Ahead of the March 2 deadline, the media continues to hyperventilate about the trade war. The vast majority of S&P 500 companies do not share the same level of concern.... Read More
A look at federal debt to GDP since 1791... Read More
Jim Bianco commented on sentiment surveys in a recent conference call, pointing out they are often little more than a reflection of the stock market.... Read More
Join us for our conference call on Friday, January 25, 2019.... Read More
Price and volume between investment grade and high yield are diverging in ways not seen in years. This represents a risk for high yield moreso than investment grade.... Read More
Our top posts from the week of January 14, 2019. ... Read More
Despite a rally in most fixed income assets in Q4 2018, FICC trading at many of the major U.S. banks suffered. Could a persistent bearishness on bonds have led to these results?... Read More
We continue to see a regime shift in the relationship between stocks and bonds.... Read More
With rates on the rise, investors are rewarding stocks of companies with low leverage.... Read More
PG&E's downgrade to junk status puts the utility company at risk of joining the list of fallen angels - assuming they don't declare bankruptcy first.... Read More
Which candidates are expected to run for President in 2020? Who will control the House and Senate?... Read More
Traders continue to use the high yield index market as a hedge rather than trading the underlying bonds. This is a strategy that works while liquidity exists, but could pose serious problems in volatile markets.... Read More
Join us for our conference call on January 10, 2019 at 9 AM CT.... Read More
No one seems to know what to make of Brexit. A resolution is badly needed as the UK economy is at risk of grinding to a halt.... Read More
Price and volume between investment grade and high yield are diverging in ways not seen in years. This represents a risk for high yield moreso than investment grade.... Read More
The Fed made a mistake in being overly hawkish as the economy turned south. It took three weeks of wild market volatility before they altered their stance. In taking so long to change their tune, the Fed added to an already decelerating economy.... Read More
The CFTC recently announced it will release its COT report each Friday and Tuesday until the data is caught up from the government shutdown.... Read More
For the first time in 11 years, the markets are closer to pricing in a rate cut than a rate hike. The Fed is still talking about rate hikes and balance sheet reductions. We cannot find a historical example of the markets and the Fed being on such different pages. It sets up a dangerous situation for the Fed to navigate.... Read More
