Quotes of the Week

Collected market wisdom from The Lead Left

Any weakness or pullback that we see, it’s just in relationship to what inflation is doing and what the Fed reaction function is.

Dan Close, Head of Municipals, Nuveen. (May 12, 2024)

Powell can say whatever he wants, but ultimately the inflation numbers will dictate what happens.

Neil Dutta, head of economic research, Renaissance Macro Research. (May 7, 2024)

It is very clear the narrative is changing.

Thorsten Slok, chief economist, Apollo. (Apr 30, 2024)

It feels like we’ve had an easy run up but the landscape is turning more challenging.

Mark Dowding, chief investment officer, RBC BlueBay Asset Management. (Apr 24, 2024)

It’s quite clear the American economy is strong.

Jamie Dimon, Chairman and CEO, JP Morgan Chase (Apr 15, 2024)

The last of the economic bears are throwing in the towel.

Joe Brusuelas, chief economist, RSM US. (Apr 10, 2024)

We’re in an environment where growth continues to positively surprise.

Bill Merz, head of capital markets research, US Bank Wealth Management. (Apr 3, 2024)

There is some validation by the Fed that the economy is strong enough that they don’t need to cut.

Brad McMillan, chief investment officer, Commonwealth Financial Network. (Mar 26, 2024)

Zero interest rates were a sign of ill-health of the economy. Rates were low because economies were really struggling. Good riddance.

Karen Ward, chief markets strategist, Europe, JP Morgan Asset Management (Mar 19, 2024)

There’s no fear in the market.

Matthew Tym, head of equity derivatives trading, Cantor Fitzgerald. (Mar 12, 2024)

The good news is the labor market and economy are prospering, furnishing the FOMC the luxury of making policy without the pressure of urgency.

Raphael Bostic, president, Federal Reserve Bank of Atlanta. (Mar 6, 2024)

From a very big picture perspective, it’s still looking good.

Brian Rose, senior US economist, UBS Global Wealth Management.  (Feb 27, 2024)

We’re focused on the fact that despite all the soft landing talk, we might have yet to feel all the profound impacts of historical rate hikes.

Adam Hetts, global head of multi-asset, Janus Henderson Investors. (Feb 12, 2024)

This is a good time to lean in.

Scott Nuttall, co-chief executive, KKR. (Feb 7, 2024)

For the last 24 months, there has been a disconnect on valuation expectations between buyers and sellers. There is now a real sense of pragmatism setting in.

Anna Skoglund, head of financial and strategic investor group, EMEA, Goldman Sachs. (Jan 30, 2024)

Sellers have conceded to lower valuations and the pressure to meet a certain return on investment is ticking.

Pete Stavros, co-head, global private equity, KKR. (Jan 23, 2024)

Once the Fed pivoted, that really put investors into a positive frame of mind

Tim Murray, capital markets strategist, T. Rowe Price. (Jan 15, 2024)

The December employment report was stronger than consensus across the board.

Stephen Stanley, chief US economist, Santander. (Jan 10, 2024)

All this pain and PTSD the bond market has from aggressive rate hikes in 2022 and 2023 is finally moving to the rearview mirror.

Gene Tannuzzo, global head of fixed income, Columbia Threadneedle Investments. (Dec 19, 2023)

You’re really talking about a distribution of outcomes that range between the Fed doing nothing next year to the Fed cutting aggressively next year.

Rob Waldner, fixed income chief strategist, Invesco. (Dec 11, 2023)

The time will come at some point, and I’m not saying when, that it’s appropriate to cut.

Jerome Powell, Chair, Federal Reserve. (Dec 7, 2023)

Everyone in the markets has to get their head around the fact that this may be another year of negative returns for bond funds.

Bob Michele, chief investment officer, JP Morgan Asset Management (Nov 28, 2023)

Central banks have come out and said that rates will be higher for longer. The end of that environment is nowhere near.

Dan Villalon, global co-head of portfolio solutions, AQR Capital Management. (Nov 16, 2023)

The jobs report is…helping convince non-believers that this is very much the end of the rate hike cycle

Kristina Hooper, chief global markets strategist, Invesco. (Nov 8, 2023)

There’s no sign yet of a recession – those odds keep decreasing.

Stan Shipley, economist, Evercore. (Nov 1, 2023)

When I was playing tennis, I stood in the middle of the court… I think that’s a correct metaphor for [rate] policy right now.

Mary Daly, president and chief executive officer, Federal Reserve Bank of San Francisco. (Oct 24, 2023)

History shows us that there is no way to end inflation without a loosening of the jobs market.

Mark Mason, chief financial officer, Citi. (Oct 16, 2023)

My bet is that we get another Fed rate increase in November.

Wylie Tollette, chief investment officer, Franklin Templeton Investment Solutions. (Oct 9, 2023)

Dollar up, rates up – that’s really all that matters right now.

Michael Antonelli, market strategist, Baird. (Oct 4, 2023)

I think they still have another hike in them at some point, just because there is still more momentum in underlying inflation than we expected at this point in the cycle.

Kristin Forbes, professor of management and global economics, MIT Sloan School of Management. (Sep 27, 2023)

The inflows to cash reflect a tremendous amount of doubt as to whether it’s a soft landing or hard landing, whether the Fed’s done or not done, whether it’s a bull market or still a bear market.

Michael Hartnett, investment strategist, BofA Securities (Sep 20, 2023)

You still have to cross into the end zone, and that can sometimes be the hardest thing to do.

Stephen Juneau, senior US economist, Bank of America, on the Fed’s inflation fight. (Sep 13, 2023)

I’m in the two-point-something camp. That sounds arbitrary, but some things in life are arbitrary.

Richard Clarida, former vice-chair, Federal Reserve, on inflation levels (Sep 7, 2023)

This is the summer. Volumes are low and people are nervous because markets have had a great run.

Patrick Spencer, vice-chairman, equities, Baird. (Aug 15, 2023)

The job market is still on a slow but steady path towards a soft landing.

Daniel Zhao, lead economist, Glassdoor. (Aug 8, 2023)

Two years ago, to get a 5 percent return you literally had to look to lending to the government of Iraq.

Anonymous private wealth advisor, as quoted by FT’s Katie Martin. (Aug 1, 2023)

I don’t see how inflation falls that much when these growth numbers are that strong.

Christian Chan, chief investment officer, AssetMark. (Jul 26, 2023)

The environment for M&A transactions continues to be very challenging.

Frank Aquila, senior M&A partner, Sullivan & Cromwell. (Jul 19, 2023)

There are signals on the periphery that the labor market is slowing.

Brett Ryan, senior US economist, Deutsche Bank. (Jul 12, 2023)

This shift in macro and market conditions will mark the first sector-wide test of non-bank private credit lenders’ ability to manage through recession and an increase in borrower defaults.

Christina Padgett, head of leveraged finance research and analytics, Moody’s. (Jul 5, 2023)

We’ve still been going up, the ECB is still going up, everybody’s still going up, and the US economy is still ripping along.

Christopher Waller, governor, Federal Reserve Board. (Jun 28, 2023)

We’re not at a point of easing yet. We won’t be for a while.

Eddie Vataru, chief investment officer, total return, Osterweis Capital Management. (Jun 21, 2023)

They’re between a rock and a hard place. It’s a very, very tough situation.

Raghuram Rajan, former governor, Federal Reserve Bank of India. (Jun 13, 2023)

I certainly did not think the labor market would remain this strong for this long.

Carl Tannenbaum, chief economist, Northern Trust. (Jun 7, 2023)

You have to spend less than you spent last year. That’s not that difficult to do.

Kevin McCarthy, Speaker of the House, US Congress. (May 30, 2023)

Markets are up, the VIZ is down, and this debt-ceiling debate is right on our doorstep.

Mike Bailey, head of research, FBB Capital Partners. (May 23, 2023)

Things are so fragile in the market right now that you see massive reactions to every word or data point.

Lee Ferridge, head of macro strategy, North America, State Street Global Markets. (May 17, 2023)

There’s absolutely no evidence of a recession risk-premium [in the junk bond market].

Lotfi Karoui, chief credit strategist, Goldman Sachs. (May 3, 2023)

This is the first time in a lot of people’s investing lives when bonds are a real alternative to stocks.

Kevin McPartland, head of market structure research, Coalition Greenwich. (Apr 26, 2023)

Companies are ultimately run by people, and people like certainty.

Scott Kimball, chief investment officer, Loop Capital Asset Management. (Apr 20, 2023)

I’m in the camp that bad news is bad news.

Marija Veitmane, head of equity research, State Street. (Apr 11, 2023)

Investors are getting comfortable that higher rates aren’t going to crush the economy.

Michael Arone, chief investment strategist, State Street Global Advisors. (Apr 3, 2023)

We’re one crisis away from a complete breakdown of Treasury market liquidity.

Priya Misra, global rates research, TD Securities. (Mar 29, 2023)

When you think about banking, it is really the circulatory system of our economy.

Jack Ablin, founding partner and chief investment officer, Cresset Capital. (Mar 22, 2023)

We’ve always said the one thing that could derail the Fed’s tightening would be a financial crisis.

Diane Swonk, chief economist, KPMG. (Mar 15, 2023)

The status quo does not work for the US central bank right now.

Ajay Rajadhyaksha, global chair of research, Barclays. (Mar 8, 2023)

The market has had a couple of months saying ‘maybe we’re back to being back to normal, don’t worry about it’. We don’t think that’s right.

