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This chart description is for illustrative purposes only and its accuracy cannot be guaranteed. Please see full disclosures at end of PDF document in the web post. General description: Table describing categories and criteria of MSCI indices. Chart subtitle: Despite its rapid ascendancy in recent decades, China is categorized as an emerging country by MSCI due to the market classification framework utilized by the index provider. Chart source: Source: MSCI as of June 30, 2023. ATVR: Annualized Traded Value Ratio, which is a liquidity measure used to assess liquidity of securities in the MSCI Global Investable Market Indices. The ATVR corresponds to the Annualized Traded Value of a security relative to its Free Float‐Adjusted Market Capitalization. Chart description: First column is Criteria, second is Frontier, third is Emerging, and fourth is Developed. First row section is Economic Development, detailed with “Sustainability of economic development.” Frontier: No requirement. Emerging: No requirement. Developed: Country GNI per capita 25% above the World Bank high income threshold for 3 consecutive years. Second section is Size and Liability Requirements, with four sub-rows. First: Number of companies meeting the following Standard Index criteria: Frontier: 2 Emerging: 3. Developed: 5. Second: Company size (full market cap, USD): Frontier: $1,033M. Emerging: $2,066M. Developed: $4,133M. Third: Security size (float market cap, USD): Frontier: $73M. Emerging: $1,033M. Developed: $2,066M. Fourth: Security liquidity: Frontier: 2.5% ATVR. Emerging: 15% ATVR. Developed: 20% ATVR. Third section is Market Accessibility, with five sub-rows. First: Openness to foreign ownership: Frontier: At least some. Emerging: Significant. Developed: Very high. Second: Ease of capital inflows / outflows: Frontier: At least partial. Emerging: Significant. Developed: Very high. Third: Efficiency of operational framework: Frontier: Modest. Emerging: Good and tested. Developed: Very high. Fourth: Availability of investment instruments: Frontier: High. Emerging: High. Developed: Unrestricted. Fifth: Stability of the institutional framework: Frontier: Modest. Emerging: Modest. Developed: Very high. End chart description. See disclosures at end of document.

12.04.2023

Is China Guilty of Category Fraud?

With movie awards season around the corner, some entertainment pundits may use the term “category fraud” to describe races in…

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This chart description is for illustrative purposes only and its accuracy cannot be guaranteed. Please see full disclosures at end of PDF document in the web post. General description: Combination column and line chart comparing recent holiday spending by U.S. consumers. Chart subtitle: Spending is on track to reach record levels this holiday season, despite mounting economic pressures faced by American consumers. Chart source: Adobe Analytics and CNN Business as of October 31, 2023. Chart description: Left Y-axis is labeled “Spending” and ranges from $0B to $250B. Right Y-axis is labeled “YoY Growth” and ranges from 0% to 50%. X-axis labels each column: 2019, 2020, 2021, 2022, and 2023 (Projected). Holiday Spending by U.S. Consumers is plotted in dark teal columns. Holiday Spending Growth is plotted with light purple line and markers. 2019 saw $143B in spending and 13.1% YoY growth; 2020 $188B, 32.1%; 2021 $205B, 8.7%; 2022 $212B, 3.5%, and 2023 is projected at $222B and 4.8%. End chart description. See disclosures at end of document.

11.30.2023

‘Tis the Season to Spend!

The holiday spending frenzy is well underway as some of the biggest shopping days of the year, including Black Friday…

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11.16.2023

The Taming of the VIX

October proved tumultuous for investors as all major U.S. equity indices were negative and the CBOE VIX Index, which serves…

