Forgot your password?

Please enter the email address you used when registering.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.

Email sent

If you have a valid account with us, you will receive an email with instructions to reset your password.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Two-step verification

In order to change your password, we need to verify your identity. We will send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Please enter the 6-digit code sent to your email. If you have not received a code, you may not have a registered account.

Verification 6-digit code
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Invalid login

Enter your password to login.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Forgot password?

Two-step verification

In order to change your password, we need to verify your identity. We will send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

Verification 6-digit code
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Two-step verification

In order to change your phone number, we need to verify your identity. We will send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please enter you new phone number

Phone number
Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

Your account phone number has been changed successfully

Invalid login

Enter your password to login.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Forgot password?

Two-step verification

To verify your identity, we need to send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

Verification 6-digit code
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Confirmed.
Welcome back.

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Please enter a valid phone number.

We need a phone number to keep your account secure. We will send you a code to validate your phone number.

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number

Forgot your password?

Please enter the email address you used when registering.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.

Email sent

If you have a valid account with us, you will receive an email with instructions to reset your password.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Two-step verification

In order to change your password, we need to verify your identity. We will send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Please enter the 6-digit code sent to your email. If you have not received a code, you may not have a registered account.

Verification 6-digit code
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Invalid login

Enter your password to login.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Forgot password?

Two-step verification

In order to change your password, we need to verify your identity. We will send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

Verification 6-digit code
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Two-step verification

In order to change your phone number, we need to verify your identity. We will send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please enter you new phone number

Phone number
Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

Your account phone number has been changed successfully

Enter your email address

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.
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Confirm your email address

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An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Forgot your password?

Please enter the email address you used when registering.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.

Email sent

If you have a valid account with us, you will receive an email with instructions to reset your password.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Two-step verification

In order to change your password, we need to verify your identity. We will send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Please enter the 6-digit code sent to your email. If you have not received a code, you may not have a registered account.

Verification 6-digit code
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Invalid login

Enter your password to login.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Forgot password?

Two-step verification

In order to change your password, we need to verify your identity. We will send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

Verification 6-digit code
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Two-step verification

In order to change your phone number, we need to verify your identity. We will send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please enter you new phone number

Phone number
Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

Your account phone number has been changed successfully

Portfolio Intelligence podcast

The Portfolio Intelligence podcast features interviews with asset allocation experts, portfolio construction specialists, and investment veterans from across Manulife John Hancock’s multimanager network. Hosted by John Bryson, head of investment consulting at Manulife John Hancock Investments, the dynamic discussion explores ideas advisors can use today to build their business while helping their clients pursue better investment outcomes.

Latest episodes

Portfolio Intelligence podcast: College admissions—navigating test-optional applications

May 14, 2025 | 17:20 | Ep. 93

The college admissions process can be incredibly competitive and stressful―intense strategizing is required. The lack of clarity around the role that standardized admissions tests such as the SAT and ACT play in the process doesn’t help. College admissions coach Nancy Steenson joins podcast host John Bryson to discuss today’s evolving college admissions environment.

John P. Bryson

Hello and welcome to the Portfolio Intelligence podcast. I'm your host, John Bryson, head of investment consulting and education savings at Manulife John Hancock Investments. Today is April 17th, 2025, and we're on the verge of May. And May, as you know, is 529 month.

At Manulife John Hancock Investments, we believe a 529 plan can help investment professionals stand out from the crowd. It can help you attract net new assets and new referrals. It can help you connect with the next generation of clients and most importantly, can help you pay for college.

The other part of preparing for college is understanding the process. And most importantly today is understanding the current landscape around standardized testing in the college. Admissions process. To dig into that topic, I've invited college admissions coach Nancy Steenson to the podcast. Nancy is the owner of Steenson College Coaching. She was one-on-one with high school students, helping them to market themselves in the best light possible by sharing underutilized strategies to help distinguish them from the other thousands of applicants. With her guidance, students have had great success in finding and applying to colleges that are a wonderful academic, social, and financial fit. She's also an instructor in a professional program in college admissions consulting at the University of California, Berkeley Extension and speaks extensively on the topic nationwide. Nancy, welcome to the podcast.