Karen Karniol-Tambour, co-chief investment office for sustainability, Bridgewater Associates. (Mar 1, 2023)

We’re skeptical that this is at the dawn of a new economic rebound.

Keith Lerner, co-chief investment officer, Truist Advisory Services. (Feb 22, 2023)

We can now say, I think for the first time, that the disinflationary process has started.

Jerome Powell, chairperson, Federal Reserve. (Feb 15, 2023)

Your heart says ‘I think this is going to be OK’ but your head says ‘I know these guys are playing for keeps’.

Jonathan Hausman, senior managing director, global investment strategy, Ontario Teachers’ Pension Plan. (Feb 7, 2023)

At a certain point this year, major shifts in Fed funds will be off the table, which should materially reduce interest rate volatility.

Steven Abrahams, head of strategy, Amherst Pierpont. (Feb 1, 2023)

This is a really complicated environment to dissect right now.

John Porter, chief investment officer, Newton Investment Management. (Jan 23, 2023)

The most important ingredient, in a way…is confidence.

William Regner, partner, M&A,Debevoise & Plimpton. (Jan 17, 2023)

The labor market right now is a blessing and a curse.

Simona Mocuta, chief economist, State Street Advisors. (Jan 10, 2023)

2023 is the year when you will start to see the impact of all these rate increases.

Seema Shah, chief global strategist, Principal Asset Management. (Dec 19, 2022)

The easy lifting is done.

Vincent Reinhart, chief economist, Dreyfus. (Dec 12, 2022)

We still see a very plausible, non-recessionary, four-step path from the high-inflation economy of the present to a low-inflation economy of the future.

Jan Hatzius, chief economist, Goldman Sachs. (Dec 5, 2022)

Let’s keep in mind, 50 basis points is fast; 75 basis points is really fast.

Ellen Meade, research professor, economics, Duke University. (Nov 28, 2022)

The market is starting to come to terms with the fact that Powell said no dessert.

Daniela Mardarovici, co-head of US multi sector fixed income, Macquarie Asset Management. (Nov 14, 2022)

It is now about the destination, not the journey.

Michael Gapen, chief US economist, Bank of America. (Nov 7, 2022)

For rates to stop rising, you have this sad notion where you’re actually rooting for a recession.

Eddy Vataru, chief investment officer, Osterweis Capital Management. (Oct 31, 2022)

You can’t lay off what you didn’t hire.

Ron Herrick, senior economist, Lightcast. (Oct 24, 2022)

Downward pressure on inflation is visible everywhere except in the inflation numbers.

Ian Shepherdson, chief economist, Pantheon Macroeconomics. (Oct 17, 2022)

The Fed is trying very hard to inflict pain on the job market and it’s not working.

David Waddell, CEO and chief investment strategist, Waddell and Associates. (Oct 10, 2022)

There is a regime change underway. In the previous regime, risk-taking was rewarded.

Micky Jagirdar, co-portfolio manager, Ariel Investments. (Oct 3, 2022)

Markets remain convinced that the Fed would continue to act in a one-way fashion to any sort of inflation surprise.

John Roe, head of multi asset funds, Legal & General Investment Management. (Sep 26, 2022)

Borrowers are particularly vulnerable to the double whammy of weaker earnings and rising interest rates.

Srikanth Sankaran, head of US and European credit, Morgan Stanley. (Sep 19, 2022)

Borrowers are particularly vulnerable to the double whammy of weaker earnings and rising interest rates.

Srikanth Sankaran, head of US and European credit, Morgan Stanley. (Sep 12, 2022)

The long era of low inflation, suppressed volatility and easy financial conditions is ending.

Mark Carney, former governor, Bank of Canada and Bank of England. (Sep 5, 2022)

Getting it wrong in the direction of not tightening enough has much bigger consequences than the other way around.

John Roberts, former deputy associate director, Federal Reserve. (Aug 15, 2022)

I’m absolutely gob-smacked that margins are expected to be as high as they are.

Hans Olsen, chief investment officer, Fiduciary Trust. (Aug 8, 2022)

Two-point-seven million people hired in the first half of the year – it doesn’t make sense that the economy would be in a recession.

Jerome Powell, chairperson, Federal Reserve Board. (Aug 1, 2022)

Your home base is to get to 5-7 percent with as little risk as possible.

Alex Veroude, chief Investment strategist, fixed income, Insight Investment. (Jul 25, 2022)

You are getting paid to be a lender now.

George Bory, chief investment strategist, fixed income, Allspring Global. (Jul 18, 2022)

Policy makers…would be geniuses if they can soft-land this thing.

Kit Juckes, macro strategist, Societe Generale. (Jul 11, 2022)

The soft landing is still our base case, but the runway is getting shorter and narrower.

Anders Persson, chief investment officer, global fixed income, Nuveen. (Jul 4, 2022)

We are closer to a bottom.

Josh Emanuel, chief investment officer, Wilshire Funds Management. (Jun 27, 2022)

The pace at which everything is changing is alarming.

Oren Klachkin, lead US economist, Oxford Economics. (Jun 20, 2022)

I feel like I’ve been sat in the spin cycle of a washing machine.

John Dixon, high-yield bond trader, Dinosaur Financial Group. (Jun 13, 2022)

The Fed has already done the job of pushing monetary policy to neutral.

Jonathan Baltora, head of sovereign, inflation, f/x, AXA Investment Managers. (Jun 6, 2022)

The Fed put is kaput.

Edward Yardeni, president, Yardeni Research Inc. (May 30, 2022)

There’s really no place to hide. It’s a turning point in terms of the nature of the credit sell-off.

Matt Eagan, portfolio manager, Loomis Sayles. (May 23, 2022)

We went from not hiking until 2023 to the Fed hiking as much as 300 bps in 2022. It’s really been a cycle on steroids.

Michael de Pass, global head, linear rate trading, Citadel Securities. (May 16, 2022)

When the Fed pushes the brakes, someone goes through the windshield.

Joseph Amato, chief investment officer, equities, Neuberger Berman. (May 9, 2022)

The Fed only knows where neutral is in retrospect.

Steven Blitz, chief US economist, TS Lombard. (May 2, 2022)

This quarter we’re going to find out who can pass on costs and who can’t.

Joseph Quinlan, chief market strategist,
Bank of America Private Wealth Management. (Apr 25, 2022)

Sometimes the money moves first, the market moves second and then comes the headline.

John Kosar, chief market strategist, Asbury Research. (Apr 18, 2022)

The ongoing conflict in Ukraine is heightening concerns about the impact on food security worldwide.

Beth Bechdol, deputy director-general, UN FAO. (Apr 11, 2022)

The hard part and what has been scary about this quarter is the volatility.

Richard Zogheb, global head of debt capital markets, Citi. (Apr 4, 2022)

The market’s on increasingly shaky ground.

Hans Olsen, chief investment officer, Fiduciary Trust. (Mar 28, 2022)

You can draw a correlation map between proximity to the conflict and market impact.

Kasper Elmgreen, head of equities, Amundi. (Mar 21, 2022)

The market’s on increasingly shaky ground.

Hans Olsen, chief investment officer, Fiduciary Trust. (Mar 14, 2022)

From a business standpoint, [borrowers] with better ESG practices are lower risk investments.

Partners Group, PRI survey, “Spotlight on Responsible Investment in Private Debt. (Mar 7, 2022)

We’re in a situation that I don’t believe there is an actual playbook for.

Eric Merlis, managing director, corporate risk solutions, Citizens Bank. (Feb 28, 2022)

Every time [rates have gone higher], the loan market has become a safe harbor.

Jeff Bakalar, group head, leveraged credit, Voya Investment Management. (Feb 7, 2022)

Omicron should not significantly alter the overall growth outlook for 2022.

Rory Fennessy, economist, Oxford Economics. (Jan 31, 2022)

We think equity investors should worry more about when the Fed stops hiking rates.

Christian Mueller-Glissman, portfolio strategy, Goldman Sachs. (Jan 24, 2022)

The question is no longer ‘if’ rates will go higher, but ‘how soon and by how much’.

Jeff Bakalar, group head, leveraged credit, Voya Investment Management. (Jan 17, 2022)

For the first time in 30 years inflation has become the salient political issue.

Randall Kroszner, deputy dean, UChicago Booth School of Business. (Jan 10, 2022)

There is no reason to taper faster unless you want to get to rate hikes sooner.

Michael Gapen, chief US economist, Barclays. (Jan 3, 2022)

The world is much better prepared now for any new variant than 1.5 years ago.

Carsten Brzeski, global head of macro, ING. (Dec 13, 2021)

Pricing three rate hikes from the Fed…makes a lot less sense now.

Andrew Mulliner, head of global aggregate strategies, EMEA, Janus Henderson. (Dec 6, 2021)

Governments have lost their fear of debt.

Karen Ward, chief market strategist, EMEA, JP Morgan Asset Management. (Nov 29, 2021)

I would encourage all of us not to think the Fed is the magic solution to how we’re going to solve climate risk.

Mary Daly, president, Federal Reserve Bank of San Francisco. (Nov 22, 2021)

We do believe that there’s still a fair amount of gas in the tank economically.

Giorgio Caputo, portfolio manager, JO Hambro Capital Management. (Nov 15, 2021)

We are not demand-constrained, we are supply-constrained.

Ola Källenius, CEO, Daimler AG. (Nov 8, 2021)

If it wasn’t on the water four weeks ago, it’s not going to be here for Christmas.

