After some truly horrific personal income data last summer, the consumer is finally beginning to see meaningful increases in income, writes Morningstar's Bob Johnson.
Market volatility has fallen and tight correlations have loosened, indicating some calming of fears and increased attention on more traditional economic and earnings-related news.
The Fed's commitment to keep rates low for years may have diminished interest-rate risk for Treasury investors, but inflation could still swallow up returns, says Morningstar's Eric Jacobson.
With average AUM down close to 7% last year, and the prospect of flattish managed asset levels this year leading to another drop in average AUM levels in 2012, we expect revenue to drop mid-single-digits in both 2011 and 2012.