Nancy Steenson

Thank you. John, I'm so happy to be here.

John P. Bryson

All right. Hey, listen, I mentioned college admissions is important in preparing for college admissions is important. Standardized testing is a big part of that. So let's go back and talk about what's changed since the pandemic and what's going on now. My first question is our test scores are still optional at most colleges like they've been since the pandemic, right?

Nancy Steenson

So the short answer to that is yes, most colleges are test optional; however, the longer answer is it's a little bit of a complicated situation. While most colleges are test optional, and keep in mind, John, there are about 2,800 four-year higher-ed institutions in this country and most of them are still test optional. Most will probably remain test optional, but we are seeing a lot of flavors here, amongst different colleges.

We're seeing some colleges that are test blind, which is also called test free, meaning we don't want to see a score and we will not consider a score when we evaluate the applicant. We are seeing colleges that have gone back to requiring tests. That is a small cohort, but it's slowly growing and it is for the most part highly selective institutions and some state university systems.

We're seeing another flavor called test flexible. And that would be, well, if you don't want to send a standardized test score that we usually require, that would be an SAT or an ACT score, then we need to see something else. It might be AP or IB test results. It might be a graded essay that the student wrote in school.

So it is a little bit complicated. And, and the fact of the matter is many colleges have announced that they are going back … those who have announced that they're going back to requiring testing have let us know that, and some have let us know they're going to go back in 2027 because grade inflation continues to be a real thing in many, many high schools. Colleges are looking at this carefully, and many of them are acknowledging that the score can add value to an application.

John P. Bryson

That, you know. All right. So it's flexible. It's optional. It's always evolving. Do you recommend for most students to take the SAT or the ACT? I mean they've got a lot on their plate already. What's your thoughts there.

Nancy Steenson

So here's what we know. A score, if it's submitted by a student, may help the application, but it may hurt. But what we also know is that it never hurts to take the test and then decide if the student should submit it or not. We can always make that decision later. So it's a good idea, in my opinion, for students to think about taking … taking one of the tests, seeing whether they have the aptitude, the ability, the learning style to achieve on that test.

I always equate it to, applying for a job and a master's degree is not required for this particular job, but you've got one, so that makes your resume pop. It makes you look a little bit, perhaps better in the applicant pool because you're adding some … some … another, another feather in your cap. So even for colleges that … that are not requiring test scores showing a very nice test score for that college is a plus.

So I tell my students there's no harm in taking the test. If you decide you don't want to submit it, you do not have to. Think about taking a pre-ACT. or a PSAT. They're both for practice. And then figure out your testing plan from there. Keep in mind that you always have the opportunity to take another one, and take another one and prep in between, because colleges will always super score, and that means they will take the highest sub core from various different testing dates. So if it doesn't hurt you to test a couple or three times.

John P. Bryson

Okay. Really interesting. So you led me to another question. What do people need to know about the differences between the ACT in the SAT?

Nancy Steenson

So that's another evolving landscape. It used to be years ago that the SAT was what everyone took on the East Coast. And students in the South, the Midwest and … they took the ACT. They're both national testing organizations. All colleges that accept test scores will happily take either the ACT or the SAT, and students who take one or the other are not, are not looked upon more … more favorably.

So it's really a good idea for students to look at both tests and ask themselves, which test might I do better on? Because they are different, even though they're … they're, they're … they're both testing the same kinds of skills and knowledge. They are … they are quite different. We often say that the ACT is a great test for quick thinkers, and the SAT is a great test for deep thinkers.

Traditionally, the SAT has been longer, quite frankly. Less black and white, much more nuanced … requires a deep level of thinking, but you have the time to do it. The ACT has traditionally been a little bit more straightforward. Not three right answers picked the most, right? But one right answer. But it moves very, very fast. You have less time for the ACT. So students really have to move it along. So it's really for two different kinds of students, two different kinds of brains to make it even a little bit, more … more complicated. And the SAT went digital not … not very long ago. So students now have to take the SAT on the computer.

That's not come without its wrinkles. But … but here we are. When they do that, the … the test is now shorter than it used to be. So it used to be a longer test. It's a shorter test. However, it's still a good test for deep thinkers. It's got the math, and it's got the reading. Interestingly, it's an adaptive test.