Marcus Carmont, executive director, TMX Global. (Nov 1, 2021)

I do think it is time to taper. I don’t think it is time to raise rates.

Jerome Powell, chair, Federal Reserve. (Oct 25, 2021)

Now supply-chain disruption, labor issues, input costs, and wages are slowing the economy, not demand.

Rick Rieder, head of fixed income, BlackRock. (Oct 18, 2021)

We think about investing from a margin standpoint as opposed to ‘Is there inflation, yes or no.’

Tom Murphy, head of global investment-grade credit, Columbia Threadneedle. (Oct 11, 2021)

Markets are keenly aware of the effect of interest-rate increase on cash flow, earnings and all kinds of things.

Jamie Cox, managing partner, Harris Financial. (Oct 4, 2021)

The economy’s much farther along than it was when we tapered in 2013.

Jerome Powell, chair, Federal Reserve. (Sep 27, 2021)

The bumper sticker would say, we’re past the V.

Michael Gapen, chief US economist, Barclays, on the recovery. (Sep 20, 2021)

Our advice to companies is that this is an excellent time to raise financing.

Tomas Lundquist, head of debt capital markets, Citi. (Sep 13, 2021)

The virus is still weighing heavily on the US jobs recovery.

Tony Bedikian, head of global markets, Citizens Bank. (Sep 6, 2021)

The constraint right now is not that there’s not enough deals or capital; it’s the bandwidth of the private equity firms.

Richard Harding, head of US private equity solutions, Moelis & Co. (Aug 16, 2021)

High inflation and lower economic growth is not a good combination.

Dave Donabedian, chief investment officer, CIBC Private Wealth Management. (Aug 9, 2021)

There is so much money on the sidelines.

Rajat Bagaria, chief investment officer, Wasserstein Debt Opportunities. (Aug 2, 2021)

The market is starting to look more closely at what is going on in the rest of the world, and [it’s] made a lot of investors nervous.

Gennadiy Goldberg, senior US rates strategist, TD Securities. (Jul 26, 2021)

Our models really like the earnings revisions in Europe.

Trevor Greetham, head of multi-asset, Royal London Asset Management. (Jul 19, 2021)

European banks have really surprised to the upside.

Tom Kinmonth, financial institutions, research and strategy, ABN AMRO. (Jul 12, 2021)

The market is on fire.

Justin Abelow, managing director, Houlihan Lokey. (Jul 5, 2021)

The market was sticking its fingers in its ears to all the signs that the Fed was shifting.

James Athey, investment director, Aberdeen Standard Investments. (Jun 28, 2021)

The markets will be more spooked by 2022 turning to a rate hike, because that will mean they have to taper as well.

Derek Halpenny, head of research, global markets, EMEA, MUFG Bank. (Jun 21, 2021)

The private debt market has successfully navigated the pandemic, so far defying any worries about a debt crisis.

The Deloitte Alternative Lender Deal Tracker, Spring 2021. (Jun 14, 2021)

Central banks seem to have dropped their preemptive approach for dealing with inflation.

Mark Dowding, chief investment officer, BlueBay Asset Management. (Jun 7, 2021)

The combination of falling real consumption and soaring prices last month gives a faint whiff of stagflation.

Paul Ashworth, chief US economist, Capital Economics. (May 31, 2021)

Most investors have not experienced a period where inflation surprised to the upside.

Nicholas Johnson, portfolio manager of commodities, Pimco. (May 24, 2021)

Central banks seem to have dropped their preemptive approach for dealing with inflation.

Mark Dowding, chief investment officer, BlueBay Asset Management. (May 17, 2021)

There’s a lot of faith-based investing going on.

Fraser Lundie, head of credit, Federated Hermes. (May 10, 2021)

Cash is the natural stopgap when you are reassessing your investment framework.

David Jones, director, global investment strategy, BAML. (May 3, 2021)

There’s a lot of deja-vu of the late 1990s happening in the high-yield market right now.

Michael Anderson, managing director, credit research, Citigroup. (Apr 26, 2021)

It’s not the level of yields that matters but how it interacts with risky assets.

Gene Tannuzzo, global head of fixed income, Columbia Threadneedle. (Apr 19, 2021)

What we’re seeing now is really an economy that seems to be at an inflection point.

Jerome Powell, chairman, Federal Reserve. (Apr 12, 2021)

There’s a seismic shift going on in the US economy.

Beth Ann Bovino, US chief economist, S&P Global. (Apr 5, 2021)

Inflation is about as common as dragons.

Kit Juckes, chief f/x strategist, Societe Generale. (Mar 29, 2021)

We’re in this period where fixed-income markets and fixed-income securities are becoming less and less attractive.

Ed Perks, chief investment officer, Franklin Templeton Investment Solutions. (Mar 22, 2021)

The problem the Fed has now is that the bond market is clearly confused.

Hugh Gimber, global market strategist, J.P. Morgan Asset Management. (Mar 15, 2021)

It’s all about the bond-yield moves, it’s all about Jerome Powell.

Edward Park, chief investment officer, Brooks Macdonald. (Mar 8, 2021)

A 3 per cent yield is just ludicrous.

Tom Krasner, co-founder, Concise Capital Management, on high-yield bonds. (Mar 1, 2021)

If yields rise, then we could see some people rotating away from growth names and toward credit or bonds.

Kiran Ganesh, global head of investment communications, UBS Global Wealth Management. (Feb 22, 2021)

The time to go big is now.

Janet Yellen, US Secretary of the Treasury. (Feb 15, 2021)

If everything goes according to plan, we may see a massive spending spree in the summer.

Michael Strain, director of economic policy studies, American Enterprise Institute. (Feb 8, 2021)

Financial stability vulnerabilities over all are moderate.

Jerome Powell, chairman, Federal Reserve. (Feb 1, 2021)

If you don’t have your own SPAC, you’re nobody.

Peter Atwater, founder, Financial Insyghts. (Jan 25, 2021)

Ultimately, you can’t expect equities to go up every day in a straight line.

Michael Bell, global market strategist, J.P. Morgan Asset Management. (Jan 18, 2021)

The outlook for 2021 is unlikely to follow the template that was crafted at the end of the year.

Jim Vogel, interest rate strategist, FHN Financial. (Jan 11, 2021)

[It] was a compromise program which has been like trying to administer mouth-to-mouth resuscitation through a cocktail straw.

George Selgin, senior fellow, Cato Institute, on The Main Street Lending Program. (Jan 4, 2021)

I think we’re in for a rough four months.

Dr. Thomas Russo, head of infectious disease, Jacobs School of Medicine & Biomedical Sciences, University of Buffalo. (Dec 14, 2020)

You are still looking at an economy that is in pain.

Amy Kong, chief investment officer, Barrett Asset Management. (Dec 7, 2020)

The vaccine news has been a game changer in the US.

Ben Burton, head of US leveraged finance syndicate, Barclays. (Nov 30, 2020)

It’s been something to write home about. There has been a real rush into risk over the last week.

Jerry Cudzil, head of credit trading, TCW. (Nov 16, 2020)

This is not the worst outcome from the market’s perspective.

Sonal Desai, chief investment officer, Franklin Templeton Fixed Income, on US election results. (Nov 9, 2020)

Expect the dreaded double-dip.

Bert Colijn, economist, ING Bank, on the European economy. (Nov 2, 2020)

Unprecedented times call for unprecedented deficits.

William Hoagland, senior vice president, Bipartisan Policy Center. (Oct 26, 2020)

You never really leave the place you love. You take part of it with you and leave part of you there.

Frances Beyers, head of market analysis, middle market loans, Refinitiv LPC. (Oct 19, 2020)

I wonder whether there’s been a bit of a Y2K-effect where people rushed to set up home offices and get their gardening kits.

Alexander Altmann, head of equity trading strategy, Citi. (Oct 12, 2020)

We’re shedding money every week.

Andrew Fritz, co-owner, Citizen Public House restaurant, Scottsdale, AZ. (Oct 5, 2020)

The choppiness is the market trying to figure out where the heck we are.

Brad McMillan, chief investment officer, Commonwealth Financial Network. (Sep 28, 2020)

Even though employment is still rebounding, there’s still a long way to go.

Michael Pearce, senior US economist, Capital Economics. (Sep 21, 2020)

We believe that betting long term against credit and equities now would be akin to betting against medicine, science human ingenuity, and the direction of monetary policy.

Brian Levitt, global market strategist, Invesco. (Sep 14, 2020)

We thought things would improve, but things have improved even more than we thought.

David Preston, senior CLO analyst, Wells Fargo Securities. (Sep 7, 2020)

The fact that you have the high-yield bond market open is unusual for an economic slump.

John Lonski, chief capital markets economist, Moody’s Analytics. (Aug 17, 2020)

Maybe what is important this earnings season isn’t earnings; maybe it’s dividends.

Jeff Kleintop, chief global investment strategist, Charles Schwab. (Aug 10, 2020)

Not only have we plateaued, but we may be losing ground.

Diane Swonk, chief economist, Grant Thornton. (Aug 3, 2020)

High valuations suggest fragility and vulnerability to surprises.

Katie Nixon, chief investment officer, Northern Trust Wealth Management. (Jul 27, 2020)

We’re seeing an economy that is almost bi-polar.

Laurence Fink, chief executive officer, BlackRock. (Jul 20, 2020)

There’s a whole new playbook, and it’s all about maximizing recoveries.

