What We Think
See our perspective on key developments in the US fixed income market and learn more about our investment philosophy, process, and strategies.
The Take
on what the market gives us…
2H-23 Bond Market Outlook: Get Ready for the Heat Lamp Economy
—
July 10, 2023
Whether or not we have a recession isn’t the only key theme for the second half of 2023. The Federal Reserve (Fed) has clearly committed to a higher-for-longer interest rate policy and that means credit fundamentals will be under pressure. This will stress liquidity, exacerbate idiosyncratic credit risks, and heighten spread volatility. We recommend moving up-in-quality and liquidity while stressing credit metrics for a prolonged period under the heat lamp of restrictive monetary conditions. Read More
A 10 out of 10 for Year 10
—
June 22, 2023
After weathering the storm induced by an acute March banking crisis (how was that only three months ago?!) and trying to decipher the Fed’s endless rhetoric, we at IR+M were incredibly grateful for the arrival of our annual IR+M Gives BACK (Bonding about Charity and Kindness) Week in June. Read More
The Original Issue Discount Trend in ABS: Attractive Bargain, or Value Trap?
—
June 7, 2023
Once a feature largely confined to the High Yield corporate bond market, bonds issued below par are becoming more common within the investment grade Asset-Backed Securities (ABS) market. Bond buyers need to examine the risks before investing, given that extension – rather than impairment – is the more relevant risk for senior ABS bondholders. Moreover, the investment grade ratings that ABS carry do not reflect this risk. Read More
Infographics
- Convertibles - Sunnier Days Ahead
- Dispersion Grows Across Market Participants on the Future Path of Rates
- Investing in Our Planet – SBTi and Carbon Offsets
- These Are Interesting Days in the Muni Market
- Carrying Us Into 2023
- ARPA Final Ruling: Lower Discount Rate Expands SFA Investable Universe
- The Rising Value of Tax Exemption
- Evolution of the Asset-Backed Securities (ABS) Market
- Looking For Positive Amid the Negative
- Got Yield?
- Rising Rates – Keep Calm and Carry On
- Boosting Electric Vehicle Infrastructure
- Corporate Supply: Don’t Stop Me Now
- Federal Reserve Chairman Jerome Powell is Renominated
- Twinkle, Twinkle Rising Stars, How I Wonder Where You Are?
- ESG Momentum
- Technical Factors Behind Treasury Yield Moves
- Does Everything That Goes Up Have To Come Down?
- High Yield Security Selection
- Income is the Primary Driver of Return Over Time
- Aggregate Index Changes
- What's In Your Core Plus - Part II
- What's in Your Core Plus?
- Security Selection
- Fallen Angels
- Long Issuance
Weekly + Monthly Market Notes
- November 2023
- November 16, 2023
- November 9, 2023
- October 2023
- October 26, 2023
- October 19, 2023
- October 12, 2023
- October 5, 2023
- September 2023
- September 28, 2023
- September 21, 2023
- September 14, 2023
- September 7, 2023
- August 2023
- August 31, 2023
- August 24, 2023
- August 17, 2023
- August 10, 2023
- Special Market Update - August 2, 2023
- July 2023
- July 27, 2023
- July 20, 2023
- July 13, 2023
- June 2023
- June 29, 2023
- June 22, 2023
- June 15, 2023
- June 8, 2023
- MAY 2023
- May 25, 2023
- May 18, 2023
- May 11, 2023
- May 4, 2023
- April 2023
- April 27, 2023
- April 20, 2023
- April 13, 2023
- April 6, 2023
- March 2023
- March 30, 2023
- March 23, 2023
- Special Market Update – March 20, 2023
- March 16, 2023
