Sample Our Reports, Presentations, & Market Insights
Assessing Foreign Auction Participation While foreign auction participation and indirect bid percentages are valuable tools in determining foreign demand for U.S. bonds, their importance on a micro level may be overstated. Like the net purchases of...
Revisiting the Original Conundrum: The Interest Rate-to-Stock Relationship Nearly 10 years ago the relationship between stocks and interest rates changed. We attribute this change to a paradigm shift when the stock market’s capitalization first...
Mutual Fund Flows Update Tables updated through December 31, 2006 with data released January 30, 2007. Comments on Stock Funds, Bond Funds and Hybrid Funds, and the public’s break-even level.
Charts of the Week Topics Covered This Week Include: Mutual Fund Flows – All Stocks vs. Bonds World vs. Domestic Mutual Fund Flows Measuring The Public’s Unrealized Profits How Big Is The Stock Market? Corporate Yield Curves’ Warnings Corporate Yield Curve And OAS Comparing The Stock Market To The Bond Market How Big Are Commodity… Continue reading Untitled
How Big Are Commodity Index Funds? The commodities’ bull market this decade has been nothing short of remarkable. As prices continued to soar, money managers looked to the new concept of commodities as an asset class and used commodity index...
Liquidity In The Stock Market It is important to recognize the rally both for what it is, a reduction of supply, and what it is not, an increase in demand. Too many commentators are trying to force a demand story of petrodollar money being recycled...
Inflation Watch Update In this month’s update, we take a look at rental prices in relation to Owners’ Equivalent Rent and Core CPI.
Revisiting Commodities’ Impact on Financial Markets The recent abrupt declines in various commodity prices have had only a scattered impact on sector credit and equity markets, expected effects on equity industry groups and what appear to be...
The Yen Carry Trade’s Importance A global analysis of currency carry trades confirms the importance of the yen carry trade, and specifically the interest rate spread component of this trade, to global equity markets.
Size Matters For Credit Ratings Long-term corporate bond credit ratings deteriorate markedly or even disappear as market capitalization declines. However, none of the patterns by size or economic sector are unexpected and no evidence exists of...
Charts of the Week Topics Covered This Week Include: What About the Federal Fund Futures Market? Is A Hawkish Federal Reserve Causing A Bond Rally? Yield Curve, Convexity And Total Returns The Measure Of Core Inflation Problem? Detailing The Trade Deficit Measures of Leverage In The Bond Market Bond Market Volatility Primary Dealer Trading Volume… Continue reading Untitled
November Total Return Review: Yield Curve, Convexity And Total Returns The attached tables update the total returns through November. Total returns on long-term Treasuries resumed moving higher after the yield curve renewed its flattening in June...