Craig Russ, vice president, Eaton Vance. (Jul 13, 2020)

Things open up and people immediately think it’s time for the barbecues and pachangas.

Dr. Ivan Melendez, public health authority, Hidalgo County (TX). (Jul 6, 2020)

I am seeing a lot of FOMU fear of massively underperforming.

John McClain, portfolio manager, Diamond Hill Capital Management. (Jun 29, 2020)

What you are witnessing is the early stages of a new credit cycle.

Victor Hjort, global head of credit strategy, BNP Paribas. (Jun 22, 2020)

We went from the lowest level of unemployment in 50 years to the highest level in close to 90 years, and we did it in two months.

Jerome Powell, Fed chairman. (Jun 15, 2020)

We are on a healing path for LBO financing. But we haven’t healed yet.

Andrey Kuznetsov, senior portfolio manager, Hermes Investment Management. (Jun 8, 2020)

What you’ve seen in the last few weeks is a tremendous amount of assumptions.

Rob Almeida, global investment strategist, MFS Investment Management. (Jun 1, 2020)

Perhaps things are not as rosy as sort of this ‘V-shaped’ recovery that equity markets were implying.

Anwiti Bahuguna, head of multi-asset strategy, Columbia Threadneedle Investments. (May 25, 2020)

Wall Street has very little to do with Main Street.

Joachim Klement, market analyst, Liberum Capital. (May 18, 2020)

I don’t find comparing the current downturn with the Great Depression to be very helpful.

Ben Bernanke, former Federal Reserve chairman. (May 11, 2020)

It turns out there are very few places to hide in a pandemic.

David Fann, vice chairman, Aksia, LLC. (May 4, 2020)

We have a monster mash-up of the Great Depression in size, the crash of 1987 in speed, and 9/11 attack in terms of fear.

Liz Ann Sonders, chief investment strategist, Charles Schwab. (Apr 27, 2020)

If we can’t get the pandemic under control, I’m not sure what the Fed is going to do about it.

Edward Yardeni, president, Yardeni Research, Inc. (Apr 20, 2020)

There’s no such thing as a bear market without a bear market rally.

Gregory Perdon, co-chief investment strategist, Arbuthnot Latham. (Apr 13, 2020)

Selloffs end when the problem that caused the selloff is under control.

Michael Kantrowitz, chief investment strategist, Cornerstone Macro. (Apr 6, 2020)

Investing is a really easy business until you go through a correction.

Jonathan Grabel, chief investment officer, LA County Employees Retirement Association. (Mar 30, 2020)

It’s happening so fast, it’s almost too much to grasp at this point.

Frank Cappelleri, executive director, Instinet. (Mar 23, 2020)

This is literally 2008 played out over toilet paper and not commercial paper.

Justin Wolfers, professor of economics and public policy, University of Michigan. (Mar 16, 2020)

You can cut rates to zero and the virus could continue to spread.

Amy Kong, chief investment officer, Barrett Asset Management. (Mar 9, 2020)

We’re in panic mode.

Jim Paulsen, chief investment strategist, Leuthold Group. (Mar 2, 2020)

If the virus comes here—and that’s still a very big if—that sends ripples through my body.

Beth Ann Bovino, chief US economist, S&P Global Ratings. (Feb 24, 2020)

It is too early to say what the full economic effect of the outbreak will be.

Randal Quarles, vice chairman, bank supervision, Fed Reserve Board. (Feb 17, 2020)

You can’t expect the markets to provide the types of return they did in 2019 indefinitely.

Jim Baird, chief investment officer, Plante Moran Financial Advisors. (Feb 10, 2020)

There are grounds for what I would call cautious optimism for the global economy.

Jerome Powell, chairman, Federal Reserve. (Feb 3, 2020)

The US economy is in pretty good shape, and should be able to withstand the fallout from the coronavirus.

Ryan Detrick, senior market strategist, LPL Financial. (Jan 27, 2020)

We are still seeing the feel-good factor in the markets.

Marco Baldini, head of European bond syndicate, Barclays. (Jan 20, 2020)

Credit can stay rich for a long time.

Daniel Ivascyn, group investment officer, Pimco. (Jan 13, 2020)

Maybe we’re moving into a situation where the market might have to chase the Fed.

Ian Shepherdson, chief economist, Pantheon Macroeconomics. (Jan 6, 2020)

This is the most dovish Fed ever.

Ethan Harris, head of global economics research, Bank of America Merrill Lynch. (Dec 16, 2019)

Everyday’s move seems to be driven by trade on, trade off.

Patrick Kaser, portfolio manager, Brandywine Global. (Dec 9, 2019)

It just feels like everything is moving in the right direction.

Dan Miller, director of equities, GW&K Investment Management. (Dec 2, 2019)

We have this roller coaster, or hamster wheel, on trade.

Ole Hansen, head of commodity strategy, Saxo Bank. (Nov 25, 2019)

The Fed and the markets are on the same page.

Tom Garretson, RBC Wealth Management. (Nov 18, 2019)

Multiple markets are confirming what could be a regime change in sentiment.

Donald Ellenberger, head of multi-sector strategies, Federated Investments. (Nov 11, 2019)

There is a disconnect between where the market is going and where the economy is heading.

Alessio de Longis, senior portfolio manager, Invesco. (Nov 4, 2019)

It’s becoming more difficult for investors to read central banks.

Frederik Ducrozet, senior economist, Pictet Weath Management. (Oct 28, 2019)

It’s reaching a crescendo in all sorts of places.

Kit Juckes, macro strategist, Société Générale. (Oct 21, 2019)

There’s a broad sense of optimism.

Timothy High, interest rate strategist, BNP Paribas. (Oct 14, 2019)

The market goes through these ebbs and flows depending on the headline of the day.

Amy Kong, senior portfolio manager, Fiduciary Trust Co. International. (Oct 7, 2019)

You probably don’t want a very volatile overnight rate that’s going to be the replacement benchmark.

Subadra Rajappa, head of US rates strategy, Societe Generale. (Sep 30, 2019)

I’ve never seen the world…so globally spooked about something that initially didn’t even happen.

Adrian Orr, governor, Reserve Bank of New Zealand, on a trade war with China. (Sep 23, 2019)

The most likely outcome…is that we’re going to give up the recession ghost by the end of the year.

James Paulsen, chief investment strategist, The Leuthold Group. (Sep 16, 2019)

We’ve been down this path a few times before.

JJ Kinahan, chief market strategist, TD Ameritrade, on trade talks. (Sep 9, 2019)

It’s a race to the bottom around the world.

Joachim Fels, global economic advisor, Pimco. (Sep 2, 2019)

Investors’ new daily ritual will be watching the daily fixed rate on the yuan.

Keith Lerner, chief market strategist, SunTrust Advisory Services. (Aug 12, 2019)

The Fed now finds itself where it’s getting dragged back to a slow-growth environment.

Lynda Schweitzer, co-head, global fixed income, Loomis Sayles & Co. (Aug 5, 2019)

It’s not costless to be preemptive.

Eric Rosengren, president, Federal Reserve Bank of Boston. (Jul 29, 2019)

Yields are going to be lower for longer, inflation is going to be lower for longer, and growth is going to be lower for longer.

Colin Robertson, managing director, fixed income, Northern Trust Asset Management. (Jul 22, 2019)

There’s always a reach for yield when rates go down.

Kristina Hooper, chief global market strategist, Invesco. (Jul 15, 2019)

People are struggling to figure out where to put their money in the midst of so many unknowns.

Justin Wiggs, managing director, equity trading, Stifel Nicolaus. (Jul 8, 2019)

The market has gone over its skis in pricing in rate cuts.

Nancy Davis, chief investment officer, Quadratic Capital Management. (Jul 1, 2019)

The case for somewhat more accommodative policy has strengthened.

Jerome Powell, chair, Federal Reserve. (Jun 24, 2019)

There is a lot of noise in the market and rates are reflecting that.

Nick Maroutsos, co-head of global bonds, Janus Henderson Investors. (Jun 17, 2019)

It’s taken people a while to adjust their thinking from a Goldilocks economy to just how Goldilocks is it.

Tom Martin, senior portfolio manager, Globalt Investments. (Jun 10, 2019)

Markets were already freaking out over existing tariffs. We’ve just thrown gas on the fire.

Kristin Hooper, chief global market strategist, Invesco. (Jun 3, 2019)

I don’t think there’s any way to put lipstick on the manufacturing numbers.

Joshua Shapiro, chief U.S. economist, MFR, Inc. (May 27, 2019)

It looks like an inopportune time to have more trade-war headlines creep into the markets.

Matt Miskin, market strategist, John Hancock Investments. (May 20, 2019)

The market’s concerned that maybe things will get worse before they get better.

Donald Ellenberger, head of multi-sector strategies, Federated Investors. (May 13, 2019)

We’re stuck on this word ‘transitory,’

Kevin Giddis, head of fixed-income capital markets, Raymond James. (May 6, 2019)

I don’t think inflation is running away from us.

Robert Kaplan, president, Federal Reserve Bank of Dallas. (Apr 29, 2019)

It’s almost like the market is calling a mulligan on what transpired in the fourth quarter.

Michael Baele, senior portfolio manager, US Bank Private Wealth Management. (Apr 22, 2019)

There are times when bad news is good news, but there are times when bad news is bad news.

Bhanu Baweja, deputy head, global market strategy, UBS. (Apr 15, 2019)

If the Fed was cutting rates, then I suspect the world would be looking a lot worse.

