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.

Weekly Update: Head scratcher 
Dec. 2, 2016 :: Philip Orlando
November jobs report doesn't seem to fit the anecdotal evidence.
Weekly Update: 'I'm crazy bullish!' 
Dec. 2, 2016 :: Linda Duessel
There are a lot of catalysts for the market through year-end, but Linda Duessel cautions investors not to get ahead of themselves.
Weekly Update: My sincere thanks to you 
Nov. 23, 2016 :: Linda Duessel
The ride may last a while longer but there are near-term roadblocks ahead.
Orlando's Outlook: Election was all about the economy 
Nov. 22, 2016 :: Philip Orlando
We believe Trump’s plans can lead to a stronger economy, defense and health care without sacrificing important social progress.
Weekly Update: A high-class problem 
Nov. 17, 2016 :: Linda Duessel
Most everyone thinks the Republican sweep is driving the stock rally and bond sell-off. But maybe it only reinforced data pointing to a risk-on move already.
Weekly Update: Land that I love 
Nov. 11, 2016 :: Linda Duessel
His faults aside, Donald Trump's appeal and policies are a lot like Ronald Reagan's. Maybe we should call him, Ronald Trump?
Orlando's Outlook: American Brexit prompts increased equity allocation 
Nov. 11, 2016 :: Philip Orlando
We believe domestic large-cap value and growth stocks will benefit from Trump’s fiscal-policy initiatives.
Market Memo: Back to the secular bull; adding to equities 
Nov. 10, 2016 :: Stephen Auth
Republican sweep sets the stage for policies that are constructive for equities.
Election Special: It's the hard place 
Nov. 9, 2016 :: Stephen Auth
Trump's surprise win initially will drive a risk-off trade, but longer-term, it may present opportunities for long-term investors.
Orlando's Outlook: Not a game changer 
Nov. 4, 2016 :: Philip Orlando
Weak labor report no reason to change our forecast for a Fed hike.
Weekly Update: Interest rates aren't nearly as sexy as this election 
Nov. 4, 2016 :: Linda Duessel
All eyes are on Tuesday's election but Linda is watching inflation and interest rates.
Market Memo: Between a rock and a hard place 
Nov. 2, 2016 :: Stephen Auth
Election uncertainty is only one of many near-term headwinds that argue for caution in this market.
Weekly Update: Stagflation, seriously? 
Oct. 28, 2016 :: Linda Duessel
The economy has issues but they aren't as bad as many think.
Orlando's Outlook: Soybeans? Really? 
Oct. 28, 2016 :: Philip Orlando
An unsustainable, weather-related sale of soybeans to China had a lopsided effect on today's GDP reading..
Orlando's Outlook: The debates are over; let the real debates begin 
Oct. 21, 2016 :: Philip Orlando
Can Washington come together post-election to address corporate tax reform?
Weekly Update: Warm milk, cold toast 
Oct. 21, 2016 :: Linda Duessel
Evidence suggests U.S. economy will continue to muddle along, and that may be OK.
Weekly Update: I am at peace 
Oct. 14, 2016 :: Linda Duessel
With a Clinton victory appearing more likely, Linda focuses on what happens 4 years from now.
Orlando's Outlook: Stocks drift lower, reflecting broad worries 
Oct. 14, 2016 :: Philip Orlando
Investors may want to play defense until there is some clarity to (more than) a few issues.
Weekly Update: You don't have to tell me for whom you're voting 
Oct. 7, 2016 :: Linda Duessel
Signs of strengthening as fall arrives may help equities but uncertainties abound, starting with the election.
Orlando's Outlook: Perfect storm 
Oct. 7, 2016 :: Philip Orlando
The labor-market report was disappointing for the second-consecutive month.
Weekly Update: In search of something better 
Sept. 30, 2016 :: Linda Duessel
In Texas, they just want to see faster growth.
Orlando's Outlook: OPEC Kabuki dance 
Sept. 30, 2016 :: Philip Orlando
We are skeptical OPEC’s meeting in Algiers was anything more than posturing.
Weekly Update: A positive spin on those ultra-low interest rates 
Sept. 23, 2016 :: Linda Duessel
Low yields might actually not reveal anything useful about growth prospects, so growth might not be as bad as feared.
Orlando's Outlook: Must-See TV—a Presidential debate primer 
Sept. 23, 2016 :: Philip Orlando
100 million people might watch the first debate, which would be the most in broadcast history.
Weekly Update: Hey, I'm not the one running for president! 
Sept. 16, 2016 :: Linda Duessel
There seems to be a lot of anger and uncertainty out there over the election, the economy and the markets.
