--- title: The Independent Market Observer | Outlook. Opinion. Insight. | Commentary (54) description: Commentary | Commonwealth’s chief investment officer, Brad McMillan, provides insight on the economic, market, and political events of the day—both domestically and on a global scale. (54) --- [![The Independent Market Observer](https://blog.commonwealth.com/hubfs/IMO-Title-1.png "The Independent Market Observer")](https://blog.commonwealth.com/independent-market-observer) [![Commonwealth Financial Network](https://blog.commonwealth.com/hubfs/lockup_citron-1.png "Commonwealth Financial Network")](https://www.commonwealth.com/) - [Home](https://blog.commonwealth.com/independent-market-observer) - [About](https://learn.commonwealth.com/about/) [![](https://blog.commonwealth.com/hubfs/Brad_Images_IMO_Blog/2017/Election_2.jpg)](https://blog.commonwealth.com/independent-market-observer/how-will-the-presidential-election-affect-the-stock-market) ## [How Will the Presidential Election Affect the Stock Market?](https://blog.commonwealth.com/independent-market-observer/how-will-the-presidential-election-affect-the-stock-market) August 11, 2020 We’ve reached that point in the election cycle where I've started getting questions, from both sides, about the effect of the upcoming election on the markets. “Surely,” the question goes (and note that it is not really a question), “if Candidate X wins, the market will tank for the following reasons . . .” [Continue reading →](https://blog.commonwealth.com/independent-market-observer/how-will-the-presidential-election-affect-the-stock-market) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/how-will-the-presidential-election-affect-the-stock-market#comments-listing) [![](https://blog.commonwealth.com/hubfs/Brad_Images_IMO_Blog/2017/USeconomy_6.jpg)](https://blog.commonwealth.com/independent-market-observer/has-sustainable-investing-reached-a-tipping-point) ## [Has Sustainable Investing Reached a Tipping Point?](https://blog.commonwealth.com/independent-market-observer/has-sustainable-investing-reached-a-tipping-point) August 7, 2020 *Brad here. In today’s post, Sarah Hargreaves, an investment management analyst on our Investment Management and Research team, discusses whether the coronavirus pandemic has pushed sustainable investing to a tipping point. Over to you, Sarah.* [Continue reading →](https://blog.commonwealth.com/independent-market-observer/has-sustainable-investing-reached-a-tipping-point) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/has-sustainable-investing-reached-a-tipping-point#comments-listing) [![](https://blog.commonwealth.com/hubfs/Brad_Images_IMO_Blog/2017/MarketUpdate_1.jpg)](https://blog.commonwealth.com/independent-market-observer/finding-income-in-a-low-rate-environment) ## [Finding Income in a Low-Rate Environment](https://blog.commonwealth.com/independent-market-observer/finding-income-in-a-low-rate-environment) August 6, 2020 *Brad here. Today, Rob Swanke, an analyst with Commonwealth’s Investment Management and Research team, takes a look at the benefits and the risks of preferred stock as a source of yield in a portfolio. Over to you, Rob.* [Continue reading →](https://blog.commonwealth.com/independent-market-observer/finding-income-in-a-low-rate-environment) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/finding-income-in-a-low-rate-environment#comments-listing) [![](https://blog.commonwealth.com/hubfs/Brad_Images_IMO_Blog/2019/stock-mobile.jpg)](https://blog.commonwealth.com/independent-market-observer/does-the-stable-value-fund-make-sense-for-401k-investors) ## [Does the Stable Value Fund Make Sense for 401(k) Investors?](https://blog.commonwealth.com/independent-market-observer/does-the-stable-value-fund-make-sense-for-401k-investors) August 5, 2020 *Brad here. Today's post on why the stable value fund is becoming a more common investment option in retirement plan menus comes from Michael Geraci of Commonwealth's Retirement Consulting Services team. Take it away, Michael.