David Riley, head of credit strategy, Blue Bay Asset Management. (Apr 8, 2019)

It doesn’t look like there’s anything visible that will kill this low, sustainable growth we’re seeing.

Joe Ramos, head of fixed income, Lazard Asset Management. (Apr 1, 2019)

We think the bond market is sending a pretty accurate signal about expectations for slow inflation and growth.

Bob Browne, chief investment officer, Northern Trust. (Mar 25, 2019)

The market seems to be saying that the FOMC isn’t going to raise rates in 2019.

Kevin Giddis, head of fixed-income capital markets, Raymond James. (Mar 18, 2019)

The Fed said what they have to say, and now they’re sitting back and watching the data.

Larry Milstein, head of government and agency trading, Pressprich. (Mar 11, 2019)

The world is not operating by the old rules.

Diane Swonk, chief economist, Grant Thornton. (Mar 4, 2019)

The Fed went from being pretty insensitive to what was happening in financial markets in December to completely capitulating in January.

Hans Mikkelsen, head of high grade credit strategy, BAML. (Feb 25, 2019)

Take the world that we were in over the past five years and flip it upside down.

Gennadiy Goldberg, US rates strategist, TD Securities. (Feb 18, 2019)

We’re not on the verge of a recession.

Isabelle Mateos y Lago, managing director, chief multi-asset strategist, BlackRock. (Feb 11, 2019)

I think most people haven’t embraced this trashy rally. They’re going, ‘Oh, it’s just January’.

Andrew Laphorne, head of quantitative equity research, Societe Generale. (Feb 4, 2019)

“The idea that growth is going to slow massively and the Fed is going to keep tightening…that narrative has changed.

Will Smith, portfolio manager, Alliance Bernstein. (Jan 28, 2019)

We’re in a mental recession.

Sam Khater, chief economist, Freddie Mac, on the housing market. (Jan 21, 2019)

Leverage has switched all the way in favor of investors.

John Gregory, head of leveraged syndicated desk, Wells Fargo Securities. (Jan 14, 2019)

These [jobs] numbers are not consistent with a recession in 2019.

Darrell Cronk, chief investment officer, wealth and investment management, Wells Fargo. (Jan 7, 2019)

What we’re seeing now is pretty typical for end-of-credit-cycle behavior.

Guy LeBas, chief fixed income strategist, Janney Capital Management. (Dec 17, 2018)

If you want to find a place with a lack of imbalances, it’s the consumer.

Jacob Oubina, senior economist, RBC Capital Markets. (Dec 10, 2018)

This is a geriatric expansion.

David Kelly, chief global strategist, J.P. Morgan Asset Management. (Dec 3, 2018)

All investors have goals, and none of those can be fulfilled with negative returns.

Ed Keon, chief investment strategist, QMA. (Nov 26, 2018)

Volatility is the watchword for the rest of the year.

William Delwiche, investment strategist, Robert W. Baird & Co. (Nov 19, 2018)

This [election] result means the Fed will continue to be the top choice of what moves markets.

Andrew Brenner, head of international fixed income, National Alliance Securities. (Nov 12, 2018)

While these covenants are not changing the probability of default rates, they are drastically changing the probability of recovery rates.

Oleg Melentyev, head of high-yield credit strategy, BAML. (Nov 5, 2018)

The global synchronized recovery has started to morph into a synchronized slowdown.

Matthew Forester, chief investment officer, Lockwood Advisors. (Oct 29, 2018)

There’s a tug of war in the market. Is the business cycle slowing down to the point it’s looking like a recession, or not?

Quincy Krosby, chief market strategist, Prudential Financial. (Oct 22, 2018)

It’s a Wall Street truism that you can’t fight the Fed except, maybe with loans.

Steve Miller, ceo, Fulcrum Financial Data. (Oct 15, 2018)

There’s no reason to think this cycle can’t continue for quite some time, effectively indefinitely.

Jerome Powell, chairman of the Federal Reserve Board. (Oct 8, 2018)

On the surface it looks like the US is firing on all cylinders.

Jack McIntyre, portfolio manager, Brandywine Global Investment Management. (Oct 1, 2018)

The wall of fear we were talking about just two weeks ago…seems like it’s completely collapsed.

Priya Misra, head of global strategy, TD Securities. (Sep 24, 2018)

If anything, multiple rate increases will produce a flatter yield curve.

Thomas di Galoma, head of Treasury trading, Seaport Global Holdings. (Sep 17, 2018)

The events of 2008-09 create appreciation for the possibility of events like 2008-09, which prompts risk-reducing behavioral changes that make the system more stable.

Jason Thomas, Director of Research, The Carlyle Group. (Sep 10, 2018)

The U.S. is best-in-class and there’s no way to avoid U.S assets.

Witold Bahrke, senior macro strategist, Nordea Asset Management. (Sep 3, 2018)

Away from the trade war, just about everything is lining up positively.

Julian Emanuel, chief equity and derivatives strategist, BTIG. (Aug 13, 2018)

Everyone thinks we won’t have a problem financing trillion-dollar deficits until we have one.

Brian Edmonds, head of interest rate trading, Cantor Fitzgerald. (Aug 6, 2018)

The current state of the bond market is quite confusing and as muddy as the Mississippi River.

Kevin Giddis, head of fixed income, Raymond James. (Jul 30, 2018)

The merry-go-round isn’t going to last forever.

Josh Markman, managing director, Bel Air Investment Advisors. (Jul 23, 2018)

People are on the lookout for a downturn.

Joseph LaVorgna, chief economist, Americas, Natixis. (Jul 16, 2018)

I still think many market participants are turning a blind eye to what is currently going on in Europe.

Mark Grant, chief global strategist, B. Riley FBR. (Jul 9, 2018)

Rising global real interest rates are the No. 1 predictor of financial problems in vulnerable economies.

Kenneth Rogoff, professor, Harvard University. (Jul 2, 2018)

Bonds and equities falling at the same time is the portfolio wrecker.

Larry Hatheway, head of investment solutions, GAM Investments. (Jun 25, 2018)

Correlations moving around can do a lot more damage than volatility rising.

Tom Clarke, global macro strategies, William Blair. (Jun 18, 2018)

The world confused a lucky confluence of growth factors with a self-feeding synchronized pickup.

Mohamed El-Erian, chief economic advisor, Allianz. (Jun 11, 2018)

With all the additions and subtractions to Ebitda, I’m surprised nobody’s tried multipying.

David Zion, research analyst, Zion Research Group. (Jun 4, 2018)

Everyone is looking for the cloud in the sky, but the outlook is still positive.

JJ Kinahan, chief market strategist, TD Ameritrade. (May 28, 2018)

There’s this cloud of geopolitical uncertainty that’s overshadowing the fact that we have a fairly sturdy backdrop in the US.

Emily Roland, head of capital markets research, John Hancock Investments. (May 21, 2018)

Bonds and equities falling at the same time is the portfolio wrecker.

Larry Hatheway, head of investment solutions, GAM Investments. (May 14, 2018)

Mission accomplished, for now.

Michael Feroli, chief U.S. economist, JPMorgan Chase, on Fed’s decision on rates. (May 7, 2018)

A lot of investors are really primed to see inflation coming in, and that freaks them out.

Megan Greene, chief economist, Manulife Asset Management. (Apr 30, 2018)

It was a confluence of factors that…conspired to produce a move higher in yields.

Christopher Sullivan, chief investment officer, United Nations Federal Credit Union. (Apr 23, 2018)

We had a regime change with respect to both volatility and interest rates.

Joanne Hill, chief advisor of research, Cboe Vest Financial. (Apr 16, 2018)

The market is still trying to work out whether an increase in rates will choke off economic activity.

Joe Amato, president and chief investment officer, equities, Neuberger Berman Group LLC. (Apr 9, 2018)

The market isn’t going to be a one-way street as it as has been the last couple of years.

Ernesto Ramos, head of quantitative equity strategy, BMO Global Asset Management. (Apr 2, 2018)

The market is trying to figure out if we’re headed back to correction territory or if we’re going back up to records.

Stephen Carl, principal, Williams Capital Group. (Mar 26, 2018)

I look at the world at the moment as being bond-unfriendly.

James Athey, senior investment manager, Aberdeen Standard Investments. (Mar 19, 2018)

Some of the headwinds the US economy faced in previous years have turned into tailwinds.

Jerome Powell, chair, Federal Reserve. (Mar 12, 2018)

There’s been a generation of market participants that haven’t really seen a rising rate environment.

Lyn Graham-Taylor, senior rates strategist, Rabobank. (Mar 5, 2018)

We might well be witnessing the peak of Fed optimism alongside the height of market sentiment.

Ian Lyngen, head of US rates strategy, BMO Capital Markets. (Feb 26, 2018)

If this inflation trend holds…we’re in for some real fun and games in markets in 2018.

Jim Reid, global head, fundamental credit strategy group, Deutsche Bank. (Feb 19, 2018)

I wouldn’t say it’s over yet.

Eric Davidson, chief investment officer, Wells Fargo Private Bank. (Feb 12, 2018)

Markets go down, that’s normal. It’s not a reason to panic.

Michael Farr, president, Farr, Miller, and Washington. (Feb 5, 2018)

The market has blinders on.

Kristina Hooper, chief global market strategist, Invesco. (Jan 29, 2018)

We are in a global synchronized recovery – everybody knows that.

Brian Jacobsen, head of multisector strategy, Wells Fargo Asset Management. (Jan 22, 2018)

We’ve gotten used to things being very good.

