Perspectives Blog

Tri-state pension reforms result in improvements

Matt Stephan, Analyst, Tax-Exempt Fixed-Income Research | April 11, 2014

…y in New Jersey and Connecticut, where ARC funding had slipped in favor of short-term budgetary relief. We believe that, while in some cases extremely painful in the short-term, improved annual funding is key to the long-term sustainability of these pension plans and that full ARC funding should lower unfunded liabilities in the long-term, provided various actuarial assumptions are met. Sources: Fiscal 2013 State CAFRs, Fiscal 2014 State Budge…

When the QE tide recedes, focus on what is revealed

Robert McConnaughey, Director of Global Research | January 6, 2014

…across emerging financial markets. However, investor concerns about declining global competiveness and stalling structural advancements began to accelerate in 2013. Recently announced reforms in China may help to lend greater sustainability to the Chinese growth story, but the details around implementation will be crucial not only to Chinese prospects (where market valuations reflect a great deal of skepticism), but to many other nations and econ…