- Special Market Update – March 15, 2023
- Special Market Update - March 13, 2023
- Special Market Update - March 10, 2023
- March 9, 2023
- February 2023
- February 23, 2023
- February 16, 2023
- February 9, 2023
- January 2023
- January 26, 2023
- January 19, 2023
- January 12, 2023
- January 5, 2023
- December 2022
- December 22, 2022
- December 15, 2022
- December 8, 2022
- November 2022
- November 17, 2022
- November 10, 2022
- November 3, 2022
- October 2022
- October 27, 2022
- October 20, 2022
- October 13, 2022
- October 6, 2022
- September 2022
- September 29, 2022
- September 22, 2022
- September 15, 2022
- September 8, 2022
- August 2022
- August 25, 2022
- August 18, 2022
- August 11, 2022
- August 4, 2022
- July 2022
- July 28, 2022
- July 21, 2022
- July 14, 2022
- July 7, 2022
- June 2022
- June 23, 2022
- June 16, 2022
- June 9, 2022
- May 2022
- May 26, 2022
- May 19, 2022
- May 12, 2022
- May 5, 2022
- April 2022
- April 28, 2022
- April 21, 2022
- April 14, 2022
- April 7, 2022
- March 2022
- March 24, 2022
- March 17, 2022
- March 10, 2022
- March 3, 2022
- Special Market Update - February 2022
- Special Market Update - February 24, 2022
- February 17, 2022
- February 10, 2022
- February 3, 2022
- January 2022
- January 27, 2022
- January 20, 2022
- January 13, 2022
- January 6, 2022
- December 2021
- December 22, 2021
- December 16, 2021
- December 9, 2021
- November 2021
- November 18, 2021
- November 12, 2021
- Special Market Update - November 3, 2021
- October 2021
- October 28, 2021
- October 21, 2021
- October 14, 2021
- October 7, 2021
- September 2021
- September 23, 2021
- September 16, 2021
- September 9, 2021
- August 2021
- August 26, 2021
- August 19, 2021
- August 12, 2021
- August 5, 2021
- July 2021
- July 29, 2021
- July 22, 2021
- July 15, 2021
- July 8, 2021
- June 2021
- June 24, 2021
- June 17, 2021
- June 10, 2021
- June 4, 2021
- May 2021
- May 27, 2021
- May 20, 2021
- May 13, 2021
- May 6, 2021
- April 2021
- April 29, 2021
- April 22, 2021
- April 15, 2021
- April 8, 2021
- March 2021
- March 25, 2021
- March 18, 2021
- March 11, 2021
- March 4, 2021
- February 2021
- February 25, 2021
- February 18, 2021
- February 11, 2021
- February 4, 2021
- January 2021
- January 28, 2021
- January 21, 2021
- January 14, 2021
- January 7, 2021
- December 2020
- December 23, 2020
- December 17, 2020
- December 10, 2020
- November 2020
- November 19, 2020
- November 12, 2020
- November 5, 2020
- October 2020
- October 29, 2020
- October 22, 2020
- October 15, 2020
- October 8, 2020
- September 2020
- September 24, 2020
- September 17, 2020
- September 10, 2020
- August 2020
- August 27, 2020
- August 20, 2020
- August 13, 2020
- August 6, 2020
- July 2020
- July 30, 2020
- July 23, 2020
- July 16, 2020
- July 9, 2020
- June 2020
- June 25, 2020
- June 18, 2020
- June 11, 2020
- June 4, 2020
- May 2020
- May 28, 2020
- May 21, 2020
- May 14, 2020
- May 7, 2020
- April 2020
- April 23, 2020
- April 16, 2020
- April 9, 2020
- March 2020
- March 26, 2020
- March 19, 2020
- March 12, 2020
- March 6, 2020
- March 5, 2020
- February 2020
- February 27, 2020
- February 24, 2020
- February 20, 2020
- February 13, 2020
- February 6, 2020
- January 2020
- January 30, 2020
- January 23, 2020
- January 16, 2020
- January 9, 2020
- December 2019
- December 19, 2019
- December 12, 2019
- December 5, 2019
- November 2019
- November 21, 2019
- November 14, 2019
- November 7, 2019
- October 2019