And that's something that educators understand. It means after you do the first section of the reading, if you do really well, you get a harder second section, and so on with the math. If you do not so well in that first section of math or reading, then you get the easier second section, so you lose the opportunity to gain what we might call, you know, a perfect score.

So, this adaptive testing has been used in education quite a bit. It's new to national standardized testing at this level, but that's what the SAT is doing. The ACT followed suit, and they decided they were going to go digital, but they're still offering the paper test. So right now, students have the opportunity for either one and that's something to think about if they prefer a paper test. Lastly, the act involves a science section, and the SAT does not. But interestingly, the science section doesn't really test your knowledge of science. It tests your critical thinking. You're given a set of data, and then you have to interpret it and answer some questions. So I would say to any student to figure out which is the right test for them.

And if they want to take that a step further, many many tutoring companies offer a free proctored diagnostic SAT and ACT practice tests that they can score and advise the student which one is better suited for them.

John P. Bryson

That's excellent. So, so far I'm picking up that even though it could be optional, having the SAT or ACT in your back pocket is going to be a great idea. Pick the right one for you, whether you're a quick thinker or more of a methodical thinker. But I want to go back to one other thing: How do you make that decision after you've gone through the process? You've got your score. Give us a little bit more information on whether or not to submit the score when you're applying. What's the options there?

Nancy Steenson

So the first thing a student should do is look at the college website. Each of the colleges that they're applying to click on admissions, click on, you know, testing and see what the … what the policy is for that school. And then I would, frankly, read between the lines. First of all, it's going to be very clear whether they're test optional, test required, test blind.

But for those who are test optional, you first want to look at the range of scores of admitted students and most colleges will show you a bar graph, or they will give you the mid-50th percent or the 25th to the 75th percentile of scores of either students who applied or students who are admitted. And those are two different numbers.

But different colleges use different numbers. Either which way you've got a mid-50th and you want to be in that sweet spot. Now, quite frankly, if you interviewed a thousand of my colleagues, I'll bet you that 50% of them would tell you that you want to be at least at the 50th percent point, and the other half would tell you, well, as long as you're in that range, at least at the 25th, you would get … you would get conflicting advice, because this whole landscape of test-optional college admissions has is … is not very transparent and has an enormous amount of people a little bit confused because the message has not really been clear.

So the fact of the matter is some would advise minimum 25th percent, some would advise be at the 50th, but it's somewhere in that range. Consider whether that score also is a good reflection of who you are as a student. But … but if it's not anywhere close to that range, it is rarely a good idea to submit the score.

Students coming from more disadvantaged backgrounds who clearly don't have the same curriculum in their high school that more advantaged students do, who clearly have not had the ability to get expensive tutoring and so on. Colleges acknowledge this. And for those … for that subset of students, sometimes we do advise sending a lower score that's a little off that radar of 25th to 75th, especially if that score is very good for that student’s school.

So you can see that different situations mean … mean, different set of advice. But the most important thing I really want to convey here is that for colleges that are test optional, read their website. Many of them are giving a message without being very direct. For instance, we have … we have seen through research that scores are a great value in our process.

Of course we don't require them, but they … we do value them. You have to read between the lines and understand that they sort of want a score. The other data point is to understand how many of the admitted students … admitted students sent scores in. And sometimes they'll say that as well. We don't require scores. But keep in mind that two thirds of the students we have admitted over the past few years did submit their scores.

That's sending a very strong message. They want to send the message of equity that if you don't, can't, won't send a score, we will still read your application, but they're speaking out of both sides of their mouth because they're also saying, but we really want a score.

John P. Bryson

That makes a lot of sense and it's good insight to that point of read between the lines. They're … they're, indicating their preference ... and when … when in doubt, try to follow that preference. That's great. Hey, Nancy, it's always great to catch up with you. And we get great insight and the landscape's evolving. Last question for you today is, what are some of the other changes that you're anticipating whether it's around the test prep or other parts of the college admissions process?

Nancy Steenson

Well, I mentioned that the ACT has a science section, and they recently decided that it's going to be optional. Students do not have to take the science section. That's … that's been very unclear for students because they don't know if colleges are going to want it. I'm asking on all my college visits. And John, as you know, I visit dozens and dozens of colleges a year.