Orlando's Outlook: Retail sales are a Back-to-School bust 
Sept. 16, 2016 :: Philip Orlando
And the miss may portend poor fourth-quarter holiday spending.
Market Memo: The long-awaited downside move may be at hand 
Sept. 15, 2016 :: Stephen Auth
Near-term risks could give us a correction heading into fall, but longer-term, this could create attractive buying opportunities for patient investors.
Orlando's Outlook: Air of complacency 
Sept. 9, 2016 :: Philip Orlando
A mixed bag of indicators is a backdrop to our latest assessment of the U.S. economy.
Weekly Update: My limo driver at 5 a.m. wanted to discuss interest rates 
Sept. 9, 2016 :: Linda Duessel
Monetary policy normalization, rather than accommodation, may pose systemic risk. Nearer-term, improving Trump's odds could spark a sell-off.
Weekly Update: It was hot in Music City 
Sept. 2, 2016 :: Linda Duessel
Lower rates for longer, no recession in sight and the market's behavior in past rate-hike cycles suggest that equities should remain in a bull.
Orlando's Outlook: August quirks continue 
Sept. 2, 2016 :: Philip Orlando
Reasons why August’s labor report has more seasonal adjustment than any other month.
Weekly Update: September? December? 
Aug. 26, 2016 :: Linda Duessel
It probably doesn't matter when the Fed rate hike comes. The longer-term view remains bullish.
Orlando's Outlook: Did Yellen put September back on the table? 
Aug. 26, 2016 :: Philip Orlando
The Fed Chair echoed several other Fed officials with a hawkish speech in Jackson Hole, Wyo.
Secular Bull Update: Still near-term cautious but 2,500 remains in the wings 
Aug. 25, 2016 :: Stephen Auth
There are some issues that could stall or pare gains between now and year-end. But the longer-term outlook is still very bullish.
Early Election Special: For your beach-reading pleasure 
Aug. 17, 2016 :: Linda Duessel
Linda Duessel breaks down the likely policy proposals and market impact of the top two presidential candidates.
Orlando's Outlook: Minimum wage—a political hot potato 
Aug. 16, 2016 :: Philip Orlando
Just how helpful, if at all, would raising the minimum wage be?
Weekly Update: Shaka! 
Aug. 12, 2016 :: Linda Duessel
As the market hits new highs, investors are chill as the data pipeline slows during vacation season.
Orlando's Outlook: 'See you in September?' Not! 
Aug. 9, 2016 :: Philip Orlando
Is the market really listening to the Fed's rate-hike tune?
Weekly Update: Is an inflation scare building? 
Aug. 5, 2016 :: Linda Duessel
The news was good this week, and the market responded accordingly. But will potentially stronger growth also bring higher inflation and rates?
Orlando's Outlook: Solid July jobs report across the board 
Aug. 5, 2016 :: Philip Orlando
But will the strong July payrolls report push the Fed to move in September?
Orlando's Outlook: Big GDP miss freezes Fed, changes election tone 
Jul. 29, 2016 :: Philip Orlando
Second-quarter GDP growth was less-than-half what consensus and we expected.
Weekly Update: We could be worrying too much, continued ... 
Jul. 29, 2016 :: Linda Duessel
Disappointing spring data and concerns over the election outcome may be masking a market that has more oomph than we think.
Orlando's Outlook: Teflon market 
Jul. 22, 2016 :: Philip Orlando
Stocks keep climbing despite a swirl of looming headwinds.
Weekly Update: The world turned upside down 
Jul. 22, 2016 :: Linda Duessel
It used to be P/E multiples would fall when inflation would rise; now it seems the opposite is true as the market yearns for growth and safety.
Weekly Update: A new record high for the S&P just as conventions begin 
Jul. 15, 2016 :: Linda Duessel
Markets grind ever higher as earnings and data lift spirits even as rates stay low and doubts abound.
Orlando's Outlook: Labor-market perception versus reality 
Jul. 15, 2016 :: Philip Orlando
A closer look at the recent and long-term peculiarities of the jobs market post-Great Recession.
Orlando's Outlook: June jobs jump 
Jul. 8, 2016 :: Philip Orlando
But we don’t think today’s surprising labor-market strength points to a Fed hike July 27.
Weekly Update: If it's a good story, you keep telling it 
Jul. 8, 2016 :: Linda Duessel
Yield strategies are holding firm in this low-rate, high uncertainty environment.
Market Memo: 'A Five Ones World' 
Jul. 8, 2016 :: Stephen Auth
Uncertainty and headwinds could lead to euro-dollar-pound parity, 1% 10-year yield and a Fed that is one and done. Caution remains the word of the day.