- October 24, 2019
- October 17, 2019
- October 10, 2019
- October 3, 2019
- September 2019
- September 26, 2019
- September 19, 2019
- September 12, 2019
- September 5, 2019
- August 2019
- August 29, 2019
- August 22, 2019
- August 15, 2019
- August 8, 2019
- July 2019
- July 25, 2019
- July 18, 2019
- July 11, 2019
- June 2019
- June 27, 2019
- June 20, 2019
- June 13, 2019
- June 6, 2019
- May 2019
- May 30, 2019
- May 23, 2019
- May 16, 2019
- May 9, 2019
- April 2019
- April 25, 2019
- April 18, 2019
- April 11, 2019
- April 4, 2019
- March 2019
- March 28, 2019
- March 21, 2019
- March 14, 2019
- March 7, 2019
- February 2019
- February 21, 2019
- February 14, 2019
- February 7, 2019
- January 2019
- January 24, 2019
- January 17, 2019
- January 10, 2019
- December 2018
- December 27, 2018
- December 20, 2018
- December 13, 2018
- December 6, 2018
- November 2018
- November 29, 2018
- November 15, 2018
- November 8, 2018
- October 2018
- October 25, 2018
- October 18, 2018
- October 11, 2018
- October 4, 2018
- September 2018
- September 20, 2018
- September 13, 2018
- September 6, 2018
- August 2018
- August 30, 2018
- August 23, 2018
- August 16, 2018
- August 9, 2018
- July 2018
- July 26, 2018
- July 19, 2018
- July 12, 2018
- June 2018
- June 28, 2018
- June 21, 2018
- June 14, 2018
- June 6, 2018
- May 2018
- May 24, 2018
- May 17, 2018
- May 10, 2018
- April 2018
- April 26, 2018
- April 19, 2018
- April 12, 2018
- April 5, 2018
- March 2018
- March 22, 2018
- March 15, 2018
- March 8, 2018
- February 2018
- February 22, 2018
- February 15, 2018
- February 8, 2018
- January 2018
- January 25, 2018
- January 18, 2018
- January 11, 2018
- January 4, 2018
- December 2017
- December 21, 2017
- December 14, 2017
- December 7, 2017
- November 2017
- November 30, 2017
- November 16, 2017
- November 9, 2017
- October 2017
- October 26, 2017
- October 19, 2017
- October 12, 2017
- October 5, 2017
- September 28, 2017
- September 21, 2017
- September 14, 2017
- September 7, 2017
- August 2017
- August 24, 2017
- August 17, 2017
- August 3, 2017
- August 10, 2017
- July 2017
- July 27, 2017
- July 20, 2017
- July 13, 2017
- June 2017
- July 6, 2017
- June 29, 2017
- June 22, 2017
- June 15, 2017
- June 8, 2017
- May 2017
- May 25, 2017
- May 18, 2017
- May 11, 2017
- May 4, 2017
- April 2017
- April 27, 2017
- April 20, 2017
- April 13, 2017
- April 6, 2017
- March 2017
- March 30, 2017
- March 23, 2017
- March 16, 2017
- March 9, 2017
- February 2017
- February 23, 2017
- February 16, 2017
- February 9, 2017
- January 2017
- January 26, 2017
- January 19, 2017
- January 12, 2017
- January 5, 2017
- December 29, 2016
- December 2016
- December 22, 2016
- December 15, 2016
- December 8, 2016
- November 2016
- November 17, 2016
- November 10, 2016
- November 3, 2016
- October 2016
- October 27, 2016
- October 20, 2016
- October 13, 2016
- October 6, 2016
- September 2016
- September 29, 2016
- September 22, 2016
- September 15, 2016
- September 8, 2016
- August 2016
- August 25, 2016
- August 18, 2016
- August 11, 2016
- August 4, 2016
- July 2016
- July 28, 2016
- July 21, 2016
- July 14, 2016
- July 7, 2016
- June 23, 2016
- June 16, 2016
- June 9, 2016
- May 2016
- May 26, 2016
- May 19, 2016
- May 12, 2016
- May 5, 2016
- April 2016
- April 21, 2016
- April 14, 2016
- April 7, 2016
- March 2016
- March 24, 2016
- March 17, 2016
- March 10, 2016
- February 2016
- February 25, 2016
- February 18, 2016
- February 11, 2016
