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Infrastructure Investment, GDP Growth, And U.S. Bond Yields

Published Sat, 28 Apr 2018 01:31:23 -0400 on Seeking Alpha

The release of the latest GDP data brings with it updates to a couple of key trends in government investment, infrastructure spending, and longer-term GDP growth rates. The latest data does little to change the picture, but it certainly highlights what are some key trends for investors. The slump in government investment has arguably been a factor in accentuating the longer-term decline in economic growth in America, and with the longer-term GDP growth rate now bottoming out, any movement in policy here could have big implications for the medium-term growth outlook, and as I show below, equally big implications for where bond yields go next.
The points to note on US government investment and long-term GDP growth trends are:
- US government fixed asset investment remains around record lows as a percentage of GDP.
- The decline in government investment seems to mirror the long-term decline in US economic growth.
- More recently, the decline in long-term GDP growth rates looks to have bottomed, and this lines up with the bottom in US government bond yields.
- Private investor interest in infrastructure assets appears to be growing, which is important given the decline in government investment spending.
1. US Government Investment Trends: With the latest round of GDP data for Q1, it's a good opportunity to update this chart which tracks the level of US government investment. And well, not much has changed. In the post-war boom period, government investment... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
MACQUARIE/FIRST TRUST GLOB INFRA/UTIL DIV & INC FUND 9.96   0.0 0.00 0.00 10.13
MACQUARIE INFRASTRUCTURE 39.63   34.2 1.16 4.00 10.04
MACQUARIE GLOBAL INFRA TOTAL RETURN FUND 23.88   0.0 0.00 0.00 7.07
COHEN & STEERS INFRA FUND 27.26   0.0 0.00 0.00 6.88
MFS HIGH INCOME MUNICIPAL TRUST 5.22   0.0 0.00 0.29 5.05
DREYFUS STRATEGIC MUNICIPAL BOND FUND 8.24   0.0 0.00 0.00 5.04
WESTERN ASSET MANAGED MUNICIPALS FUND 13.75   0.0 0.00 0.75 5.04
PIMCO MUNICIPAL INCOME FUND II 15.32   0.0 0.00 0.00 4.99
DREYFUS STRATEGIC MUNICIPALS 8.40   0.0 0.00 0.46 4.88
PUTNAM MANAGED MUNICIPAL INCOME TRUST 7.82   0.0 0.00 0.00 4.87
PIMCO MUNICIPAL INCOME FUND 14.42   0.0 0.00 0.00 4.83
PUTNAM MUNICIPAL OPPORTUNITIES TRUST 13.05   0.0 0.00 0.00 4.83
PIMCO MUNICIPAL INCOME FUND III 12.31   0.0 0.00 0.00 4.82
INVESCO VAN KAMPEN ADV MUNICIPAL INC TRUST II 11.18   0.0 0.00 0.00 4.77
NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND 16.37   0.0 0.00 0.00 4.73
INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST 7.96   0.0 0.00 0.00 4.72
BLACKROCK MUNIHOLDINGS FUND 16.27   0.0 0.00 0.00 4.64
BLACKROCK MUNICIPAL INCOME TRUST II 14.78   0.0 0.00 0.00 4.63
BLACKROCK MUNIYIELD INVESTMENT FUND 14.34   0.0 0.00 0.00 4.62
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST 13.86   0.0 0.00 0.00 4.61
PIONEER MUNICIPAL HIGH INCOME TRUST 12.28   0.0 0.00 0.00 4.59
BLACKROCK MUNIVEST FUND 9.18   0.0 0.00 0.00 4.58
BLACKROCK MUNICIPAL INCOME TRUST 13.91   0.0 0.00 0.00 4.57
BLACKROCK MUNIYIELD FUND 14.65   0.0 0.00 0.00 4.53
BLACKROCK MUNIVEST FUND II 14.68   0.0 0.00 0.00 4.49
NUVEEN DIVIDEND ADVANTAGE MUNICIPAL FUND 14.24   0.0 0.00 0.00 4.44
EATON VANCE MUNICIPAL INCOME TRUST 12.72   0.0 0.00 0.00 4.42
BLACKROCK STRATEGIC MUNICIPAL TRUST 14.85   0.0 0.00 0.00 4.41
DWS MUNICIPAL INCOME TRUST 11.51   0.0 0.00 0.00 4.39
BLACKROCK MUNIYIELD INSURED INVESTMENT FUND 13.59   0.0 0.00 0.00 4.39
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST 15.60   0.0 0.00 0.00 4.33
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST 14.27   0.0 0.00 0.00 4.31
BROOKFIELD INFRASTRUCTURE PARTNERS LP 47.35   1.0 0.03 2.01 4.25
BLACKROCK MUNIHOLDINGS QUALITY FUND 12.68   0.0 0.00 0.00 4.18
BLACKROCK MUNICIPAL BOND TRUST 15.52   0.0 0.00 0.00 4.17
BLACKROCK MUNIHOLDINGS QUALITY FUND II 12.68   0.0 0.00 0.00 4.14
BLACKROCK MUNIASSETS FUND 15.10   0.0 0.00 0.00 4.12
BLACKROCK INSURED MUNICIPAL INCOME TRUST 13.94   0.0 0.00 0.00 4.11
BLACKROCK MUNIENHANCED FUND 11.30   0.0 0.00 0.00 4.11
EATON VANCE MUNICIPAL BOND FUND 12.78   0.0 0.00 0.00 4.00
WESTERN ASSET MUNICIPAL HIGH INCOME FUND 7.65   0.0 0.00 0.00 3.99
BLACKROCK MUNIYIELD QUALITY FUND 13.38   0.0 0.00 0.00 3.97
NUVEEN MUNICIPAL VALUE FUND 10.47   0.0 0.00 0.40 3.53

MACQUARIE/FIRST TRUST GLOB INFRA/UTIL DIV & INC FUND - MFD
MACQUARIE/FIRST TRUST GLOB INFRA/UTIL DIV & INC FUND - MFD  


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