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This chart description is for illustrative purposes only and its accuracy cannot be guaranteed. Please see full disclosures at end of PDF document in the web post. General description: Combination stacked column and line chart comparing unrealized gains/losses with effective federal funds rate. Chart subtitle: Unrealized losses across depository institutions have increased in recent quarters thanks to higher interest rates. Chart source: Federal Deposit Insurance Corporation and Federal Reserve Bank of St. Louis as of June 30, 2023. Chart description: Left Y-axis is labeled “Unrealized Gains/Losses” and ranges from -$800B to +$800B, corresponding to stacked columns. Right Y-axis is labeled “Rate” and ranges from -6% to +6%, corresponding to line. X-axis ranges from 1Q08 to 2Q23; labels are at 3-quarter increments to fit so last label is for 1Q23. Available-For-Sale Securities are plotted in dark green base of stacked columns; Held-To-Maturity Securities are plotted in lighter green as second half of column. Effect Federal Funds Rate line is plotted in light blue. Unrealized losses are at significant levels for chart losses; since the fed funds rate has increased since 1Q22, losses have totaled over $300B. Most recent datapoints, as of 2Q23 are as follows: Available-For-Sale Securities at -$248.9B, Held-To-Maturity Securities at -$309.6B, and Effective Federal Funds Rate at 5.3%. Please contact us for the full dataset. End chart description. See disclosures at end of document.

11.08.2023

Realizing the Impact of Unrealized Losses

Earlier this year, the regional banking crisis and eventual collapses of Silicon Valley Bank, Signature Bank, First Republic Bank, and…

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This chart description is for illustrative purposes only and its accuracy cannot be guaranteed. Please see full disclosures at end of PDF document in the web post. General description: Three-line chart showing cumulative return for various U.S. equity indices. Chart subtitle: Domestic stock indices enter correction territory after recent slide. Chart source: Bloomberg as of October 31, 2023. Chart description: Y-axis is labeled “Cumulative Return” and ranges from -15% to +10%. X-axis is labeled in monthly increments, from Jun-23 to Oct-23. Data ranges 6/30/23 through 10/31/23. S&P 500 Index is plotted in orange line, Nasdaq-100 Index in light tan line, and Russell 2000 Index in dark purple line. Most recent data points, respectively, -5.31%, -4.84%, -11.61%. Please contact us for the full dataset. End chart description. See disclosures at end of document.

11.01.2023

The Chart for Red October

U.S. equities declined for the third consecutive month in October amid an environment of higher yields and underwhelming earnings reports…

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10.13.2023

3Q 2023 Market Insights Video

This video is a recording of a live webinar held on October 26 by Marquette’s research team, featuring in-depth analysis…

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10.26.2023

Portfolio Trick or Treat

Coming into 2023, investors were cautiously optimistic about 2023 market returns; cautious considering the broad losses across asset classes during…

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This chart description is for illustrative purposes only and its accuracy cannot be guaranteed. Please see full disclosures at end of PDF document in the web post. General description: Combination column and line chart showing job adds and U.S. unemployment rate. Chart subtitle: Nonfarm payrolls blew through consensus estimates in September, increasing by 336,000 during the month. Chart source: Bloomberg as of September 30, 2023. Chart description: Left Y-axis is labeled “Job Adds (Thousands)” and ranges from 0 to 1,000. Right Y-axis is labeled “Unemployment Rate” and ranges from 0% to 10%. X-axis ranges from Jan-21 to Sep-23 in monthly increments. Job Adds are plotted in light purple columns; Job Adds – Historical Average is plotted in purple dotted line at 120,000. Unemployment Rate is plotted in dark blue line. Most recent data for September 2023 is 336,000 jobs added and 3.8% unemployment. Please contact us for the full dataset. End chart description. See disclosures at end of document.

10.25.2023

Temperatures Drop but Hiring Heats Up

A few weeks ago, the Bureau of Labor Statistics reported that total nonfarm payrolls rose by 336,000 during the month…

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This chart description is for illustrative purposes only and its accuracy cannot be guaranteed. Please see full disclosures at end of PDF document in the web post. General description: Two-line chart highlighting historical rate cycles and fed funds rate and bond index returns. Chart subtitle: Fixed income performance has typically been robust during pause cycles that follow rate increases. Chart source: Bloomberg as of September 30, 2023. Chart description: Y-axis is labeled “Policy Rate and 1-Year Total Return” and ranges from -20% to +40%. X-axis is labeled in full yyyy format, in 5-year increments, from 1983 to 2023. Pause cycles are shaded in light green. Federal Funds Rate – Upper Bound is plotted in light blue line. U.S. Aggregate Bond Index is plotted in dark orange line. Please contact us for the full dataset. End chart description. See disclosures at end of document.

10.19.2023

Pause for Effect

With higher rates dragging on performance, investment grade fixed income securities experienced a challenging third quarter. While September CPI data…

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