Weekly Update: The trouble with committing political suicide 
Jul. 1, 2016 :: Linda Duessel
The real concern over Brexit isn't the U.K. or even the EU. It's whether it marks a populist movement that will bring an end to globalization.
Orlando's Outlook: British Independence Day 
Jul. 1, 2016 :: Philip Orlando
Ahead of the Fourth of July, we review Britain's independence from the EU.
Market Memo: Thunder in those clouds; staying in the barn for now 
Jun. 24, 2016 :: Stephen Auth
More rain will follow; we are maintaining our cautious stance.
Orlando's Outlook: Gone 
Jun. 24, 2016 :: Philip Orlando
Unexpected Brexit, the stalled labor market and the ugly election drive market angst.
Weekly Update: What do LeBron & Trump have in common? 
Jun. 22, 2016 :: Linda Duessel
It promises to be an interesting few weeks.
Orlando's Outlook: The Big Easy 
Jun. 17, 2016 :: Philip Orlando
There are a lot of headwinds the economy and markets will have to work through in coming months.
Weekly Update: 'Aren't you worried about interest rates?' 
Jun. 17, 2016 :: Linda Duessel
Pending Brexit vote adds to uncertainty that's driving down yields.
Market Memo: Recent trip to Europe confirms 'cloudy with a chance of sun' forecast 
Jun. 14, 2016 :: Stephen Auth
Observations while in Europe reaffirm Federated's cautious stance.
Weekly Update: We've got two choices 
Jun. 10, 2016 :: Linda A Duessel
A lot is weighing on investors' minds but at the top is Trump and the presidential election.
Orlando's Outlook: Are one-offs artificially boosting oil prices? 
Jun. 7, 2016 :: Philip J Orlando
If supply issues are temporary, prices may slip back into the upper $30s soon.
Orlando's Outlook: Disastrous May jobs report more than just Verizon 
Jun. 3, 2016 :: Philip J Orlando
Dreadful labor report changes the economic narrative in the presidential election.
Election Special: Either he has it or he doesn't 
Jun. 2, 2016 :: Linda A Duessel
What if Trump becomes president? Linda looks at the implications for the markets and the economy.
Orlando's Outlook: Manufacturing recession bottoming 
May 27, 2016 :: Philip J Orlando
We’re not completely out of the woods but manufacturing conditions have certainly become less bad.
Weekly Update: Clarity in the sunshine 
May 25, 2016 :: Linda A Duessel
A lot of uncertainty is hanging over the market, but that should clear up in the next few months.
Market Memo: Cloudy with a chance of rain (or sun) 
May 24, 2016 :: Stephen F Auth
As it awaits clearer skies on cloudy issues, Federated continues to hold off on adding to equities in its stock-bond portfolio model.
Weekly Update: I have a disappointed client! 
May 20, 2016 :: Linda A Duessel
It's not what you think; I couldn't find any shoes worth buying in San Francisco. As for the market, sideways seems to be the fashion for now.
Orlando's Outlook: Strong April retail sales mask limp 'Mapril' 
May 20, 2016 :: Philip J Orlando
The consumer is not dead, just different.
Orlando's Outlook: Weak fundamentals Trump investor optimism 
May 13, 2016 :: Philip J Orlando
The S&P 500 could fall 5-8% over the next months with the potential for more if fundamentals continue to deteriorate.
Weekly Update: Maybe it's better that we don't get clarity 
May 13, 2016 :: Linda A Duessel
The market continues to struggle with disparate data on the economy. Maybe that's not such a bad thing.
Orlando's Outlook: April whiff for jobs report 
May 6, 2016 :: Philip J Orlando
The weak jobs report is the final nail in the proverbial coffin for a Fed hike in June.
Weekly Update: 'Who run the world' 
May 6, 2016 :: Linda A Duessel
There's no clear sign on whether equities have more upside or downside from here, suggesting the tight trading range of the past 2 years may continue.
Orlando's Outlook: Ripple effect 
Apr. 29, 2016 :: Philip J Orlando
We don’t have a brutal winter on which to pin the blame for this year's poor first-quarter growth.
Weekly Update: My Pittsburgh masseur is going to build a tiny house 
Apr. 29, 2016 :: Linda A Duessel
Worries over negative rates, slow growth and an historically challenging seasonal period could knock the rally off its tracks.
Orlando's Outlook: Doha bust doesn't spell oil's doom 
Apr. 22, 2016 :: Philip J Orlando
Cutbacks in U.S. and other non-OPEC production, combined with rising demand, likely means the floor has been set on oil and prices should hover in the $40 to $60 range.