Brad McMillan, chief investment officer, Commonwealth Financial Network. (Jan 15, 2018)

Globally everyone is running in the same direction.

Gregory Daco, economist, Oxford Economics. (Jan 8, 2018)

There was no knocking the market off its perch.

JJ Kinahan, chief market strategist, TD Ameritrade. (Jan 1, 2018)

I would simply say I am very worried about the sustainability of the US debt trajectory.

Janet Yellen, Chair, Board of Governors, Federal Reserve System. (Dec 11, 2017)

This is starting to feel like a melt‑up.

Edward Yardeni, president and chief investment strategist, Yardeni Research, Inc. (Dec 4, 2017)

Bond markets are in bubble territory.

Andrew Brenner, head of global fixed income, National Alliance Capital Markets. (Nov 27, 2017)

The institutional loan market is cannibalizing some issuance on the high‑yield bond side.

Jeff Cohen, global head of leveraged finance capital markets, Credit Suisse. (Nov 20, 2017)

The absence of covenants reflects the relative strength of issuers at the negotiating table.

Oleg Melentyev, head of high‑yield credit strategy, BAML. (Nov 13, 2017)

It is very clear financial conditions in the world are too easy.

Rick Rieder, chief investment officer, global fixed income, BlackRock. (Nov 6, 2017)

We finally have everything clicking at once.

Ryan Detrick, senior market strategist, LPL Financial. (Oct 30, 2017)

As you move down the risk‑and‑return spectrum, the pyramid gets wider and wider.

Stephen Schwarzman, Chairman and CEO, The Blackstone Group. (Oct 23, 2017)

We’re in this sweet spot. That’s been the case all year, and that’s still the case.

Lee Ferridge, head of North American macro strategy, State Street Global Markets. (Oct 16, 2017)

You can leverage, you can borrow without covenants, and so for equity holders it affords you very unusual rates of return.

Michael Milken. (Oct 9, 2017)

It’s basically the worst it’s ever been in terms of loan covenant protections.

Derek Gluckman, senior covenant officer, Moody’s Investors Service. (Oct 2, 2017)

We’re entering more and more into an environment where you may want to avoid passive investments.

Tom Stringfellow, chief investment officer, Frost Investments. (Sep 25, 2017)

The market continues to hit all‑time highs, yet there are a myriad of excuses for it to sell off.

Michael Scanlon, managing director, Manulife Asset Management. (Sep 18, 2017)

Thereʹs a lot of people out there wondering what could be the next catalyst for a market correction.

Marcelle Daher, senior managing director, Manulife Asset Management. (Sep 11, 2017)

The economy is doing well, but it’s not necessarily taking off.

Laura Rosner, senior economist, Macro Policy Perspectives. (Sep 4, 2017)

The way the S&P has reacted, it doesn’t seem like people are pricing in nuclear war.

Frank Cappelleri, executive director of brokerage, Instinet. (Aug 14, 2017)

There is a lack of yield opportunities abroad.

Hans Mikkelsen, head of high‑grade credit strategy, Bank of America Merrill Lynch. (Aug 7, 2017)

There’s a lot of Johnny‑come‑latelies given all the new money. The experience hasn’t really shown yet, but it will.

Mark Berman, MB Financial Advisors, LLC. (Jul 31, 2017)

We are moving away from extremely accommodative monetary policy.

Ron Sanchez, chief investment officer, Fiduciary Trust Co. (Jul 24, 2017)

Everyone is starving for yields, chasing different assets.

Jim Madison, portfolio and cash services analyst, Manulife Asset Management. (Jul 17, 2017)

Sentiment for bonds has gone from the rooftop to the basement.

Jim Vogel, market strategist, FTN Financial. (Jul 10, 2017)

The bond market is already pricing in a Fed policy mistake.

David Woo, head of global interest rates and foreign exchange, Bank of America Merrill Lynch. (Jul 3, 2017)

There is a tremendous amount of complacency in the markets right now.

Gene Tannuzzo, senior portfolio manager, Columbia Threadneedle. (Jun 26, 2017)

Nothing is cheap, everything is overvalued, and it’s very hard to find good opportunities.

Kathleen Gaffney, manager, Eaton Vance Multisector Income Fund. (Jun 19, 2017)

Moderate is going to be as good as it gets for the near-term.

Lindsey Piegza, chief economist, Stifel Financial Corp., on the economy. (Jun 12, 2017)

The risk of another taper tantrum is fairly low.

John Bellows, portfolio manager, Western Asset Management Co. (Jun 5, 2017)

You’ve got a lot of things stuck in a range because the forces are pretty balanced.

Russ Koesterich, co-portfolio manager, Blackrock Global Allocation Fund. (May 29, 2017)

If data stays solid to improving, this cycle still has legs to it.

Matthew Peron, head of global equity, Northern trust. (May 22, 2017)

It’s really a good time to be an issuer.

Andrew Whittaker, vice chairman, Jefferies. (May 15, 2017)

June is still alive.

Mary Ann Hurley, vice president, trading, D.A. Dacidson & Co., on next Fed rate hike. (May 8, 2017)

I remain optimistic that the economy is actually improving.

Mickey Levy, chief economist, Americas and Asia, Berenberg Capital Markets. (May 1, 2017)

The biggest mystery of the year has been the disconnect between the chaos in Washington and the calmness in markets.

Adam Sender, founder, Sender Co. and Partners. (Apr 24, 2017)

Consumers are saying one thing in response to a survey, but doing something else with their wallet.

Carl Tannenbaum, chief economist, Northern Trust. (Apr 17, 2017)

We’re moved from the optimism of the campaign message into the reality of governing.

Ramon Verastegui, head of flow strategy and solutions, Societe Generale. (Apr 10, 2017)

I think the reflation trade is alive and well.

Nathan Thooft, co-head, global asset allocation, Manulife Asset Management. (Apr 3, 2017)

At some point this year, we’re going to experience more volatility.

Seth Masters, chief investment officer, Alliance Bernstein Private Wealth Management. (Mar 27, 2017)

I’m worried there’s too many people who have joined the party.

Tom Digenan, head of U.S. equities, UBS Global Asset Management. (Mar 20, 2017)

The market now needs to seriously think about the possibility of four hikes this year.

Luke Bartholomew, fund manager, Aberdeen Asset Management. (Mar 13, 2017)

Companies didn’t all of a sudden become much more profitable.

Ron Weiner, managing director, RDM Financial Group. (Mar 6, 2017)

Investors are relaxing their investing standards and are willing to accept riskier companies.

Robert Cohen, director, global developed credit, DoubleLine Capital. (Feb 27, 2017)

It is premature to say the Trump trade is over.

Priya Misra, head, global rates research, TD Securities. (Feb 20, 2017)

Animal spirits seem to have taken over investor appetite and the markets.

Craig Russ, director of bank loan research, Eaton Vance. (Feb 13, 2017)

It seems like there is insatiable demand for yield.

Kevin Lorenz, high-yield portfolio manager, TIAA Global Asset Management. (Feb 6, 2017)

It blows me away.

Jim Paulsen, chief market strategist, Wells Fargo Asset Management, on the Dow hitting 20,000. (Jan 30, 2017)

We are in for a volatile ride for the bond market.

Kevin Giddis, head of fixed-income capital markets, Raymond James. (Jan 23, 2017)

The S&P is for institutional investors and the Dow is for everyone else.

Nicholas Colas, chief market strategist, Convergex. (Jan 16, 2017)

We’re been waiting for this for a long time. The asset class will start to act like people expect it to.

Frank Ossino, senior managing director, Newfleet Asset Management, on rising interest rates. (Jan 9, 2017)

I haven’t seen a set of factors that’s been more bullish for M&A activity in some time.

Peter Weinberg, co-founder, Perella Weinberg Partners. (Jan 2, 2017)

We’re not asking for wholesale throwing out Dodd-Frank.

Jamie Dimon, CEO, J.P. Morgan Chase & Co. (Dec 12, 2016)

You certainly feel a lot better than you did at the beginning of the year.

Jason Goldberg, senior analyst, Barclays, on direction of oil prices. (Dec 5, 2016)

People are now thinking the glass is half full.

Jimmy Chang, chief investment strategist, Rockefeller & Co. (Nov 28, 2016)

Anything which can move to the US in the coming years will move the US is ultimately going to be a huge beneficiary.

Gary Cohn, president, Goldman Sachs. (Nov 21, 2016)

The policies of a Trump administration are not yet clear, to put it mildly.

Richard Dunbar, deputy head of global strategy, Aberdeen Asset Management. (Nov 14, 2016)

There’s general market anxiety driven by the election.

Megan Greene, chief economist, Manulife Asset Management. (Nov 7, 2016)

The reality is not as encouraging as the 2.9% headline.

Ellen Zentner, chief US economist, Morgan Stanley, on 3Q GDP number. (Oct 31, 2016)

Inflation is in the eye of the bondholder.

Jeffrey Rosenberg, chief investment strategist, fixed income, BlackRock. (Oct 24, 2016)

Deals have gotten more aggressive in pretty much every respect.

Alex Jackson, portfolio manager, Insight Investments Ltd. (Oct 17, 2016)

Now is not the time to be reaching for yield.

Mark Kiesel, chief investment officer, global credit, PIMCO. (Oct 10, 2016)

The ABS market is on fire. Whatever upsets this market is unknowable.

