Market Views - Equity

Our experienced, specialized investment professionals have delivered disciplined equity portfolios for more than thirty years. Choose an article to read our views of today’s economy and global stock markets.

Orlando's Outlook: GDP ready to accelerate 
Jul. 24, 2015 :: Philip J. Orlando
Better second-half economic data is starting to materialize.
Weekly Update: Tobacco Road 
Jul. 24, 2015 :: Linda A. Duessel
As the Wall of Worry grows and Fed tightening nears, dividend stocks offer potential refuge
Orlando's Outlook: Second-half rally has begun 
Jul. 17, 2015 :: Philip J. Orlando
It appears investors have begun to discount stronger economic fundamentals in this year’s second half.
Weekly Update: We won't be range-bound forever 
Jul. 17, 2015 :: Linda A. Duessel
Seasonal factors could see a near-term pullback but the longer term is shaping up nicely
Orlando's Outlook: Supreme's ACA ruling raises more questions than it answers 
Jul. 10, 2015 :: Philip J. Orlando
A look at the Afordable Care Act now that the Supreme Court has affirmed it.
Weekly Update: If China avoids a hard landing, we're good 
Jul. 10, 2015 :: Linda A. Duessel
China, Greece and computer glitches add to a beautiful Wall of Worry
Orlando's Outlook: June labor market disappoints 
Jul. 2, 2015 :: Philip J. Orlando
Expecting fireworks in today's labor report, we got a dud.
Vacation Special: Whither consumer spending—boomers and millennials collide 
Jun. 30, 2015 :: Linda A. Duessel
Whether the economy takes off comes down to whether consumers start spending more
Market Memo: Greece crisis presents opportunity 
Jun. 29, 2015 :: Stephen F. Auth
With contagion risks low and U.S. economy accelerating, buy-on-dips view remains in place
Orlando's Outlook: Flattening margins won't derail Q2 earnings 
Jun. 26, 2015 :: Philip J. Orlando
Federated thinks the Q2 reporting season will be much like every other quarter since the recession.
Weekly Update: In an aloha state of mind 
Jun. 26, 2015 :: Linda A. Duessel
Despite a sideways summer, stocks still seem to be shaping up for a second-half run
Market Memo: Setting up for a strong second half 
Jun. 19, 2015 :: Stephen F. Auth
Uncertainty, never a friend of markets, is waning on nearly all fronts, setting the table for a strong second half
Orlando's Outlook: Inflection point 
Jun. 19, 2015 :: Philip J. Orlando
Once investors successfully wade through the summer’s headline risks, we believe stocks should rip 10% or more to year end.
Weekly Update: Say boss, can I have a raise? 
Jun. 18, 2015 :: Linda A. Duessel
Wages finally appear to be rising and, along with a dovish Fed, this could be very bullish for stocks
Orlando's Outlook: Manufacturing turnaround 
Jun. 12, 2015 :: Philip J. Orlando
Several key metrics, such as auto sales, manufacturing ISM and the trade balance have begun to firm.
Weekly Update: Mile High worriers 
Jun. 12, 2015 :: Linda A. Duessel
Recent data, particularly on the jobs and consumer front, are pointing to a solid second half
Orlando's Outlook: Labor market blooms in May 
Jun. 5, 2015 :: Philip J. Orlando
Latest BLS report shows labor market is solidly back on track.
Weekly Update: What's your favorite ice cream cone? 
Jun. 5, 2015 :: Linda A. Duessel
Lingering questions over record margins may be behind this sideways market
Orlando's Outlook: Energy roller coaster 
May 29, 2015 :: Philip J. Orlando
Still twisting and turning, energy prices boosted consumer-related travel purchases in May.
Weekly Update: Vacay's on my mind 
May 29, 2015 :: Linda A. Duessel
There may be some near-term weakness but there are many reasons to be back-half bullish
Market Memo: Tuesday's good news really was good news 
May 27, 2015 :: Stephen F. Auth
Signs of spring rebound suggest better back-half for stocks as Fed's likely to remain very cautious
Weekly Update: It's my kind of town! 
May 22, 2015 :: Linda A. Duessel
We'll soon learn if the softness of late is transitory and if housing's ready to assume a leadership role
Orlando's Outlook: Tepid 'Mapril' sales point to cautious consumer 
May 19, 2015 :: Philip J. Orlando
We continue to expect consumers will shake off lethargy with strong housing and auto trends in May and June.