I'm hearing colleges say that if the ACT is not requiring you to take it, then we're not requiring it either; however, if you think you might want to major in science or the STEM field, you might want to go ahead and take that optional science section. So, we may get more clarity on that down the road, but that's something to keep in mind.

And the other thing regarding the testing landscape is that we have to keep our ear to the ground, because there are colleges, even as we speak, who are or will be meeting to decide whether they're going to require standardized testing for the class of 2026. That would be our juniors, our rising seniors, specifically some public university systems. They have to wait for their boards of directors to have their annual meetings in mid- to late spring.

So we could be hearing as late as this summer that they are going to various institutions or … or public university systems may be announcing that they're going to require scores for students in the class of 2026. So, know that that could happen. And like I said, I think that the ones who are going to flip on this are likely going to be the very very selective private institutions and … and … and possibly, public university systems as well, because if they're at the mercy of their boards of governors.

John P. Bryson

Well, Nancy, I'll tell you this, we've had you on the podcast before. You've been one of our most popular podcasters, with the changing landscape, we're just going to have to have you back again in the fall. Maybe.

Nancy Steenson

I'd love it. John, thank you so much.

John P. Bryson

Well, thanks for joining, folks. Thanks for listening in. If you want to hear more, please subscribe to the portfolio Intelligence Podcast. You can find us on iTunes or wherever you subscribe your favorite podcast. You can also visit our website JH investments.com. You can read about our viewpoints on what's going on in the markets. We can hear … talk to you about what's going on in different business building ideas and much, much more. As always, thanks for tuning in. Take care.

Portfolio Intelligence podcast: From inflation to rate cuts—evaluating potential tariff impacts

May 1, 2025 | 24:16 | Ep. 92

Spring, they say, can really hang you up the most―and that’s the tune that’s played out in the markets so far, in the wake of Liberation Day. Might the proposed tariffs lead to a recession? How should investors position their portfolios amid uncertainty? Take a listen to what Matthew D. Miskin, CFA, our co-chief investment strategist, has to say.

John P. Bryson
Hello and welcome to the Portfolio Intelligence Podcast. Today is April 10th, 2025, and I'm your host, John Bryson, head of Investment Consulting and education savings at wait for It. Manulife John Hancock Investment Management. That's right. We've rebranded here at John Hancock for the last 20 years John Hancock, we've been a proud member of the Manulife organization. Rebranding reflects our commitment to leverage the global strength and scale of Manulife while continuing to deliver the exceptional service and investment options advisors and their clients have come to expect from us. As Manulife John Hancock Investments, our clients benefit from our extensive resources and insight into global capital markets as one of the largest wealth and asset management companies in the world, with more than 875 billion in assets, serving 19 million investors across five continents.

As you know, our multi manager platform enables us to offer a broad investment capabilities ranging from fixed income to equities to alternatives to private assets delivered through a diverse suite of products, providing flexibility to tailored investment solutions based on our clients’ needs. But most importantly, we remain dedicated to providing exceptional service, partnering with advisors to help solve investment challenges, and offering award-winning practice management programs, and investment consulting services.

One of the services we provide is bringing great and timely insights to you. So I've invited Matt Miskin, our co Chief investment Strategist here at Manulife John Hancock Investments, to the podcast to talk about what's going on in the world today. Matt, welcome to the podcast.

Matthew D. Miskin
Thanks for having me, John.

John P. Bryson
You got it. Hey, besides the new brand, anything going on in the investment world, do you think we should talk about it?

Matthew D. Miskin
Yeah, a lot of … a lot of moving parts, a lot to talk about. And I'm happy to be here with you to discuss it.

John P. Bryson
Yeah. I'm going to jump right in and talk about tariffs. Like I said, it's April 10. The situation is fluid. But what is the latest?

Matthew D. Miskin
So, the latest is that we have seen a pause … a 90-day pause on retaliation of tariffs. There is still a lot of unknowns here. Policy is changing nearly daily. But what we've seen is that China tariffs are still very elevated. Those have not come down. But what we have seen is other countries have seen a reduction in tariffs all in because China is such or … is seeing such high tariffs.

