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Our estimates for the reversal rate (or point of pain) resides near 150 bps, indicating additional hikes will continue to tighten financial conditions and hamper the Federal Reserve's ability to fulfill hopes for at least three hikes in 2018.
Investors are no longer able to confidently hedge equity exposure using long-end U.S. Treasuries, causing many to lower risk exposure.
Short investors who misinterpreted large net outflows from U.S. high yield ETFs could be caught offsides.
Investors are now in the 'put up or shut up' phase by demanding realized inflation and wage growth to build more inflation and hawkish action into safe and risk assets. Consumer trends have mildly softened to begin 2018, making upcoming personal...
Higher yields and wider spreads may be appealing enough for some credit market investors to begin extending duration.
Leveraged loans will have a harder time sustaining outperformance over high yield in the next few weeks.
Equity and HY investors should benefit from over-weighting lower beta, less cyclical sectors
Bloomberg – Credit Markets Are Stuck Playing Game of Dealers’ Choice Willingness to buy debt ‘clearly being tested,’ BofA Says In credit markets, it’s dealers’ choice — for now. That means credit...
The volatility of U.S. equities rocketed higher in February but has thus far been mostly an isolated event away from U.S. Treasuries, foreign equities, and currencies
Inflation and wage growth are showing nearly their largest contributions to U.S. Treasury yields since the financial crisis.
Volatility-sensitive equity strategies are suffering in the wake of heightened inflation fears and a pulling in of rate hike expectations.
The Federal Reserve is ending Yellen's term with a hawkish bias, but also a lack of confidence in their forecasts for inflation and wage growth.