RT plur daddy (@plur_daddy)There hasn't been much discussion of another reconciliation bill recently, so this is incremental.Trump is getting hammered on cost of living concerns. There are three directions he can take.1. Biden Mode: Dig his head in the sand and make the case that the electorate is wrong.2. Volcker Mode: Turn turbohawkish and crush inflation, at the cost of hitting economic growth and financial markets. While this is the only correct option, the issue is the pain is immediate while benefits ...

Summary of AllianceBernstein Conference Call (December 09, 2025) Company Overview - **Company**: AllianceBernstein (NYSE: AB) - **AUM**: Over $850 billion - **Core Capabilities**: Fixed income, private markets, global equities - **Partnership**: Collaboration with Equitable enhances product development opportunities Key Themes and Insights Market Outlook and Client Allocation - **Inflation Expectations**: Anticipation of higher inflation impacting real returns and diversification challenges [10][11] - **U.S. Market Valuation**: The U.S. is considered expensive, with tight credit spreads and strong returns, making future performance uncertain [10][11] - **Global Investment Shift**: Encouragement for clients to consider offshore investments due to better returns and governance in foreign markets, particularly in Asia and emerging markets [12][27] - **Dollar Weakness**: A belief that the U.S. administration favors a weaker dollar, which could affect investment strategies [11][12] Fixed Income and Investment Strategies - **Interest in Fixed Income**: Increased interest in intermediate duration assets as clients move away from cash and money market funds [15][16] - **High Yield Demand**: Strong demand for high yield and investment-grade assets, despite a significant issuance in the market [16][18] - **Market Dynamics**: The back end of the yield curve may widen due to Treasury issuance needs, impacting fixed income strategies [21] Global Equity and Non-U.S. Investments - **Interest in Non-U.S. Equities**: Growing interest in EFA products from international clients looking to reduce U.S. exposure [26] - **Emerging Markets Focus**: Notable interest in China and emerging markets, particularly during periods of dollar weakness [27] Active ETFs and Product Development - **Active ETF Growth**: Approximately $10 billion in AUM across 20 strategies, with 60% being net new flows [31] - **Customization and Thematic Investing**: Focus on mass customization and thematic strategies, such as Security of the Future, to meet client needs [33][34] Defined Contribution Market - **Market Size**: Defined contribution market stands at $105 billion in assets [37] - **Annuities in Retirement Plans**: Discussion on the importance of integrating annuities into target date funds to provide security for retirees [39][40] - **DOL Advisory Opinion**: Recent advisory opinion from the Department of Labor provides a safe harbor for including annuities in retirement plans, potentially increasing adoption [41][43] Private Markets and Growth Strategy - **Private Markets Target**: Aiming for $90-$100 billion in private markets by 2027, currently close to $90 billion [46][49] - **Growth Pillars**: Continued growth expected from Equitable, third-party institutional support, and private wealth channels [50][52] Private Credit Landscape - **Competitive Environment**: Increased competition in private credit, particularly in direct lending, with weaker terms compared to previous years [59][60] - **Risk Management**: Emphasis on careful deployment of capital and proactive management of potential risks in portfolios [63][64] Financial Performance and Profitability - **Management Fees**: Steady fee rates around 38-39 basis points, with expectations of durability despite market fluctuations [69][70] - **Operating Margin**: Current operating margin tracking around 33%-34%, with ongoing focus on expense control and growth in private alternatives [75][84] Additional Insights - **Market Sentiment**: Despite concerns in the private credit space, there has not been a significant pullback in allocations from knowledgeable clients [64] - **Future Opportunities**: Potential for growth in the defined contribution market and private credit, with a focus on innovative product offerings [41][52][84]

Key Points Investing is less about being the best individual stock picker and more about time and consistency. The longer you invest, the less likely you are to lose money and the more likely you are to experience solid gains. Average returns can still help accumulate significant wealth over time. The $23,760 Social Security bonus most retirees completely overlook › In today's world, saving for retirement can be very challenging. That's because the cost of living has gotten so exorbitant. High in ...

Let's get you to Pennsylvania with MS now senior White House reporter Von Hillyard. And here in New York with us are political analysts, Republican strategist Susan Delp Persio and Democratic strategist Basil Michael. So Van, why that location.And why now. >> Why now. This is the first time he's going to have an event like this, a typical rally since going all the way back to July 3rd over the summer in Iowa.For the president, he has dug his heels in here and at least publicly is resisting the idea that the ...

Core Viewpoint - French President Emmanuel Macron advocates for a shift in the European Central Bank's (ECB) monetary policy to enhance the single market and mitigate financial crisis risks [1][2]. Group 1: Monetary Policy Adjustments - Macron suggests that the ECB should adjust its monetary policy to prioritize growth and employment alongside inflation control, especially in light of the economic challenges posed by the US dollar and Chinese yuan [2]. - The ECB's current focus on inflation, with a target of around 2% over the medium term, contrasts with the dual mandate of the US Federal Reserve, which includes maximum employment [3]. Group 2: Financial Stability Concerns - Macron expresses concerns about the potential financial instability arising from increasing US deregulation in crypto assets and stablecoins, emphasizing the need for Europe to maintain its status as a zone of monetary stability and credible investment [5]. - He also highlights the importance of protecting the European monetary zone and its financial players from external risks [5]. Group 3: ECB's Role and Integration - Macron criticizes the ECB's ongoing sale of government bonds, arguing that it could lead to higher long-term interest rates, reduced economic activity, and a stronger euro [4]. - ECB President Christine Lagarde has previously called for more strategic steps towards fostering European integration, indicating that a truly single market would lessen dependence on external decisions [4].

