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Quarterly Economic Report, Q4 2020
Key takeaways
The SVB Asset Management Economic Report is a quarterly review and outlook on economic and market factors that impact global markets and business health.
01
Q3 marked the recognition of the US recession driven by the COVID pandemic.
The virus has dramatically impacted consumer behavior as shown with a 31.4% contraction of the GDP.
02
The Fed continues to support the market keeping interest rates low.
The fed is leaving the fed funds rate at the zero bound and targeting 2% inflation before hiking rates.
03
Low rates mean that corporations are issuing debt further out on the curve.
2020’s record debt issuance continued in Q3, even with major reductions in the commercial paper supply outstanding.
Written and researched by SVB experts
Renuka Kumar, CFA
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Head of Portfolio Management
Renuka Kumar oversees SAM’s portfolio management and trading teams while also managing investment portfolios for clients.
Jon Schwartz
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Senior Portfolio Manager
Jon Schwartz and his team are responsible for the development and execution of the strategy, security selection and risk management of client portfolios.
Jose Sevilla
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Senior Portfolio Manager
Jose Sevilla calls on more than two decades of experience in financial services to analyze, structure and monitor fixed-income portfolios for his clients.
Jason Graveley
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Senior Manager, Fixed Income Trading
Jason Graveley and his team are responsible for carrying out investment strategies for numerous separately managed portfolios.
Hiroshi Ikemoto
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Fixed Income Trader
Hiroshi Ikemoto and his team oversee the buying and selling of fixed income securities for separately managed accounts.
Timothy Lee, CFA
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Senior Credit Analyst
Tim Lee researches and recommends fixed-income investments in the corporate, municipal, sovereign and securitized product sectors.