 58 and 44 basis points (bps), respectively.
President Biden’s State of the Union Address left energy investors and industry executives perplexed as comments calling for increased fossil fuel production were seemingly at odds with last year’s climate legislation to reduce U.S. fossil fuel reliance.
Read moreU.S. Treasury prices climbed in January as foreign and domestic investors took advantage of attractive all-in yields offered in fixed income. The 2-year/10-year curve inverted further to -70 basis points (bps) and the 10-year U.S. Treasury yield closed at 3.54%. TIPS performance was flat verse nominals, as headline CPI data came in with the first negative month-over-month print since 2020.
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Since its ratification in August, the Inflation Reduction Act (IRA) has been the focus of policymakers, businesses, and investors worldwide as they seek to understand the risks and opportunities associated with the U.S. climate spending bill.
Read moreIn this issue of our Event-Driven Update, we discuss M&A deal activity in 2022. Looking ahead into 2023, we expect that financial sponsors will drive the bulk of deal activity. In the SPAC market, IPO activity slowed to a trickle, and SPAC-related merger activity witnessed a slight revival in the fourth quarter.
Read moreAs 2022 ends (and what a year it has been!), markets and central bankers may agree the worst is behind us, with equities experiencing the worst drop since 2008 and the U.S. Aggregate bond index marking the largest annual loss since its 1979 inception.
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