Fed cuts of course uh for the second time this year may help things. With us now to discuss the implications for the overall credit market is Oakree Capital Management's head of liquid performing credit, co-portfolio manager David Rosenberg. >> I guess u 25 basis points lower of never hurts overall the overall credit market, right.>> It's certainly not a bad thing. I think the market the real question is does that mean we get another cut in December and another cut in January and so forth. And I think that ...

Fed cuts of course uh for the second time this year may help things. With us now to discuss the implications for the overall credit market is Oakree Capital Management's head of liquid performing credit, co-portfolio manager David Rosenberg. >> I guess u 25 basis points lower of never hurts overall the overall credit market, right.>> It's certainly not a bad thing. I think the market the real question is does that mean we get another cut in December and another cut in January and so forth. And I think that ...

Company Performance & Financial Health - Raymond James reported its fifth consecutive record year of revenues and earnings [3] - Non-performing loans to total loans are around 05%, which is historically very low [5] Market & Economic Outlook - Analysts are bullish on Raymond James stock, with price target hikes from multiple firms [1] - The company anticipates demand for securities-based loans to increase as interest rates are expected to decrease [1] - Credit spreads in both high yield and investment grade categories are near record lows, indicating a strong economy [6] - The banking system is well-capitalized and can absorb potential credit losses [9] Strategic Initiatives & Technology - Raymond James is doubling down on its AI investment, including promoting a chief AI officer and head of AI strategy [10] - The company is focusing on resiliency, cybersecurity, efficiencies, and data-driven insights within its technology platform [11][12] - AI is expected to drive productivity gains, earnings growth, and valuations for companies [13]

So earlier we played a sound bite from our Jim Kramer just talking about the Dow hitting a new record. Dow actually outperforming the S&P and the NASDAQ over the last week, even the last month. This latest surge uh part of 3M earnings or in do due in part to 3M earnings and also Coca-Cola earnings.Do you think that should ease the concerns about overconentration, high valuations, etc. >> We do. Uh again, good morning everybody. I mean, what drives long-term stock gains.I know this sounds like a broken recor ...

Core Viewpoint - The credit markets are showing signs of stability, with only a slight widening of credit spreads, indicating that Wall Street may be less concerned than equity market shareholders about recent reports [1][2]. Credit Market Insights - The fixed income markets are perceived as reliable indicators of investor sentiment regarding bank balance sheets, suggesting a positive outlook for the financial services sector [2][3]. - Corporate bonds are still considered attractive, particularly high-quality and shorter-duration credits, despite the tightening spreads historically [4][5]. Earnings Season Analysis - Earnings reports across various sectors, including financial services and consumer goods, are expected to remain solid, with corporate executives indicating strong margins [7][8]. - Potential risks include trade policy changes and consumer spending patterns, which could impact margins and overall earnings [8][9]. Trade Policy Concerns - The possibility of additional tariffs on Chinese imports remains a concern, with hopes for a diplomatic resolution to avoid negative impacts on businesses [10][11]. - Companies are seeking clarity on trade rules to adapt their strategies effectively, as uncertainty hampers decision-making [12]. Inflation and Federal Reserve Outlook - The upcoming Consumer Price Index (CPI) report is crucial, with expectations of a 3% year-over-year increase, which may influence Federal Reserve policy [14][16]. - The Fed is likely to remain vigilant regarding inflation while also considering labor market conditions in their decision-making process [15][16].

Uh, Victoria, we we got the S&P 500. It's up modestly. We're still about a percent and a half below last week's record high after that wobble we had on Friday.Has anything in terms of the underpinnings of this rally. You know, a steady economy, Fed going to cut rates, the AI excitement. Is anything changed or have there been reasons you see to question those premises.>> Yeah, Mike, I don't think there's been a huge change in what we've seen. Now, we have had some of the momentum, that underlying momentum in ...

Core Insights - The financial sector is showing strong performance, particularly with the "Finn Five" banks delivering historic earnings, indicating resilience in the market despite broader trade tensions [2][5][6] - Morgan Stanley reported a significant increase in trading revenues, up 35%, which reflects the benefits from economic uncertainty and suggests continued strong performance from banks [7][8] - The overall guidance from major banks indicates higher net interest income and margins, with expectations for continued growth into 2026 [9][10] Financial Sector Performance - The earnings reports from major banks like JP Morgan, Goldman Sachs, and Morgan Stanley did not show significant price declines post-earnings, indicating market stability [4][5] - Morgan Stanley's return on tangible common equity (RoTCE) reached 24%, outperforming competitors and highlighting strong operational performance [11] - The financial sector is benefiting from consumer resilience, with strong earnings across various business lines, including wealth management and trading [13][14] Market Dynamics - There is a notable amount of cash on the sidelines, approximately $7 trillion in money market funds, which could fuel further market rallies [24] - The current market sentiment is bullish, with expectations for continued performance chasing among portfolio managers, as only 30% are beating their benchmarks [25] - Small caps are seen as a catch-up trade, with potential for outperformance as financial conditions loosen and the Fed adopts a dovish stance [26][28][29]

Group 1 - The investing group "Reading the Markets" led by Michael Kramer provides daily commentary and videos to help members understand market drivers and trends [1] - The group offers education on macro trends, interest rates, and currency movements to assist members in making informed investment decisions [1] - Subscribers benefit from unprecedented access to expertise at a low subscription price compared to similar services [1] Group 2 - Michael Kramer is affiliated with Mott Capital Management but operates independently in his analyses and opinions [3] - The analyses provided are based on information deemed reliable, but there is no guarantee of completeness or accuracy [3] - Readers are advised to make independent decisions regarding investments and consider their own financial situations [3]

Bitcoin's volatility is near all-time lows. Price near all-time highs. Credit spreads are narrowing past their lowest level in 18 years.The conditions are set for an exceedingly bullish next few months. Act like you've been here before, anon 🫡 ...

Joining us this morning, City research director of US equity strategy, Drew Credits with us. Drew, welcome back. Good to see you. >> Hey, good to see you, Carl.>> I got to say, um, making your way through September with no major hiccups on the headline uh, indexes kind of has the desks today saying maybe we averted weak seasonality and we can look forward to an up Q4. What do you think. >> Yeah, it's funny.It's going to be very dependent on the earning season. to us the the pressure's actually grown with a ...