The tariff rate as now, as of now is still very high in a historical context. So, with equity or just the market response to all this, so we have seen, you know, a drawdown of nearly 20% in the S&P 500. It then rose about 10%, on the news of a delay of the tariffs. And we are now, seeing a bit of choppiness here.

But so, a positive development and that there's a delay, there's some softening of the trade war. Yet, there is still this big unknown as it relates to China and how this evolves in the coming days, weeks and months.

John P. Bryson
That’s it will have to stay tuned with that. I know you're going to be putting out a lot of information on our website and LinkedIn to keep people posted. But let's continue the conversation. I want to talk about the impact that this can have on inflation because we know that's a big driver of investor behavior and expectations. What kind of impact do you foresee this, having short term, medium term, long term on inflation.

Matthew D. Miskin
So if the tariffs are set in stone, which that we would not think of it that way because, again, they can change on a daily basis ... and one thing that has been consistent is that they are moving around. But if they were set, the import of goods from China would go up significantly. This would be a cost borne at first at the company level, and then the company would then have to decide, do we change where we get our imports from?

They could potentially choose to move that, supply chain. It's a very expensive and time intensive, or it takes a while, to do that. So we do think that would be unlikely. They could pass that on to the consumer, or they could eat into the margin, basically. So if they have a higher input costs, they could see weaker margins or lower margins as of that.

Or they could see if the consumer will … will have a higher price. These are generally inflationary. But as I think about this, you got to step back and look at it across all markets and you got to think about inflation more broadly. It's almost like a Facebook relationship status. It's complicated. Because with oil prices falling and we just got actually a CPI report for March, it came in very benign.

Only 0.1% on core CPI. And year over year it was 2.8% on core. That's the lowest since 2021. Headline CPI actually dipped 0.1%. And so lower oil prices are happening. Broader commodity prices are down. That's helping. And then the biggest wildcard on inflation isn't actually about us buying stuff from other parts of the world.

It's … it's actually housing. Housing … and they call it shelter in the Bureau of Labor Statistics inflation readings. Shelter made up about two thirds of inflation last year. It's about 40% of core inflation just as a starting point. And then it was so big because the housing prices haven't slowed much. In terms of its size of gains.

So that's been the biggest driver inflation. If housing prices slow either from elevated mortgage rates, which we're seeing the least affordable housing market in the country … country's history, which is what we are at today. Or greater supply hitting the market. And we're seeing that in some of those hotspots like Florida. We think housing prices slow.

So, we actually don't see this inflationary backdrop that the markets are as concerned about. It doesn't mean that they can't scare the bond market. It doesn't mean they can't keep the Fed on hold because they're going to be waiting, waiting to see if it shows up. But in our view, the broader inflation picture is actually more disinflationary because nearly two-thirds of inflation is services. What the tariffs are really hitting is goods. That's a third. And the other sides with again falling gas prices or commodities in general. That's likely not to cause a big spike in inflation.

John P. Bryson
That's really helpful. Especially the part about the housing impact and how we're seeing good numbers posted and hopefully that continues. Hey, so let's talk about the additional impact. What impact do you see the tariffs situation. You know, it's causing generally uncertainty. How is that uncertainty impacting corporate earnings? How do you … walk me through the trickle effect.

Matthew D. Miskin
All right. So there's a lot of moving parts on this one. And so one of the anecdotal stories we're hearing from companies right now is actually panic buying. So companies are seeing an increase in demand. We've been calling this a pull-through end demand. And this had been happening. What seemed to be for weeks ahead of this, really after the election.
People were buying either cars or goods that they knew are being assembled in other parts of the world, are being shipped here. But that actually was even accelerated, just recently because, you know, the tariffs became more of a real prospect. So you could see actually earnings hold up a bit better because all of a sudden people are buying more stuff to get ahead of the tariffs, which creates better earnings because there's their margins are actually they can potentially raise prices.

The tariffs haven't really been fully felt on on the margins yet. So there's that piece. But then overall what we're seeing is this volatility is probably going to stop or diminish economic activity because investors or businesses, consumers are pausing. They're not either making that investment like they would or they're not buying that thing like they would, or a business is … is holding off on building a new thing because they're not sure of what to expect in terms of policy.