*  In today’s uncertain economic environment, interest rates have declined, and the Fed has expressed its commitment to keeping them low. This environment has put pressure on money market funds yielding close to 0.1 percent, which has affected those retirement plan participants seeking preservation of capital. Many of these same participants are close to retirement and cannot afford to lose a significant portion of their retirement portfolios, but they’re also seeking returns to keep pace with inflation. [Continue reading →](https://blog.commonwealth.com/independent-market-observer/does-the-stable-value-fund-make-sense-for-401k-investors) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/does-the-stable-value-fund-make-sense-for-401k-investors#comments-listing) [![](https://blog.commonwealth.com/hubfs/Brad_Images_IMO_Blog/2019/stock-closeup.jpg)](https://blog.commonwealth.com/independent-market-observer/a-look-under-the-sp-500-hood) ## [A Look Under the S&P 500 Hood](https://blog.commonwealth.com/independent-market-observer/a-look-under-the-sp-500-hood) August 4, 2020 *Today’s post on the recent strong performance of growth stocks comes from Brian Price, senior vice president of investment management and research here at Commonwealth. Over to you, Brian!* [Continue reading →](https://blog.commonwealth.com/independent-market-observer/a-look-under-the-sp-500-hood) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/a-look-under-the-sp-500-hood#comments-listing) [![](https://blog.commonwealth.com/hubfs/Brad_Images_IMO_Blog/2017/MarketOutlook_7.jpg)](https://blog.commonwealth.com/independent-market-observer/has-the-second-wave-peaked) ## [Has the Second Wave Peaked?](https://blog.commonwealth.com/independent-market-observer/has-the-second-wave-peaked) July 30, 2020 The good news this week is that things are starting to get better. Case growth has peaked, at least in the short term, and the case growth rate has ticked down. After last week’s stabilization of the second wave, this progress is the next step. The data indicates that, in many states, outbreaks are being contained, as expected. [Continue reading →](https://blog.commonwealth.com/independent-market-observer/has-the-second-wave-peaked) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/has-the-second-wave-peaked#comments-listing) [![](https://blog.commonwealth.com/hubfs/Brad_Images_IMO_Blog/2019/interestRates-down.jpg)](https://blog.commonwealth.com/independent-market-observer/another-look-at-the-dollar-the-fed-and-interest-rates) ## [Another Look at the Dollar: The Fed and Interest Rates](https://blog.commonwealth.com/independent-market-observer/another-look-at-the-dollar-the-fed-and-interest-rates) July 29, 2020 One of the reasons behind the recent [decline of the dollar](https://blog.commonwealth.com/independent-market-observer/the-dollar-is-not-collapsing) is reportedly the fact that the Fed has largely committed to keeping rates low—the market believes—forever. Looking at the yield curve, the 30-year Treasury rates are at 1.22 percent as I write this. With rates that low, the value of the dollar would certainly take a hit if other central banks raised rates. [Continue reading →](https://blog.commonwealth.com/independent-market-observer/another-look-at-the-dollar-the-fed-and-interest-rates) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/another-look-at-the-dollar-the-fed-and-interest-rates#comments-listing) [![](https://blog.commonwealth.com/hubfs/Brad_Images_IMO_Blog/2017/InterestRates_4.jpg)](https://blog.commonwealth.com/independent-market-observer/the-dollar-is-not-collapsing) ## [The Dollar Is Not Collapsing](https://blog.commonwealth.com/independent-market-observer/the-dollar-is-not-collapsing) July 28, 2020 We have returned to that point in the cycle where the dollar starts moving down and the doomsayers come out of the woodwork. As the headlines have begun to point out the decline of the dollar in recent months, worries have started to rise. In fact, if you look at the chart for the most recent