Orlando's Outlook: 'Irrational exuberance' II 
May 15, 2015 :: Philip J. Orlando
Yellen should not dabble in stock valuations.
Weekly Update: Why is that turtle walking so slowly? 
May 15, 2015 :: Linda A. Duessel
Slower for longer, lower for longer and investor skepticism make for a beautiful Wall of Worry
Market Memo: Buy in May and go away 
May 8, 2015 :: Stephen F. Auth
We believe the market is in the process of lifting off from this see-saw period
Orlando's Outlook: Never mind 
May 8, 2015 :: Philip J. Orlando
The labor market is back on track after a one-month aberration
Weekly Update: I haven't a clue where oil is going 
May 7, 2015 :: Linda A. Duessel
But it's not likely to reach last summer's highs anytime soon and that's good for stocks and economy
Orlando's Outlook: Investors look through poor first quarter 
May 1, 2015 :: Philip J. Orlando
Despite pessimism about growth, we believe that many of these issues are transitory and it will rebound.
Weekly Update: 'Oil at $85 and it's free!*' 
May 1, 2015 :: Linda A. Duessel
Where are oil prices headed? Even the experts aren't sure
Orlando's Outlook: Déjà vu first-quarter GDP 
Apr. 30, 2015 :: Philip J. Orlando
We expect the aberrant first quarter will be low point for growth in 2015.
Weekly Update: Go forth with alacrity 
Apr. 24, 2015 :: Linda A. Duessel
Early earnings and an anticipated spring bounce are providing a tailwind for the market
Orlando's Outlook: Consumer starting to improve 
Apr. 17, 2015 :: Philip J. Orlando
We view the recent retail sales report in glass-half-full mode.
Weekly Update: 'Boston Strong' 
Apr. 17, 2015 :: Linda A. Duessel
Monday's marathon will be the 119th; meanwhile, stocks continue to exhibit sideways characteristics
Market Memo: Spring is coming—time to plant more bullish bets 
Apr. 14, 2015 :: Stephen F. Auth
As our five worries fade, the market appears poised to rise
Weekly Update: In Central Pennsylvania, we added Seattle to the Wall of Worry 
Apr. 10, 2015 :: Linda A. Duessel
Lower oil, a stronger dollar and tightening, oh my! All this worrying should make investors smile.
Orlando's Outlook: March jobs report lays a giant Easter egg 
Apr. 6, 2015 :: Philip J. Orlando
The U.S. economy has slowed due to a variety of headwinds.
Weekly Update: Now that LeBron is gone, Floridians hate anything that bounces 
Apr. 6, 2015 :: Linda A. Duessel
Q1 softness may hit the economy and earnings but spring eventually should lift spirits and stocks
Weekly Update: They are filled with the spirit in the 'D' 
Mar. 27, 2015 :: Linda A. Duessel
There may be some shakiness in the next few weeks and months but the long-term looks good
Orlando's Outlook: Housing green shoots 
Mar. 26, 2015 :: Philip J. Orlando
Improving labor market and consumer confidence have sparked an uptick in first-time home buyers.
Market Memo: Fed 'Apology Tour' underway 
Mar. 24, 2015 :: Stephen F. Auth
Yellen and colleagues go out of their way to reinforce lower for longer
Orlando's Outlook: March Madness 
Mar. 20, 2015 :: Philip J. Orlando
It doesn't appear the plunge in oil prices is over yet.
Weekly Update: Personally, I can be patient 
Mar. 20, 2015 :: Linda A. Duessel
Perhaps a pullback is in the wings but the longer-term tone and trend to the market remains bullish
Orlando's Outlook: Buckle your seatbelts 
Mar. 13, 2015 :: Philip J. Orlando
Despite accelerating strength in employment, questions rise about sustainability of growth and equity-market valuations.
Weekly Update: I'd prefer to hang with Italian men 
Mar. 13, 2015 :: Linda A. Duessel
With so much worry and doubt at its back, this secular bull has room to run
Market Memo: Softer tone merits caution—not withdrawal 
Mar. 10, 2015 :: Stephen F. Auth
Lower oil, lower rates and economic blahs likely to weigh on stocks near-term before fading
Orlando's Outlook: Hot February jobs data melts winter freeze 
Mar. 6, 2015 :: Philip J. Orlando
Only 328,000 jobs were lost in February due to the inclement weather.