James Shepard, co-head of investment grade capital markets, Mizuho. (Oct 3, 2016)

We are essentially on a fairly dangerous battlefield with very little ammunition.

Lawrence Summers, Charles W. Eliot Professor, Harvard University. (Sep 26, 2016)

The bull market ends on a recession, it doesn’t end on a rate hike.

Michael Antonelli, equity sales trader, Robert W. Baird. (Sep 19, 2016)

What a strange world we live in. For a long time people thought it was surreal yields were negative and now think it’s surreal they’re positive.

Seamus Mac Gorain, global rates portfolio manager, JP Morgan Asset Management. (Sep 12, 2016)

We do eventually need to get out of the low-rate environment, but I wouldn’t be surprised if we have these low rates a year or two from now.

Jason Pride, director of investment strategy, Glenmede. (Sep 5, 2016)

Scale is more important than ever.

Jerry Wiant, co-head of US financial institutions, RBC Capital Markets. (Aug 15, 2016)

The global economy isn’t booming, but the oil market isn’t telling us anything we didn’t already know.

David Kelly, chief global strategist, J.P. Morgan Asset Management. (Aug 8, 2016)

Valuations aren’t cheap, the economy is not growing rapidly and profits are at best stable, so the next driving factor is unknown right now.”

Kevin Caron, market strategist, Stifel Nicolaus & Co. (Aug 1, 2016)

The market is getting a little nervous that the Fed is not a doornail forever.

Steven Englander, global head of G10 strategy, Citibank. (Jul 25, 2016)

I would argue that because government bonds are so richly valued, it is a risk asset.

Binky Chadha, head of asset allocation, Deutsche Bank. (Jul 18, 2016)

Clearly the bond market is not correctly priced for the economic fundamentals.

Charles Comiskey, head of Treasury trading, Bank of Nova Scotia. (Jul 11, 2016)

This is the real stress test.

Simon Johnson, professor of global economics and management, MIT Sloan School of Management. (Jul 4, 2016)

I think credit could be one of the sweet spots in the current environment.

Anastasia Amoroso, global market strategist, J.P. Morgan Asset management. (Jun 27, 2016)

Should the United Kingdom remain a member of the European Union or leave the European Union?

Wording on today’s UK referendum on the EU. (Jun 20, 2016)

It’s like a vacuum sucking bonds into a black hole.

Richard Gilhooly, head of interest rate strategy, CIBC World Markets, on lower interest rates. (Jun 13, 2016)

Not even a magician can take this number and make it sound good.

Quincy Krosby, chief market strategist, Prudential Financial, on last week’s jobs report. (Jun 6, 2016)

No one has exact clarity on the Fed. We seem to have rolled from one set of crises to another.

Mark Harris, head of multi-asset funds, City Financial. (May 30, 2016)

The Fed does not speak with one consistent voice too many cooks, not enough sous chefs.

Nick Colas, chief market strategist, Convergex. (May 23, 2016)

The good times are rolling again, at least for this month.

Josh Harris, co-founder, Apollo Global Management, on the high-yield market. (May 16, 2016)

Negative interest rates are the definition of deflation.

Jeffrey Gundlach, CEO, DoubleLine Capital. (May 9, 2016)

The one thing we all hate in life is uncertainty.

Draymond Green, forward, Golden State Warriors. (May 2, 2016)

It is risk-off big time.

Andrew Brenner, head of international fixed income, National Alliance Capital Markets. (Apr 25, 2016)

We’re just in a market where there’s going to be heightened volatility.

Tony DeSpirito, portfolio manager, BlackRock Equity Dividend Fund. (Apr 18, 2016)

What we have here is a big case of uncertainty about what’s next for monetary policy.

Brian Jacobsen, chief portfolio strategist, Wells Fargo Funds Management. (Apr 11, 2016)

I think it’s a very confused market right now.

Craig Sterling, head of equity research, Pioneer Investments. (Apr 4, 2016)

If you slept through the first quarter, you’d think nothing happened, but it was a nightmare of a quarter.

David Lyon, global investment strategist, JP Morgan Private Bank. (Mar 28, 2016)

Investors have really come to terms with the fact that recession risks are receding in the U.S.

Mike Baele, senior portfolio manager, U.S. Bank Wealth Management. (Mar 21, 2016)

Investors will be buying Europe versus the US only against the backdrop of stable or improving US risk appetite.

Mislay Matejka, global equity strategist, JP Morgan. (Mar 14, 2016)

This space is controlled by the worst mis-pricers of risk in the world, which is banks.

Howard Sharp, head of mid-market lending, Park Square Capital, on direct lending in Europe. (Mar 7, 2016)

We are moving from a low-yield environment to a no-yield environment.

Alex Dryden, global market strategist, JP Morgan Asset Management. (Feb 29, 2016)

Negative rates have become part of the furniture.

Andrew Milligan, head of global strategy, Standard Life. (Feb 22, 2016)

Negative yield in Germany and Japan are like a black hole dragging U.S. yields lower.

Jonathan Lewis, chief investment officer, Fiera Capital Inc. (Feb 15, 2016)

The cost of capital for all risk assets has increased, and that will not reverse anytime soon.

Joseph Baratta, global head of private equity, Blackstone Group LP. (Feb 8, 2016)

Nothing fixes low prices like low prices.

Josh Harris, co-founder, Apollo Global Management LLC, on the oil market. (Feb 1, 2016)

It’s hard to drive pricing in a market when the Dow dives five percent over three days.

Rob Allard, founding partner and chief executive officer, Firebreak Capital. (Jan 25, 2016)

The fact that this has been quite a long expansion doesn’t lead me to believe that…its days are numbered.

Janet Yellen, chairwoman, Federal Reserve. (Jan 18, 2016)

I am not an economic forecaster this is what the market is saying.

Martin Fridson, CIO, Lehmann, Livian, Fridson Advisors, on high yield’s call for a 44 percent chance of a recession within one year. (Jan 11, 2016)

It’s the world of low numbers.

Andrew Milligan, chief investment strategist, Standard Life. (Jan 4, 2016)

The Fed wants to ‘tip-toe’ up the rate path.

Lynn Reaser, economist, Point Loma Nazarene University (San Diego). (Dec 14, 2015)

Popular trades in 2015 are getting hit…Liquidity is getting thin into year-end. Volatility is here to stay.

David Keeble, global head of interest strategy, Crédit Agricole. (Dec 7, 2015)

We believe the slower volume of late can be directly linked to saturation of the market.

Oliver Wriedt, co-president, CIFC, on CLO formation. (Nov 30, 2015)

Credit quality in broadly syndicated loans is very maintainable.

Scott Page, vice president, Eaton Vance. (Nov 23, 2015)

Most investors are becoming more confident about private equity’s ability to beat the public markets.

Erik Hirsch, chief investment officer, Hamilton Lane. (Nov 16, 2015)

Friday’s payrolls data all but came in shiny wrapping paper with the words ‘December hike’ written on them.

Michael Every, head of financial market research, Rabobank. (Nov 9, 2015)

I feel like we’re been in a waiting room, waiting for treatment for a year.

Brian McMahon, chief executive officer, Thornburg Investment Management, on the Fed hike. (Nov 2, 2015)

The drift of data suggests that the first time the Fed will raise rates will be in the spring.

Steve Blitz, chief economist, ITG Investment Research. (Oct 26, 2015)

The question here is how long the suspense is going to be this time.

Stanley Sun, interest rate strategist, Nomura Securities, on Congressional budget negotiations. (Oct 19, 2015)

We have a global economic growth problem.

Gary D. Cohn, president, Goldman Sachs. (Oct 12, 2015)

I don’t think the Fed is going to raise rates in this environment. A rate hike is a 2016 story.

Daniel Mulholland, senior US Treasury trader, Credit Agricole SA. (Oct 5, 2015)

Volatility is never a friend of M&A.

Gregg Lemkau, co-head of global M&A, Goldman Sachs. (Sep 28, 2015)

The waiting for Godot goes on.

Luke Bartholomew, investment manager, Aberdeen Asset Management. (Sep 21, 2015)

Recent events have largely sealed the deal against a rate hike.

Douglas Peebles, head of fixed income, AllianceBernstein. (Sep 14, 2015)

It’s sort of a rate ruckus.

Jim Dunigan, chief investment officer, PNC Wealth Management. (Sep 7, 2015)

It will take a significant deterioration in the economic picture for me to be disinclined to move ahead.

Dennis Lockhart, president, Federal Reserve Bank of Atlanta. (Aug 17, 2015)

He’s as in love with his company as I am with Berkshire, and that’s saying a lot.

Warren Buffett on Precision Castparts’ CEO, Mark Donegan. (Aug 10, 2015)

I think there is a high bar to not acting.

Dennis Lockhart, president, Federal Reserve Bank of Atlanta. (Aug 3, 2015)

In my opinion, it is too soon for a rate hike…Why not wait until December? What’s the harm?

Jim Caron, global fixed-income portfolio manager, Morgan Stanley Investment Management. (Jul 27, 2015)

A decision on our part to raise rates will say no, the economy doesn’t stink.

Janet Yellen, chairwoman, Federal Reserve. (Jul 20, 2015)

Let me be clear: we’re not taking Alexander Hamilton off our currency.

Jacob J. Lew, US Treasury Secretary. (Jul 13, 2015)

Party time at the expense of others in Greece has come to an end.

Dalia Grybauskaiteng, President, Lithuania. (Jul 6, 2015)

You shouldn’t commit suicide because you’re afraid of dying.