Core Insights - The federal government shutdown has ended, and statistical agencies are working to catch up on missed economic releases [1][4] - Delayed economic reports can complicate decisions for investors, businesses, and policymakers [3] Economic Data Release Schedule - Key reports that have been rescheduled include: - Q3 employment cost index on Dec. 10 (originally Oct. 31) - September U.S. trade deficit and wholesale inventories on Dec. 11 (originally Nov. 4) - November U.S. employment report on Dec. 16 (originally Nov. 7 and Dec. 5; October household survey canceled) - November Consumer Price Index (CPI) on Dec. 18 (originally Nov. 13 and Dec. 10) - Q3 Gross Domestic Product initial estimate on Dec. 23 (originally Oct. 30; subsequent estimate postponed) [5][6] Canceled and Unscheduled Reports - Several reports have been canceled or are yet to be rescheduled, including: - September housing starts and new home sales (originally scheduled for Oct. 17 and Oct. 24) - Advanced reports on trade deficit, wholesale inventories, and retail inventories for September, October, and November [6][7]

There's an emerging divide at the Federal Reserve. >> This is a generally a consensus driven committee. Consensus is not there right now.>> It's a high stakes difference of opinion. The Fed's leaders set an interest rate that can affect your job prospects, your home's value, and the cost of virtually all financial products. >> We're talking about mortgages, talking about credit cards, car loans, all those kind of things that people use over the course of their daily lives.What is important to know is the di ...

The Bank of England expects Chancellor of the Exchequer Rachel Reeves’ budget to reduce UK inflation by as much as 0.5 percentage points next spring, even as the government boost spending over the coming years https://t.co/tbIA035S13 ...

Core Insights - The retail real estate industry is facing challenges such as inflation, regulatory issues, and high interest rates affecting construction loans, which can range from 6% to over 10% [1][4] - AI is increasingly being utilized across various sectors to enhance efficiency and streamline processes, with significant implications for decision-making in business [2] - The ICSC New York convention is a key event for industry stakeholders, focusing on consumer behavior, retail strategies, and potential partnerships for 2026 [2][3] Market Conditions - There is a lack of new construction in the retail sector due to high borrowing costs and inflation, leading to a focus on redevelopment instead [4] - High occupancy rates are reported, with significant demand for retail spaces despite closures of major retailers like Bed Bath & Beyond and Joann [4] - The Sun Belt region, particularly cities like Nashville, Orlando, and Atlanta, is experiencing economic growth and high demand for retail space, contrasting with high vacancy rates in cities like San Francisco and Portland [5] Consumer Behavior - Consumers are currently price-conscious, favoring off-price retailers and seeking deals, which is reflected in the success of discount stores [8] - During the Thanksgiving to Cyber Monday shopping period, 77% of U.S. adults shopped, with significant participation from Millennials and Gen Z [11] - In-store shopping remains popular, with 84% of shoppers engaging in in-store or for in-store pickup shopping, marking a 6 percentage point increase from the previous year [11] Industry Events - The ICSC New York event attracts around 8,000 attendees, while the larger ICSC Las Vegas event is expected to draw 25,000 participants, highlighting the significance of these gatherings for networking and industry insights [9] - The mood at ICSC New York is optimistic, driven by resilient consumer behavior during the holiday shopping season [9]

Core Insights - Income-based investments, particularly those linked to tangible assets, have historically proven to be reliable over the long term, despite recent fluctuations in the Dow Jones Average and S&P 500 due to Federal Reserve policies [1][2] Investment Opportunities - Investors are encouraged to consider real estate and energy sectors for income-based investments, as these sectors are less dependent on interest rates compared to bonds [3] - The Global X SuperDividend REIT ETF (SRET) offers a high yield of 7.95%, providing diversification and risk mitigation through a portfolio of global REITs [5][6] - The Westwood Salient Enhanced Midstream Income ETF (MDST) yields 10.27% and focuses on midstream companies, which are crucial for energy distribution [10][11] Performance Metrics - SRET has a net asset value of $207.99 million, an expense ratio of 0.58%, and a year-to-date return of 17.82% [6] - MDST has a net asset value of $167.9 million, an expense ratio of 0.80%, and a year-to-date return of 8.06% [10] Sector Analysis - Real Estate Investment Trusts (REITs) are highlighted as a beneficial investment avenue, allowing investors to gain from real estate income without the burdens of property management [4] - Midstream companies are essential for the transportation and processing of oil and gas, with similar profit distribution requirements as REITs [9][11]