Weekly Update: Texans, they persevere 
Mar. 6, 2015 :: Linda A. Duessel
Texans are scared about the markets, not oil, adding to a beautiful wall of worry
Weekly Update: I met a millennial 
Feb. 27, 2015 :: Linda A. Duessel
The younger generation gives me hope about the present and the future
Orlando's Outlook: Manufacturing sector loses steam 
Feb. 23, 2015 :: Philip J. Orlando
As a result of several manufacturing metrics slipping recently, GDP may soften during the first half of 2015.
Weekly Update: I realize the S&P made new highs this week but I'm so very cold 
Feb. 20, 2015 :: Linda A. Duessel
Despite a weather-related slowing in some data, the outlook remains bullish
Orlando's Outlook: Christmas sales whiff on energy dividend 
Feb. 19, 2015 :: Philip J. Orlando
Any way they're sliced, holiday sales disappointed and may trim next week's Q4 GDP revision
Weekly Update: Shake it off 
Feb. 13, 2015 :: Linda A. Duessel
The market chugs along as worries over Greece, Europe and earnings ease
Orlando's Outlook: Another 'January Barometer' coin toss? 
Feb. 10, 2015 :: Philip J. Orlando
Fundamentals still matter most, and they bode well for an equity-market rebound from depressed January levels.
Weekly Update: We just want to have fun 
Feb. 6, 2015 :: Linda A. Duessel
Low gas prices, rising wages and more jobs are giving consumers a lot of reasons to be happier
Orlando's Outlook: Across-the-board strength in jobs report 
Feb. 6, 2015 :: Philip J. Orlando
If this improvement in the labor market proves to be sustainable, then the Fed will be hard-pressed not to consider hiking interest rates.
Orlando's Outlook: Fourth-quarter GDP disappoints 
Jan. 30, 2015 :: Philip J. Orlando
But take heart: In 12 of the last 14 quarters, flash GDP was revised up by an average of 0.70%.
Weekly Update: The elephant in the room 
Jan. 30, 2015 :: Linda A. Duessel
Lower oil prices are confusing investors for now but the benefits should lift their spirits later
Market Memo: Remember, pain before gain 
Jan. 29, 2015 :: Stephen F. Auth
Recent worries over global woes won't derail the economy or the bull, but it may provide better entry points for investors
Orlando's Outlook: Investors build "Wall of Worry" 
Jan. 23, 2015 :: Philip J. Orlando
Strong GDP and corporate earnings growth trump investor concern over volatility.
Weekly Update: As Casablanca's Capt. Renault would say, 'I'm shocked! Shocked!' 
Jan. 23, 2015 :: Linda A. Duessel
ECB actions and lower oil should pay dividends down the road
Weekly Update: Where energy is concerned, 'big, old and ugly' may be beautiful 
Jan. 16, 2015 :: Linda A. Duessel
Investors seeking to call a bottom to oil should be careful but there are ways to benefit
Orlando's Outlook: Early 'January Barometer' flashes green 
Jan. 14, 2015 :: Philip J. Orlando
A convergence of indicators point to a positive 2015 for equities.
Orlando's Outlook: Weak wage growth keeps Fed on sidelines 
Jan. 9, 2015 :: Philip J. Orlando
Headline figures strong, but some troubling labor metrics lie beneath the surface.
2015 Outlook: Looking a gift horse in the mouth 
Jan. 9, 2015 :: Stephen F. Auth
Lower oil, lower rates and stronger dollar will do a lot more good than harm for markets, economy
Weekly Update: Welcome to the New Year ... now what should we worry about?! 
Jan. 9, 2015 :: Linda A. Duessel
It may come down to whether the U.S. is strong enough to keep the world afloat until better times come knocking at Europe's and China's doors
Orlando's Outlook: More of the same in 2015 
Jan. 2, 2015 :: Philip J. Orlando
We expect continued economic and corporate-earnings growth in 2015 to drive the S&P 500 up to 2,350.
Yearly Special: Welcome to the new age! 
Dec. 30, 2014 :: Linda A. Duessel
Fundamentals and technicals suggest the equity rally has plenty of room to run in 2015
Orlando's Outlook: 'Patient' Fed sparks powerful equity rebound 
Dec. 19, 2014 :: Philip J. Orlando
Fed Chair Yellen's commitment to lower for longer helps equities shake off oil worries and rally
Weekly Update: Merry Christmas, indeed! 