couple of months, you can see where these headlines are coming from. [Continue reading →](https://blog.commonwealth.com/independent-market-observer/the-dollar-is-not-collapsing) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/the-dollar-is-not-collapsing#comments-listing) [![](https://blog.commonwealth.com/hubfs/Brad_Images_IMO_Blog/2019/news-tablet.jpg)](https://blog.commonwealth.com/independent-market-observer/signs-of-stabilization-on-the-pandemic-front) ## [Signs of Stabilization on the Pandemic Front](https://blog.commonwealth.com/independent-market-observer/signs-of-stabilization-on-the-pandemic-front) July 23, 2020 The good news this week is that things are about the same as they were last week. The reason this is good news is that things had been getting worse. So, this stabilization represents progress. It also indicates that, in many states, outbreaks are being contained, as expected. [Continue reading →](https://blog.commonwealth.com/independent-market-observer/signs-of-stabilization-on-the-pandemic-front) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/signs-of-stabilization-on-the-pandemic-front#comments-listing) [![](https://blog.commonwealth.com/hubfs/Brad_Images_IMO_Blog/2017/InterestRates_3.jpg)](https://blog.commonwealth.com/independent-market-observer/q2-2020-earnings-terrible-but-still-positive) ## [Q2 2020 Earnings: Terrible, But Still Positive](https://blog.commonwealth.com/independent-market-observer/q2-2020-earnings-terrible-but-still-positive) July 22, 2020 While it is still early days, with only 9 percent of S&P 500 companies reporting as of the end of last week, the initial earnings reports seem to show that things are still not good. According to FactSet, quarterly earnings are down, so far, by 44 percent. If this number holds, it would be the second-worst quarterly drop since the end of 2008 during the financial crisis. Scary news—but not unexpected. [Continue reading →](https://blog.commonwealth.com/independent-market-observer/q2-2020-earnings-terrible-but-still-positive) [Leave a comment](https://blog.commonwealth.com/independent-market-observer/q2-2020-earnings-terrible-but-still-positive#comments-listing) [Previous](https://blog.commonwealth.com/independent-market-observer/topic/commentary/page/53) [Next](https://blog.commonwealth.com/independent-market-observer/topic/commentary/page/55) ### Subscribe via Email ![TMO\_IMO\_615x408\_sidebar](https://blog.commonwealth.com/hs-fs/hubfs/TMO_IMO_615x408_sidebar.png?width=1033&height=686&name=TMO_IMO_615x408_sidebar.png "TMO_IMO_615x408_sidebar") [Episode 20](https://vimeo.com/1201911815/0f4f028be9?share=copy&fl=sv&fe=ci) June 17, 2026 [Episode 19](https://vimeo.com/1191658257/1b43ce84dd?share=copy&fl=sv&fe=ci) May 13, 2026 [Episode 18](https://vimeo.com/1183174918/e227cf7d80?share=copy&fl=sv&fe=ci) April 15, 2026 [Episode 17](https://vimeo.com/1174554734/636f0f7aba?share=copy&fl=sv&fe=ci) March 18, 2026 [Episode 16](https://vimeo.com/1163757312/bc2f802d74?share=copy&fl=sv&fe=ci) February 11, 2026 [More](https://learn.commonwealth.com/monthly-media-placements) [![Insights\_CTA\_IMO\_233x400-1](https://no-cache.hubspot.com/cta/default/295024/interactive-187935228457.png)](https://blog.commonwealth.com/hs/cta/wi/redirect?encryptedPayload=AVxigLKaWuevmwUSEt3VjQkG%2Fy%2BKZ7s5xDpt25W3EBGPhC%2FnWx3lDsH2I%2F%2BnzetIc7GZC8cO862rB7fwteUn9lpQskFK7FJ%2F5XLZZqAOT2t7icggTKYMd9ws%2FB1jAUyt7EKsVG2C8Abq77vBCwIUgOafXTU5MEFljbbGslvQdpEpqI75khr0KuaiQPiQv0KkEHOsizi9gqNm%2F%2Fs%2Burk%3D&webInteractiveContentId=187935228457&portalId=295024) ### Hot Topics Select Category Ask Brad Commentary Economic Risk Factor Updates Economics Lessons Market Thoughts Videos In the News Investing Market Updates On My Bookshelf Politics and the Economy [![New Call-to-action](https://no-cache.hubspot.com/cta/default/295024/5f46d9ce-4d40-495c-a126-d4502b647bbf.png)](https://cta-redirect.hubspot.com/cta/redirect/295024/5f46d9ce-4d40-495c-a126-d4502b647bbf) ### Archives - 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