Weekly Update: Horror is a relative term, I guess 
Apr. 22, 2016 :: Linda A Duessel
These are interesting times, with arguments both pro- and anti-equities making sense. In the end, maybe we keep trading in the relatively narrow range where we've been for awhile.
Market Memo: The yellow flag's still out on stocks 
Apr. 22, 2016 :: Stephen F Auth
The impressive late-winter/early-spring equity rally aside, several outstanding issues could prompt a summer swoon. As a result, we recommend avoiding aggressive buying at this time.
Orlando's Outlook: Economic inflection point 
Apr. 15, 2016 :: Philip J Orlando
Federated’s latest assessment of the U.S. economy.
Weekly Update: On the one hand, on the other... 
Apr. 15, 2016 :: Linda A Duessel
There are mixed signals on whether the recent rally has legs or if perhaps another down-leg lies ahead.
Weekly Update: High winds 
Apr. 8, 2016 :: Linda A Duessel
Much like the winds this week, the market has been choppy, with no clear sense of when or whether the ride will turn smoother.
Orlando's Outlook: One for the ages 
Apr. 8, 2016 :: Philip J Orlando
Get set for another volatile quarter in equities.
Orlando's Outlook: Solid March jobs report is no April Fools' Day joke 
Apr. 1, 2016 :: Philip J Orlando
The labor market is healthy, but not too hot to tempt the Fed to hike rates in April.
Weekly Update: Uncertainty = Q4?! 
Apr. 1, 2016 :: Linda A Duessel
Yellen cages the hawks and indicates the Fed stands ready to do more stimulus if need be. Not surprisingly, the market rallies as its love of easy money trumped worries over uncertainty.
Weekly Update: How much would you pay to sleep well at night? 
Mar. 24, 2016 :: Linda A Duessel
There are a lot of reasons to be encouraged by the market, and a lot of reasons to be concerned.
Orlando's Outlook: Will SCOTUS uncertainty add to market angst? 
Mar. 24, 2016 :: Philip J Orlando
The battle between Obama and the Senate over the successor to Supreme Court Justice Antonin Scalia has raised the stakes this election year.
Market Memo: Reiterating our cautious stance 
Mar. 22, 2016 :: Stephen F Auth
The arrival of spring is a good time to refresh our outlook.
Orlando's Outlook: Fed moves toward the market 
Mar. 18, 2016 :: Philip J Orlando
By suggesting it would hike rates two times this year instead of four, the Fed met market expectations.
Weekly Update: March Madness 
Mar. 18, 2016 :: Linda A Duessel
On the road in basketball-mad North Carolina.
Weekly Update: I've got a case of popcorn for Tuesday night 
Mar. 11, 2016 :: Linda A Duessel
Trump's march toward the nomination appears inevitable, with Tuesday's winner-take-all states the last establishment bulwark.
Orlando's Outlook: Not out of the woods yet 
Mar. 11, 2016 :: Philip J Orlando
Federated tweaks its GDP forecasts for 2016.
Weekly Update: #NeverTrump = President Clinton? 
Mar. 4, 2016 :: Linda A Duessel
As Trump's rise to the GOP nomination seems inevitable, the markets are left to ponder the impact.
Orlando's Outlook: Solid rebound for February jobs report 
Mar. 4, 2016 :: Philip J Orlando
Jobs report solid, but not enough to push a Fed hike.
Orlando's Outlook: Devil in the details 
Feb. 26, 2016 :: Philip J Orlando
Drilling deeper into the seemingly good Q4 GDP revision reveals less to be excited about.
Weekly Update: What trumps Trump? 
Feb. 26, 2016 :: Linda A Duessel
How China gets out of its current morass may go a long way toward determining how this market behaves in coming months.
Weekly Update: Crickets are quiet until they gather and let their hair down 
Feb. 19, 2016 :: Linda A Duessel
The rally has been nice but the undercurrents suggest some turbulence ahead.
Orlando's Outlook: Blue Christmas 
Feb. 19, 2016 :: Philip J Orlando
Perhaps today's consumers are different, choosing to spend money on things they really need.
Market Memo: Lowering year-end target; cautious stance reiterated 
Feb. 19, 2016 :: Stephen F Auth
Federated's asset-allocation committee shifts to an equity underweight in its model portfolio on concerns conditions will get worse before they get better.
Orlando's Outlook: Another bad January 
Feb. 12, 2016 :: Philip J Orlando
The 'January Barometer' has forecasting prowess, but fundamentals still matter most of all.