Dec. 19, 2014 :: Linda A. Duessel
Fed, stronger growth, lower oil and muted inflation are adding to the usual Santa Claus Rally
Market Memo: Goldilocks doesn't care whether 'time's' time is up 
Dec. 16, 2014 :: Stephen F. Auth
Collapsing oil prices are creating opportunities for long-term investors in the U.S. equity market
Orlando's Outlook: Ignore weak Black Friday 
Dec. 12, 2014 :: Philip J. Orlando
A stronger-than-expected consumer sales report for November should calm retailers' fears.
Weekly Update: To USA Today headline 'Falling Oil Threatens Recovery,' I say, 'Huh?' 
Dec. 12, 2014 :: Linda A. Duessel
Lower oil may be hurting markets but there's little reason to suspect it will derail economy
Labor market's Christmas surprise 
Dec. 5, 2014 :: Philip J. Orlando
The surge in payrolls is an unexpected, yet welcome gift from the BLS.
Weekly Update: You go girl! 
Dec. 5, 2014 :: Linda A. Duessel
There is not a lot in the way of the equity market's upward momentum
Orlando's Outlook: Talking turkey in the Middle East 
Nov. 26, 2014 :: Philip J. Orlando
OPEC, Iran and Hagel's exodus could stir the pot in coming months
Weekly Update: Thank you for being you! 
Nov. 26, 2014 :: Linda A. Duessel
Global disinflation may be the big driver for stocks going into 2015
Orlando's Outlook: Let's count our blessings 
Nov. 21, 2014 :: Philip J. Orlando
As we approach Thanksgiving, fundamental catalysts are now in place for a year-end rally.
Weekly Update: Don’t fight the Fed, ECB, Bank of Japan, People's Bank of China …. 
Nov. 21, 2014 :: Linda A. Duessel
Surprise rate cut in China and pledges for more easing in Europe add to market catalysts
Market Memo: Sometimes, boring is good 
Nov. 18, 2014 :: Stephen F. Auth
Fundamentals, low rates and volatility, 'Wall of Worry' and valuations favor continued equity run
Weekly Update: This may be one of the most unloved bull markets of all time 
Nov. 14, 2014 :: Linda A. Duessel
As everyone frets and the media ignores it, the market keeps setting new highs
Orlando's Outlook: Another shellacking 
Nov. 13, 2014 :: Philip J. Orlando
Voters dealt President Obama a stern repudiation on economic and foreign-policy grounds.
Orlando's Outlook: Solid labor data keeps Fed on the sidelines 
Nov. 7, 2014 :: Philip J. Orlando
October was the ninth-consecutive month of job gains above 200,000 but wage growth disappointed.
Weekly Update: If it weren't for its finances, winter and traffic, Chicago would be perfect 
Nov. 7, 2014 :: Linda A. Duessel
Economic data, elections and seasonality are supportive of a good end to the year for equities
Weekly Update: Was that correction just a horror flick? 
Oct. 31, 2014 :: Linda A. Duessel
Risk assets jump on surprise Bank of Japan news; earnings and economy should keep rally going.
Orlando's Outlook: Third-quarter GDP surprises again 
Oct. 31, 2014 :: Philip J. Orlando
Strong economic growth will help to drive the S&P 500 up to our year-end target of 2,100.
Orlando's Outlook: Lower for longer 
Oct. 24, 2014 :: Philip J. Orlando
The equity market’s growing realization of a Goldilocks-type scenario will drive the S&P 500 further up.
Weekly Update: Atlanta investors are spooked about many things, never mind Halloween 
Oct. 24, 2014 :: Linda A. Duessel
Bull markets, particularly when no recession is in sight, love to climb a wall of worry.
Orlando's Outlook: Christmas won’t be canceled this year 
Oct. 17, 2014 :: Philip J. Orlando
As we look to the important holiday shopping season we’re encouraged by low energy prices, a strengthening labor market, a rebound in consumer confidence and more.
Weekly Update: No one knows how Ebola will play out, but this correction is a no-brainer 
Oct. 17, 2014 :: Linda A. Duessel
With no U.S. recession in sight and earnings coming in strong, the worst may be over
In short: This is a great buying opportunity 
Oct. 16, 2014 :: Stephen F. Auth
The return of market volatility and a steep sell-off hasn't undermined bullish fundamentals
Orlando's Outlook: Manic markets set the table for year-end equity rally 
Oct. 10, 2014 :: Philip J. Orlando
Recent stock-market volatility a cleansing, not a collapse and could spark a year-end rally.
