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July 6, 2020

Global: Risk-on sentiment driven by improving economic data despite surge in Us virus cases

Equities rallied during the holiday-shortened week on better than expected US economic data, which tempered surging Covid-19 cases. The week began with Monday’s release of pending home sales for May that showed a record +44% m/m gain, more than double the consensus estimate (+19.3%). Tuesday had the Conference Board consumer confidence index, which showed the highest m/m increase since late 2011. Equities rose again on Wed as the ISM Factory Index rose to 52.6 in June from 43.1 in May, indicating that more factories restarted production. The market was also buoyed on Wed after an early trial of an experimental antibody vaccine from Pfizer Inc. and BioNtech SE showed promise

Municipals: Munis outperform in 2Q20 on strong technical, but are currently stuck in a trading range

Recap: Tax-exempts outperformed Treasuries in 2Q20 by an average of -126 ratios as investors returned in droves -- to what was in the beginning of April a severely dislocated asset class -- with +6.85 bil. of net fund inflows during the quarter, enhanced by $100 bil. of reinvestment. Munis underperformed in June, however, as Treasuries remained extremely rangebound (average yield increase of only +0.6%) on a combination of Fed backstop and stimulus amidst buyer resistance against low absolute tax-exempts yields given general credit anxiety related to the pandemic.  

Full Weekly Report

Quarterly Review


Dear Clients,

Please find attached Ramirez & Co.’s Quarterly Macroeconomic Outlook. In our report, we continue to monitor the US economy, global events and the Fed’s outlook on the economy and rates:

  • The US economy enters its 11th year of expansion, and will likely grow at a pace moderately above potential (1.75%-2%).  The labor market stays robust as unemployment falls to 50-year lows
  • Business investment remains downbeat, restrained by weak growth abroad and trade conflicts.  However, a “Phase 1” agreement between the US and China is at hand, and consumer spending is robust.
  • The 10Y Treasury yield approaches historical lows, and Moody’s Baa Index yield slides to levels not seen for over 60 years.
  • US equity markets reach new highs.  Money markets are rattled, prompting the Fed to intervene through repo operations.  The Fed’s balance sheet expands in the last quarter by $400bn.

Members of our Financial Strategies Group, Niso Abuaf, Konstantin Semyonov and Duncan Sinclair, would be happy to discuss further any of the material with you.

Full Quarterly Report

To all clients:

Samuel A. Ramirez & Company, Inc. (Ramirez & Company) continues to monitor all federal, state, and local COVID-19 guidance. Currently all employees are working remotely. The firm is operating business as usual, providing all products, services and capabilities for our clients across the globe. We will continue to provide updates to you, as needed, in the coming days and weeks.

For more information, please refer to the Ramirez & Co. Business Continuity Client Disclosure: If you have any questions, please contact your Sales or Relationship Manager or email

Ramirez & Company, Inc. Management

At Ramirez we firmly stand united in the fight against racial injustices and the marginalization of minority communities. As a minority owned firm we are committed to ensuring that future generations do not have to face these obstacles and we believe that we all need to work together to make America a more just and fair country. Ramirez understands that Black Lives Matter and that more progress needs to be made to change the fundamental problems of racial and class inequalities in housing, education, healthcare and our justice system. This is a critical moment in time and it is imperative we collectively take the steps to make change and move the needle.

CEO Letter to Employees Addressing this Crisis

Diversity Statement

Ramirez Charity and Community Involvement Statement

June 8, 2020

Dear Ramirez Employees:

I want to let you know that I - and all of Ramirez leadership - stand with the Black Community. We are sickened by what happened to George Floyd, Ahmaud Arbery, and the other recent victims of horrible racial violence the past few years and for many years before these events. We abhor the systemic racism and social injustices in America that Black and Brown people are subjected to. We stand with the peaceful protestors and agree that we all need to work together to make America a more just and fair country. As a first generation American Puerto Rican, I understand the issues minorities today are facing. I have been fortunate to be a successful entrepreneur, but while growing our firm I have had to confront many cases of discrimination and inequality in the American business world. Fifty years ago I remember being told not to name the firm Ramirez, because "no-one would do business with a Hispanic firm." I understand the progress that has been made, but much more progress needs to be made to change the fundamental problems of racial and class inequities in housing, education, healthcare and our justice system. This is a critical moment in time and it is imperative we collectively take the steps to make change and move the needle. There is no tolerance at Ramirez for racial discrimination of any type and, at a minimum, it is our responsibility and obligation to increase our outreach to the minority community in our charitable giving, internships, hiring, and professional development programs. To that end we will:

We will work together as a company on ideas for how to be most effective in making change. Thank you to all of you who make Ramirez a success and we welcome and appreciate your ideas.
More to come.
Sam Ramirez
Founder & CEO - Samuel A. Ramirez & Co., Inc.

Diversity Statement:

As one of the oldest and largest Hispanic institutions on Wall Street, we are proud of our origins and strive to lead the way in benefiting those most in need. Being 92% minority owned & 100% employee owned, we take pride that 100% of our regional offices are being led by a minority or military veteran. When focusing on the senior leadership roles at Ramirez & Co and Ramirez Asset Management there is an impressive 60% minority representation. We believe that this diverse workforce is a key ingredient to our success and thus over the last ten year periods 40+% of all new hires have been minorities. We have a robust internal program that provides junior minority employees mentorship opportunities with senior leaders that help them navigate the industry and advance within the firm. This pipeline of talent starts with our intern program where over the last ten years 65% of all interns have been minorities with the current class being representative of that. Overall 40+% of the total Ramirez family is composed of minorities.

We are committed to continuing to be industry leaders in the inclusion of minorities in the financial industry and firmly believe that this is a key part of our future success.

Charitable Giving Statement:

Now more than ever is the time to concentrate on giving to causes that have the potential to improve our country and create the most value for future generations. Over the last five years Ramirez has focused our giving to organizations whose missions include the education of minority populations, community support, healthcare and mentorship programs. A total of over 100 charities with 18+ unique causes were supported with almost $850k+ in total donations made. Ramirez is committed to increasing our support of organizations that are focused on racial and class inequities in housing, education, healthcare and our justice system.