81% of Additional American Electricity Set to Come from Renewables - Barron's

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Correlation Between U.S. Investment Grade Corporate Bond Index and S&P 500 Hits 0.6

That was for last year, according to an analysis from CreditSights. It’s by far the tightest correlation since 1998, when the bond index was created. Before 2020, the average correlation was -0.11.

Corporate bonds are supposed to have different risk profiles than stocks. Bondholders have seniority over shareholders in bankruptcy in exchange for sacrificing upside when things go well to equity investors. Bonds of highly rated companies therefore tend to behave more like U.S. Treasury securities than like stocks.

That all changes, however, when investors start to worry that they won’t get repaid. Back in February and March, the fear was that many companies would be forced to go out of business, or at least restructure their debts. Stocks and corporate bonds both lost value. The government’s aggressive response at the end of March and in subsequent months has reassured investors, lifting the prices of both assets.

39% of Americans Could Cover Unexpected Expense of $1,000 with Savings

That is according to a new survey from Bankrate. About 40% would be able to meet the expense only by borrowing, while about a fifth would be forced to cut their current spending.

There are large differences based on income. Among households earning at least $75,000 a year, almost 60% had enough emergency savings to afford an unexpected expense. By contrast, only a fifth of households earning less than $30,000 could cover the cost out of pocket.

Even with an unprecedented surge in household saving in 2020, the survey findings have been remarkably stable since Bankrate first began asking the question in 2014.

America Will Add 31.9 Gigawatts of Electricity from Solar, Wind, and Batteries in 2021

That is according to the U.S. Energy Information Administration’s latest inventory of electricity generators, developers, and power plant owners.

Overall, the EIA expects about 39.7 gigawatts of new capacity installed in 2021, which means that the major renewable categories account for 81% of all planned additions. At the end of 2020, there was about 1200 gigawatts of electric generation capacity across the U.S., of which 172 gigawatts were renewables.

Texas is driving the shift to renewables: about a quarter of all the new solar and new wind capacity is in Texas, although the single biggest wind project is set to be in Oklahoma. Florida will be home to the world’s largest solar-powered battery.

Numbers by Barron’s is our daily podcast. Find out more here.

Write to Matthew Klein at matthew.klein@barrons.com

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81% of Additional American Electricity Set to Come from Renewables - Barron's
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