Jean-Claude Juncker, president, European Commission. (Jun 29, 2015)

I’m taking cues from anything Greece.

Justin Wiggs, managing director, equity trading, Stifel Nicolaus. (Jun 15, 2015)

It’s going to be hard for the Fed to justify not raising interest rates in September.

Karyn Cavanaugh, senior market strategist, Voya Investment Management. (Jun 8, 2015)

When you’re this weak, little things can knock you off course, whether it’s the Arab Spring…or ‘Snowmageddon.’

Dan Greenhaus, chief global strategist, BTIG. (Jun 1, 2015)

Where does [Friday’s] data leave the Fed? Certainly another step closer to liftoff.

Stephan Stanley, chief economist, Amherst Pierpont Securities. (May 25, 2015)

What we’re looking at is low-growth, low inflation, low rate environment.

Megan Greene, chief economist, John Hancock Asset Management. (May 18, 2015)

It is spring cleaning. Everything that made money this winter is being pushed away.

Thomas Flury, head of currency management, UBS Wealth Management. (May 11, 2015)

Over our three decades of investing together, we have learned that loose credit standards and record issuance inevitably lead to financial market dislocation.

Bruce Karsh, co-chairman and chief investment officer, Oaktree capital. (May 4, 2015)

The increasingly desperate search for yield is the single greatest source of risk in the financial system.

Laurence Fink, CEO, BlackRock. (Apr 27, 2015)

The alternative lending world is operating at full speed at the same time traditional lenders are licking their wounds.

James Hunt, chairman, THL Credit Inc. (Apr 20, 2015)

I’d rather be a mile wide and an inch deep, than an inch wide and a mile deep.

Greg Norman, at ACG InterGrowth, on positioning his Shark brand. (Apr 13, 2015)

It is like every time when the Fed tries to raise interest rates, there is a disappointing release that tells them to be patient.

Mark MacQueen, co-founder, Sage Advisory Services Ltd. (Apr 6, 2015)

Private equity firms are highly sophisticated and should be able to decide leverage levels in their own.

Todd Bowen, partner, Mayer Brown LLP. (Mar 30, 2015)

The clearing price is between where investors value the loans and where banks are willing to take the loss.

Frank Ossino, senior portfolio manager, Newfleet Asset Management, on distressed energy names. (Mar 23, 2015)

Bond yields are at the lowest they have been since the Black Death.

Jeremy Whitely, head of UK and European equities, Aberdeen Asset Management. (Mar 16, 2015)

Retail investors capitulated over the summer on rising interest rates. A rate rise will likely have to stare them right in the face because people have waited so long for it to happen.

Leland Hart, head of bank loans, BlackRock. (Mar 9, 2015)

Once people love loan funds, they love them for a long time until they don’t love them, and then they don’t love them for a long time.

Jeff Tjornehoj, head of Americas research, Lipper. (Mar 2, 2015)

The market had really gathered steam around a June tightening date. The minutes seem to have walked that back a bit.

Jack Latterty, chief market strategist, Natixis Global Asset Management. (Feb 23, 2015)

The markets are getting better at shrugging it off.

Brian Fenske, head of sales trading, ITG, referring to the Greek debt crisis. (Feb 16, 2015)

In business, the best thing you can do is honestly attract and retain positive people with high integrity.

John Gregg, CEO, SunTrust Robinson Humphrey. (Feb 9, 2015)

It’s a nice core holding.

Kent White, director of investment-grade research, Thrivent Asset Management, on Apple bonds. The company sold $6.5 billion this week. (Feb 2, 2015)

You are seeing different securities with different fundamentals behaving differently.

Stephen Wood, chief market strategist, Russell Investments. (Jan 26, 2015)

Pessimism is the state of mind of investors at the moment. The mode is to preserve capital.

David Keeble, global head interest rate strategy, Credit Agricole. (Jan 19, 2015)

The multiyear American war to overcome the terrible legacy of the global financial crisis now involves a consequential battle against weakness in the rest of the world.

Mohamed El-Erian, chief economic advisor, Allianz SE. (Jan 12, 2015)

Oil is the thing that’s pretty much driving all the financial markets now.

Jeffrey Sherman, portfolio manager, DoubleLine Capital LP. (Jan 5, 2015)

Oil prices have crushed the energy sector and it’s leaking elsewhere.

Andrew Herenstein, co-founder, Monarch Alternative Capital LP. (Dec 15, 2014)

I think you’re going to see a lot of different approaches as the market grapples with the leveraged-lending guidance.

Jeffrey Ross, partner, Debevoise & Plimpton LLP. (Dec 8, 2014)

Nothing good happens at six times leverage.

Senior credit officer of a middle market finance company. (Dec 1, 2014)

I don’t think pricing is going to tighten that much more. I think we’re at a floor or bottom now.

Fred Buffone, head of capital markets, Fifth Street Finance Corp. (Nov 25, 2014)

If the US middle market was a separate country, it would be the world’s fifth largest economy by GDP after Japan.

Kevin Burke, Senior Managing Director, GE Capital Markets. (Nov 17, 2014)

The divergence of the U.S. economic outlook and the rest of the world is pretty stark.

Jerry Braakman, chief investment officer, First American Trust. (Nov 10, 2014)

I would caution investors to make sure they have a seat when the music stops.

Michael Farr, president, Farr, Miller & Washington. (Nov 3, 2014)

People have woken up to the fact that maybe global growth isn’t going to collapse.

Mark Luschini, chief investment strategist, Janney Montgomery Scott. (Oct 27, 2014)

Clients know we’re focused on the long-term. We don’t get too many who are looking for a window to jump out of.

Doug Wolford, president & COO, Convergent Wealth Advisors. (Oct 20, 2014)

This kind of volatility is what the market was missing for quite some time.

Brian Hessel, COO, Global Credit Advisors LLC. (Oct 13, 2014)

I think we’ve finally reached that promised land of a self-sustaining, self-reinforcing economic recovery.

Stuart Hoffman, chief economist, PNC Financial Services Group. (Oct 6, 2014)

Corporations are doing exactly what you and I would do as individuals, which is refinancing.

Meg McClellan, global head, fixed income strategy, J.P. Morgan Asset Management. (Sep 29, 2014)

We are in the. Middle of a rate cycle, not a credit cycle.

Leland Hart, managing director, head of bank loans, BlackRock. (Sep 22, 2014)

The chance that we won’t have a good return in that investment is practically zero.

Charles Munger, vice chairman, Berkshire Hathaway, on Burger King’s merger with Tim Hortons. (Sep 15, 2014)

We are in different economic cycle with opposite direction in interest rate policy between the US and the eurozone.

Rob Waldner, chief market strategist, Invesco Fixed Income. (Sep 8, 2014)

It’s been a weird year so far. I’m not willing to stand in the way of something that can blow up.

Mike Sorrentino, chief strategist, Global Financial Private Capital. (Sep 1, 2014)

There really is no good reason why high yield sold off in the first place. Nothing changed in the outlook for defaults.

David Mazza, head of ETF research, State Street Global Advisors. (Aug 18, 2014)

Just about all of us were convinced that yields were rising. But the bond market didn’t go along with that story.

Kathy A. Jones, fixed-income strategist, Charles Schwab. (Aug 11, 2014)

This kind of volatility is what the market was missing for quite some time.

Brian Hessel, COO, Global Credit Advisors LLC. (Aug 4, 2014)

The stuff that’s for sale might not be the stuff to buy.

John Coyle, partner, Permira. (Jul 28, 2014)

You’ve got a ton of geopolitical risks out there. Any one of these is a tinderbox that could explode.

Phil Orlando, chief equity strategist, Federated Investors. (Jul 21, 2014)

We struggle to think we can repeat in the second half of the year what we saw in the first. This is where things get difficult and portfolio managers will earn their keep.

Edward Marrinan, credit strategist, RBS Americas. (Jul 14, 2014)

Some reach-for-yield behavior is evident.

Janet Yellen, chair of Board of Governors, Federal Reserve. (Jul 7, 2014)

In middle market lending, we are insulated from, but not immune to, trends in broader credit markets.

David Golub, CEO, Golub Capital BDC. (Jun 30, 2014)

There’s been way too much supply on the issuance side because the markets allow way too many [managers] to come in and issue CLOs.

Joel Holsinger, senior partner, Fortress Investment Group. (Jun 24, 2014)

Things started to get silly in 2013, and now they’re getting even sillier.

David Sherman, president, Cohanzick Management LLC. (Jun 16, 2014)

As bank regulators continue to expand and clarify their priorities, borrowers are beginning to seek capital from alternative, nonregulated sources.

Rod Miller, partner, Milbank, Tweed, Hadley & McCloy LLP. (Jun 9, 2014)

What happened if outflows continue? Who are you going to sell the loans to?

Dan Fuss, vice-chairman, Loomis Sayles & Co. (Jun 2, 2014)

You don’t worry about the ones that are fully secured. And you don’t worry about the ones out of the money. It’s the guys around the line you watch.

Stephen Pezanosky, attorney, Haynes & Boone, on the EFH bankruptcy. (May 26, 2014)

Nonbank lenders have effectively become the banks of today. I’ve never really thought that we were in the shadows.

Michael Arougheti, co-founder and president, Ares Management, LP. (May 12, 2014)

We’re in an environment where the discerning eye of real credit investors has given in to the less discerning generic yield grab.

Stuart Lippman, portfolio manager, TIG Advisors LLC. (Apr 28, 2014)