Weekly Update: This may be 'the' correction—but Clooney or Gross won't likely flinch 
Oct. 10, 2014 :: Linda A. Duessel
Global growth concerns and dollar weigh on earnings outlook but fundamentals still look good
Secular Bull Update: Pullbacks represent opportunity 
Oct. 6, 2014 :: Stephen F. Auth
The 'correction' driven by eurozone, China and earnings worries may already be over
Orlando's Outlook: Redemption 
Oct. 3, 2014 :: Philip J. Orlando
This morning’s stronger-than-expected labor report for September should reassure investors that the economy is not rolling over.
Weekly Update: The craft beer capital of the world 
Oct. 3, 2014 :: Linda A. Duessel
Market worries over mildly disappointing data give way to a very strong jobs report
Weekly Update: That heavenly smell is not hops 
Sept. 26, 2014 :: Linda A. Duessel
This current expansion arguably is still in the middle innings.
Orlando's Outlook: The Six-Year Itch—Senate 'wave' not a slam dunk 
Sept. 26, 2014 :: Philip J. Orlando
Incumbent presidents lose an average of six Senate seats in their second midterm election; will we see it Nov. 4?
Orlando's Outlook: Consumers to perma-bears—never mind 
Sept. 19, 2014 :: Philip J. Orlando
August retail sales and July revisions show consumer spending ramping up
Weekly Update: With all the drama in Scotland and the Fed, we should be focusing on China 
Sept. 18, 2014 :: Linda A. Duessel
There are many reasons this bull market should continue ... and one big reason to be cautious
Orlando's Outlook: Sustainable GDP bounce 
Sept. 12, 2014 :: Philip J. Orlando
Phil Orlando outlines Federated's latest positions on macroeconomic conditions.
Weekly Update: Obama's 'Strategy' mentions nothing about ECONOMIC patriotism 
Sept. 12, 2014 :: Linda A. Duessel
Incumbent Senate Democrats struggle to make a haves vs. have-nots election strategy stick
Secular Bull Update: Goldilocks loves the bears 
Sept. 9, 2014 :: Stephen F. Auth
Pessimistic traders are helping keep this equity rally going
Orlando's Outlook: Bad news is good news 
Sept. 5, 2014 :: Philip J. Orlando
August's massive headline employment miss will keep Fed hawks hooded.
Weekly Update: Vroom, vroom in the Motor City 
Sept. 5, 2014 :: Linda A. Duessel
Easy Fed, easier ECB and accelerating domestic economy bolster the bullish case
Orlando's Outlook: It pays to get a college education 
Aug. 29, 2014 :: Philip J. Orlando
Despite the cost, getting a degree pays off, although student debt isn't always.
Weekly Update: Back to school 
Aug. 29, 2014 :: Linda A. Duessel
Don't let occasional pullbacks fool you; this market remains on a long-term uptrend
Orlando's Outlook: Yellen walks dual-mandate tightrope at Jackson Hole 
Aug. 22, 2014 :: Philip J. Orlando
Fed chair Janet Yellen's keynote speech at the economic symposium didn't signal any near-term policy change.
Weekly Update: Where are we? 
Aug. 22, 2014 :: Linda A. Duessel
August data and Fed comments provide more impetus for the bull
Orlando's Outlook: Stay the course 
Aug. 11, 2014 :: Philip J. Orlando
Improvement in the labor market, autos, manufacturing and the consumer point to above-trend GDP growth in this year's second half.
Weekly Update Special: Why would anyone put a dividend-oriented fund in a 401(k)? 
Aug. 8, 2014 :: Linda A. Duessel
For total return, that's why.
Orlando's Outlook: Second-quarter GDP snapback 
Aug. 4, 2014 :: Philip J. Orlando
Government report surprises consensus (but not us) as growth rebounds from winter's hit
Orlando's Outlook: Just right 
Aug. 1, 2014 :: Philip J. Orlando
July job growth slowed a bit, unemployment ticked up and wages were flat, a mix the equity market likes because it should keep Fed at bay.
Weekly Update Special: How can you be complacent and cautious at the same time? 
Aug. 1, 2014 :: Linda A. Duessel
A bull market loves to climb a wall of worry and a correction every now and then