So what we've seen is that the analyst community that covers earnings and that provides kind of … forecasts. They started the year thinking it was going to be 15% earnings growth for 2025. That's now down to 11%. But that was actually chopped down before even the tariffs were introduced. And so there has been no further rerating in earnings estimates in the last week or so.

In our view, that's still optimistic. 11% growth to us, it would be … it would be awesome. I'm not saying, you know, it'd be good for stocks, but it does look optimistic. And we have earnings season coming up here in a couple days, for Q1. And everyone's going to be basically at the edge of their seat listening to CEO, CFOs say, hey, here's our new guidance.

The problem is they're pulling their guidance. They're saying, we don't … we don't even want to know or sorry. We want to know, but we … we don't know where this is going. And we're not going to give you much insight. It still can give you, though. Enough of a tell. And let's think about it like poker where … where you can kind of see you.

Can you get to play, the person playing the cards. And I think you're going to hear analysts start to write down some of the earnings estimates. The valuations have gotten cheaper. That's good. That's a great starting point in stocks. But we still have to find out how much earnings are going to be coming down over the course of 2025.

John P. Bryson
Okay. Now, in prior conversations with both you and Emily Roland, you have talked. I mean, you're talking stocks certainly here in the U.S. Focus on quality, quality earnings quality companies. Is that still the case? Any more, I guess, tweak to that commentary you'd add now.

Matthew D. Miskin
Yeah. So quality. You know, I don't like, saying, hey, this is what you've been talking about, and this is the worst performing part of the market. But unfortunately, that's what I've got to say here. So U.S. quality stocks are the worst performers within the U.S. equity market. So it's atypical that any sell off the companies with the best balance sheets, the best return on equity, the best profit margins are the ones that are sold off the most.

Now last year, quality did pretty well, momentum was better, and it was more of a mix of … kind of … high-flying stocks. Some of them weren't necessarily quality, but the fact that quality sold off the most means that quality got the cheapest out of all of them. And if anything, they've got the best fundamentals. And so that does not shake our call.

If anything, it makes it better in our view, in that you're getting quality on sale. You haven't gotten U.S. quality stocks on sale for much of the last …. well, really, 2022 was the last time and it was a great opportunity. We do have some value as well. I call it relative value. So kind of quality at a reasonable price.

We've been bar-belling those two things. And that value tilt at least has helped us, you know, mitigate some of the downside here. But if anything, the fact that quality has gone on sale, the valuations have gotten more attractive. We think it's going to be on a relative basis to global equities and just equities in general across cap or style. We think that actually opens up more of an opportunity for long-term investors.

John P. Bryson
Okay. And one more level deeper on the quality question, how much of that is correlated to quality tech versus, quality non-tech, if you will.

Matthew D. Miskin
Tech is a big part of it. There's no doubt. So quality factor … technology is a big part of that. They do typically have the best balance sheets … hundreds of billions of dollars. Cash on the balance. On the balance sheets, they typically have the best margins. They typically have the best return-on-equity. So tech is a big part of it.

There arehealth care companies, though. There's industrial companies, there's communication services companies, even some consumer discretionary companies. So it's broader based, But tech is the epicenter still. You know, to us, if if trade wars are something that's gonna be playing on the background, those companies that are more in the internet aren't going to be getting tariffs.

Now you could say, you know, if they're a hardware producer and they build in China, I get that at least that that could weigh on margins. They do typically have the best margins in in business. So the at least they're starting stronger. But what if these companies don't even have a symbol? If it's a software company or it's an internet company?

The tariffs, the fact that they all got sold off, even though they might not even get negatively impacted by tariffs, just shows you, that the baby was thrown out with the bathwater and that these companies are showing much cheaper valuations with probably much less of a hit on earnings. And that's again why we're saying, hey, this is … this is an increasingly attractive opportunity, for long-term investors.

John P. Bryson
Okay. The baby with the bathwater analogy was one that was rattling around in my head as you were talking. So I'm glad you brought that up. Hey, another … another topic that this is impacting is calls for or against a recession, right? One day we're hearing for calls … for others. it's swinging back. What's your take on the likelihood of a recession going forward, and how … how is that priced into the markets today?

