Winds of change
Employee Benefit News, April, 2008 by Lori Pizzani
While the subprime crisis has battered the stock market, mutual fund portfolio managers and analysts believe the credit market turmoil will blow over.
"Wall Street wants everyone to write off the losses and move on," says Ashwani Kaul, an analyst with Reuters.
It's too early to predict whether there will be a full-blown earnings recession, Kaul continues, although most analysts are predicting that earnings should recover sometime within the first or second quarter of 2008. In fact, Reuters projects the S&P's annual earnings to weigh in at about 14.4% in 2008. But for the short term, "the outlook is tepid," Kaul says.
Although not directly impacted by the subprime mortgage meltdown, the high-yield bond market has definitely felt ripples.
"The...
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