Weekly Update: Main Street is calmer than Wall Street for a change 
Feb. 12, 2016 :: Linda A Duessel
As the risk-off trade continues, the fundamentals of the U.S. economy look pretty good, particularly for households.
Orlando's Outlook: Jobs report has weak headline, better internals 
Feb. 5, 2016 :: Philip J Orlando
While the payroll miss might keep the Fed on hold, the labor report is cause for optimism.
Weekly Update: Technical recession watch 
Feb. 5, 2016 :: Linda A Duessel
Mixed signals fail to ease the uncertainty that's helping feed this market slump.
Market Memo: Weakening environment favors defense 
Feb. 2, 2016 :: Stephen F Auth
Federated's asset-allocation committee lowers stock-bond model to neutral on belief near-term factors more likely to send equities down than up.
Orlando's Outlook: Weak fourth-quarter GDP puts Fed on hold 
Jan. 29, 2016 :: Philip J Orlando
While the Fed did not explicitly state a March hike is off the table, the Commerce Dept. effectively did.
Weekly Update: Black gold, Texas tea? Not for awhile ... 
Jan. 29, 2016 :: Linda A Duessel
Until oil settles, it's going to be volatile.
Orlando's Outlook: Economic deceleration 
Jan. 22, 2016 :: Philip J Orlando
While we are not forecasting a recession, we acknowledge the U.S. has clearly hit an economic soft patch.
Weekly Update: 'Have we seen the low in oil? Have we seen the low in stocks?' 
Jan. 22, 2016 :: Linda A Duessel
Finding bottoms can be a messy process, but absent a yet-unknown financial crisis, there's reason to think a buy-the-dips strategy would be a good one in this current environment.
Orlando's Outlook: Brutal start to 2016 
Jan. 15, 2016 :: Philip J Orlando
Markets are ugly, but FOMC statement and flash GDP report at month-end might provide relief.
Weekly Update: This stock market, it's a confidence game 
Jan. 15, 2016 :: Linda A Duessel
It's hard to fight the tape when the mood is so sour. But behind this big Wall of Worry are some pretty solid economic fundamentals.
Orlando's Outlook: Strong December jobs report doesn't matter for markets 
Jan. 8, 2016 :: Philip J Orlando
The labor market was much stronger than expected in December, which should have quelled some of the China-driven angst that has roiled global markets thus far in 2016.
Equity Outlook: Year-end S&P target reset at 2,150 on China, oil, volatility; longer 2,500 target intact 
Jan. 8, 2016 :: Stephen F Auth
Uncertainty and angst over oil, China policy missteps and earnings are feeding the selling frenzy for now, but the fundamentals are better than the headlines, and eventually they should win out.
2016 Outlook Special: Whither the consumer, whither the economy 
Jan. 8, 2016 :: Linda A Duessel
All the worries over oil and China seem to be overlooking one critical factor: consumers remain the dominant force in the economy, and all signs suggest they're ready to spend in the New Year.
2016 Outlook: Do you fear the turtle? 
Dec. 30, 2015 :: Linda A Duessel
There are reasons to be concerned about 2016 but if the consumer comes through and oil prices indeed have bottomed, it should be a good year.
Orlando's Outlook: Glass half full in 2016 
Dec. 28, 2015 :: Philip J Orlando
Federated has an out-of-consensus bullish view for 2016.
Orlando's Outlook: Finally 
Dec. 18, 2015 :: Philip J Orlando
Our latest projections of GDP following the Fed hike.
Weekly Update: I sure hope Santa comes 
Dec. 18, 2015 :: Linda A Duessel
Time is running short for the typical year-end Santa Claus rally but broader metrics suggest risk-on assets are set to move up in coming weeks.
Orlando's Outlook: Black November 
Dec. 11, 2015 :: Philip J Orlando
Online sales, particularly mobile, are surging at a double-digit pace, helping to offset sluggish mall traffic.
Weekly Update: A lot is riding on Santa 
Dec. 11, 2015 :: Linda A Duessel
The next few weeks may determine if we get the growth we need to justify our bullish outlook on 2016.
2016 Outlook: Expecting a steady and profitable year ahead for equity investors 
Dec. 4, 2015 :: Stephen F Auth
2015's seesaw should give way to a friendlier 2016 equity market on higher earnings, higher multiples, solid growth and stabilizing oil
Orlando's Outlook: Ready for liftoff 
Dec. 4, 2015 :: Philip J Orlando
We reiterate our forecast that the Fed will hike rates in December and spark a powerful year-end rally in stocks.
Weekly Update: I want a smoother ride 
Dec. 4, 2015 :: Linda A Duessel
Santa has some work to do if December is to match historical trends as the best month of the year for equity returns.

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