Matthew D. Miskin
So the way we're looking at this is basically a very low-growth environment. Stepping back, the last several years, you've seen fiscal policy. That's usually government policy. That has been supportive to the economy. We saw student loan forgiveness to the tune of hundreds of billions of dollars. We saw generally continued stimulus post Covid that just kept going, from the Chips act, the Inflation Reduction Act, etc..

And so the government side had just been really supporting in every jobs report you saw nearly 50,000 new government jobs, prior … in the prior couple of years. And so every jobs report had a big influence or positive impact from government. That's all reversing. And then on top of that reversing, you do get just uncertainty. You do get volatility in markets, lack of confidence, all this other stuff.

And so we see and it's you know, it's interesting you saw the March … I was just going through this … the March economic data was awesome. The United States was actually in great shape in March. The PMIs were good. The jobs report beat, initial jobless claims were low, in the CPI report was just the icing on the cake with a nice low inflation number.

So we had good growth in soft inflation in March. And now, it looks like everything could change. So, you know, it's hard to call a recession with … with the hard data actually as of March showing the economy was doing great. But the markets are telling you that the recession odds are coming up. The bond market has not priced in a recession by any means right now.
The … the 10-year Treasury yield is basically up. Usually in recessions it down. High-yield spreads have wind up a bit, but still low in a historical context. And so to us, you know, it's one of these dilemmas where you're saying, okay, this is, you know, not … not terrible, but weaker growth. And what usually causes recessions, counterintuitively, isn't usually found within the economy.

It's found within the markets. You go back to 2000, it was actually, you know, whether it was MCI or Enron and then the stock market collapse. So fraud and then the stock market collapse in 2008, it was Lehman. It was mortgages. It was the housing market collapse. And now we're looking around and just trying to find out if there's a liquidity event.

That would be what could drive us into a recession. You know, the Treasury market was … was pretty volatile the last couple days. Equities have seen some pretty significant volatility. But it hasn't been enough yet per se to … to cause a recession. So our base case still is … is pretty weak modest growth. If the Fed could cut into this, that'd be great.

The problem is the Fed's still on hold. I'm sure we're going to get to the Fed. And so we're being patient and we're holding on to those higher-quality assets that usually do better in a weaker and weaker economic growth environment. And we think the … the macro regime has changed and the markets haven't really fully repriced that yet. And eventually though, we think that's going to come back, to these some of these high-quality, whether it's stocks or bonds.

John P. Bryson
Okay. Perfect. And … and you set me up. We've kind of seen the “Trump put” here. Questions will be out there around the Fed put. What … what are your thoughts on the Fed. And then I guess that I’d broaden it. What else haven't we covered that you think we need to make clients aware of.

Matthew D. Miskin
Yeah. So the Fed is in a really tough spot because the backdrop was one, you know, again, if inflation was slowing and economic growth was okay, that would have been actually a great thing for the Fed because they could have said, hey, we're going to cut some more, but we don't need to cut aggressively, and it's not going to make you too upset.

It's it's not an issue. It's just hey inflation's finally coming down. Now that we've got policy that could really or could show up in inflation. Maybe it doesn't, but the Fed doesn't know. So they've got to wait and they've got to wait. And this can cause them to call … it's called become behind the curve. Meaning that they are waiting and markets can move or the data or things could change.

And so the Fed's got to be patient. They probably have to look at number of CPI reports or inflation reports before feeling confident that inflation is coming down. Our view is that they're going to be on hold in the first half. They will be cutting in the second half and they might have to cut more than expected because they're waiting so long.

There's a time element and then there's a magnitude element. They're going to be probably waiting a bit to see if there's inflation. They have to wait for the hard data to show stuff, because the soft data hasn't given them really good signals. So they've got to, you know, I guess coming from around Boston, it's a Revolutionary War quote …

But, they're going to wait for the whites of the eyes of the data to really make a decision. And there's pros and cons with that. You don't make mistakes often if you wait that long. Because you know it. I guess. But there can be something that happens where you wait too long and then it's hard to catch up.

