Asset Preservation Advisors
Asset Preservation Advisors (APA) is a registered investment advisor founded in 1989. APA specializes in managing high quality tax-exempt and taxable municipal bond portfolios for other registered investment advisors, family wealth offices and institutional clients.
APA MARKET COMMENTARY - Second Quarter 2015
Improving U.S. Economic Conditions Point to an Imminent Fed Rate Hike
Volatility continued to play a dominant theme in financial markets during the second quarter of 2015, as anticipation of a Fed rate hike later in the year and highly-publicized events out of Greece, China and Puerto Rico rattled investor confidence. After experiencing a mild first-quarter contraction of –0.2%, partly reflecting transitory factors such as severe winter weather, the west coast port shutdown, and the negative impacts of a stronger dollar and falling oil prices on U.S. exports and energy production, U.S. economic conditions appear to have rebounded in the second quarter. Domestic GDP growth is expected to be positive for the second quarter, driven by notable improvements in the housing sector, labor market, auto sales and consumer spending. More importantly, there have recently been some hints of a pick up in wage growth and inflation, the latter due in part to slower strength in the U.S. dollar. U.S. Federal Reserve (Fed) Chair Janet Yellen continues to express that U.S. monetary policy normalization remains data-dependent and would involve a slow and incremental increase in rates with the initial liftoff occurring later this year.
APA WHITE PAPERS - 2015
Do Your Clients Own Appropriation-Backed Municipal Bonds?
Kentucky: The Next Illinois?
The Chicago Downgrades: A Cautionary Tale for Investors who rely on the Rating Agencies for Research
Overview of the Municipal Market
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