More Research

CPI Higher Than Expected

    Consumer Price Index Higher than Expected: Confirming the Fed Will Likely Continue Aggressively Hiking Rates and Slowing Growth   The market cannot explain away today’s hot inflation numbers. After registering a reprieve from the Core numbers in...

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Backup in U.S. Treasury Rates

  While there is a lot of discussion about how extreme the backup in U.S. Treasury yields has been, when you put the significant moves (over the last four years) in context, we have had many runs and sell-offs. Much of this is due to the uncertainty related to...

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Reflections from Q2 2022

      Reflections from 2Q 2022 1. Condensed Market Cycles 2. Investment Grade – A Unique Opportunity 3. High Yield – Resilience of Earnings 4. The Market is Doing the Work for the Fed 5. What Happens When the Right Trade Can’t Be Put On   Dear...

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Market Update

    Dear Friends,   Our expectation around heightened volatility this year is proving to be more extreme in nature and creating a wider band of potential outcomes. Yield curves have flattened, credit spreads have widened and the strong negative sector...

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Cycles

    Dear Friends, I made a commitment when we launched the firm to not pollute your inbox with regularly scheduled quarterly reviews that were just recaps of what happened in the quarter – a somewhat insulting exercise considering the information...

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Thoughts On The Market

    Dear Friends, We are kicking the year off with significant volatility across the markets. It feels like there is a considerable amount of capital moving across markets creating initial volatility. Year-to-date we’ve seen over 4 bln in outflows in the HYG...

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