And so it is a challenging backdrop. But again, we do think lower rates are in store for this economy and market over time. We just got to be patient.

John P. Bryson
Okay. Got it. So Matt kind of put a bow on this. You know, obviously there's a lot of uncertainty in the marketplace and it's changing every day. You're out talking to clients. What are you recommending that clients do right now. And is there any silver lining that we're not thinking about, that we should be sharing with investors?

Matthew D. Miskin
Yeah. I mean, there's a lot of bad news that has hit in the last week or two, and I think the bad news is pretty well known. Here's just some positives to consider. So one, the U.S. dollar is a lot weaker. The dollar just can't even get a bid. It's now down 6% for the year. Weaker dollar usually translates into better foreign revenues.

It can add liquidity to markets. It … it's generally beneficial. So dollar weaker, another one. Oil prices have plummeted. Oil prices are about $59 a barrel right now. Lower oil prices. And we often hear this stagflation risk. So stagflation is basically inflation up and the unemployment rate up. So the jobs market's weaker. And yet we're still getting inflation.

That is that's kind of like the worst case scenario. Stagflation historically speaking doesn't last long. And it usually is something that … just if the unemployment picture is worse, it's hard to have inflation because people are just not going to buy it. But if commodity prices spiked, that would be bad news. That would be stagflation. Very. Commodity prices have tumbled as of late.

That's disinflationary. That is going to reduce some of the input costs. So that's also good news. You know, I'd say otherwise, the good news is a bit more limited. But what we're, you know, thinking more broadly in terms of what to do now, we're not actually advocating much of a move. We made one change going into the second quarter.

And this was actually before all this. But we are more neutral on U.S. large cap. We're still overweight mid cap. And what we did was we said, in terms of a call was, you know, looking at some of this equity allocation and can we find income-producing assets that give us equity-like returns. But with lower risk profiles?

And so high yield is a place that we don't live within bonds. But relative to equities, high yield can be interesting. It is something that provides nearly an 8% yield. So that could actually be pretty competitive longer term for now for the equity market. It typically has a lower drawdown and a lower standard deviation than stocks.

And I know, you know, days like yesterday where the market's up 10% and high yields up 2% to 3%, it doesn't feel as good. But high yield was down a lot less than stocks. And over time, yields and income likely becomes a bigger driver of portfolio returns. So being thoughtful about managing risk, how can you turn capital appreciation that you used to receive into an income-producing asset? And that would be one of the ideas, to consider for portfolios.

John P. Bryson
Matt, you've brought some great insight in … you've brought, balanced point of view on what's going on in the world today. If I reflect back, you know, I try to be a market, a student of the market and a student of investor behavior. And we've gone through crises before, and we've made it out the other side.

I think in situations like this, couple things that help: Take a pause, don't invest emotionally, talk to your financial advisor, your trusted, resources to get a different point of view, and stay the course more often than not. With the … if your goals have been changed, we can … we can navigate this volatility. Staying the course is quite often the best approach.

Matt, I know you're all over this. I know you're going to be sharing videos and insight. It's going to be on our website at investments.com. It's going to be available on LinkedIn. If folks follow you, it's Matthew underscore Miskin. If you don't, please listen. And as always, keep coming back to John … to Manulife, John Hancock gor more and more insights on our website, we share a number of different, points of view on investing business building ideas. And as always with the podcast, we're going to give you up-to-date information that you can put to good use. Matt, thanks for joining us, everybody. Thanks for dialing in. We'll talk to you soon.


About our host

John P. Bryson leads the firm's investment consulting team, which is responsible for initiatives and businesses, including portfolio consulting, product channel consulting, exchange-traded fund capital markets, college savings, and stable value. He's a member of the John Hancock investment committee and the John Hancock 529 investment oversight committee, and he serves as chair of the John Hancock pension and 401(k) investment subcommittee. Prior to joining Manulife John Hancock Investments in 2008, he held product management and development positions at Fidelity Investments in the intermediary and defined contribution business units. Other previous roles include client service, investment training, and product specialist positions at New England Funds and Putnam Investments. John earned a B.S. in Finance and an M.B.A. from Boston College.

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