- February 4, 2016
- January 2016
- January 28, 2016
- January 21, 2016
- January 14, 2016
- January 6, 2016
- December 2015
- December 17, 2015
- December 10, 2015
- November 2015
- November 19, 2015
- November 12, 2015
- November 5, 2015
- October 2015
- October 29, 2015
- October 22, 2015
- October 15, 2015
- October 8, 2015
- September 2015
- September 24, 2015
- September 17, 2015
- September 10, 2015
- August 2015
- August 27, 2015
- August 20, 2015
- August 13, 2015
- August 6, 2015
ESG Monitor
- ESG Monitor - 3Q2023
- ESG Monitor - 2Q2023
- ESG Monitor - 1Q2023
- ESG Monitor - 4Q2022
- ESG Monitor - 3Q2022
- ESG Monitor - 2Q2022
- ESG Monitor - 1Q2022
- ESG Monitor - 4Q 2021
- ESG Monitor - 3Q 2021
- A Primer on Sustainable Investing
- ESG Monitor - 2Q 2021
- ESG Monitor - 1Q 2021
- ESG Monitor - 4Q 2020
- ESG Monitor - 3Q 2020
- ESG Monitor - 2Q 2020
- ESG Monitor - 1Q 2020
- ESG Monitor - 4Q 2019
- ESG Monitor - 3Q 2019
- ESG Monitor - 2Q 2019
- ESG Monitor - 1Q 2019
LDI Monitor
- LDI Monitor - October 2023
- LDI Monitor - September 2023
- LDI Monitor - August 2023
- LDI Monitor - July 2023
- LDI Monitor - June 2023
- LDI Monitor - May 2023
- LDI Monitor - April 2023
- LDI Monitor - March 2023
- LDI Monitor - February 2023
- LDI Monitor - January 2023
- IR+M Funded Status Monitor - 2023
- LDI Monitor - 2022 Annual Edition
- LDI Monitor - November 2022
- LDI Monitor - October 2022
- LDI Monitor - September 2022
- LDI Monitor - August 2022
- LDI Monitor - July 2022
- LDI Monitor - June 2022
- LDI Monitor - May 2022
- LDI Monitor - April 2022
- LDI Monitor - March 2022
- LDI Monitor - February 2022
- IR+M Funded Status Monitor - 2022
- LDI Monitor - January 2022
- LDI Monitor - 2021 Annual Issue
- LDI Monitor - November 2021
- LDI Monitor - October 2021
- LDI Monitor - September 2021
- LDI Monitor - August 2021
- LDI Monitor - July 2021
- LDI Monitor - June 2021
- IR+M Funded Status Monitor - 2021
- LDI Monitor - May 2021
- LDI Monitor - April 2021
- LDI Monitor - March 2021
- LDI Monitor - February 2021
- LDI Monitor - January 2021
- LDI Monitor - 2020 Annual Issue
- LDI Monitor - November 2020
- LDI Monitor - October 2020
- LDI Monitor - September 2020
- LDI Monitor - August 2020
- LDI Monitor - July 2020
- LDI Monitor - June 2020
- LDI Monitor - May 2020
- LDI Monitor - April 2020
- LDI Monitor - March 2020
- LDI Monitor - February 2020
- LDI Monitor - January 2020
- LDI Monitor - 2019 Annual Issue
- LDI Monitor - November 2019
- LDI Monitor - October 2019
- LDI Monitor - September 2019
- LDI Monitor - August 2019
- LDI Monitor - July 2019
- LDI Monitor - June 2019
- LDI Monitor - May 2019
- LDI Monitor - April 2019
- LDI Monitor - February 2019
- LDI Monitor - January 2019
- LDI Monitor - 2018 Annual Issue
- LDI Monitor - November 2018
- LDI Monitor - October 2018
- LDI Monitor - September 2018
- LDI Monitor - August 2018
- LDI Monitor - July 2018
- LDI Monitor - June 2018
- LDI Monitor - May 2018
- LDI Monitor - April 2018
- LDI Monitor - March 2018
- LDI Monitor - February 2018
- LDI Monitor - January 2018
- LDI Monitor - 2017 Annual Issue
- LDI Monitor - November 2017
- LDI Monitor - October 2017
- LDI Monitor - September 2017
- LDI Monitor - August 2017
- LDI Monitor - July 2017
- LDI Monitor - June 2017
- LDI Monitor - May 2017
- LDI Monitor - April 2017
- LDI Monitor - March 2017
- LDI Monitor - February 2017
- LDI Monitor - January 2017
- LDI Monitor - 2016 Annual Issue
- LDI Monitor - November 30, 2016
- LDI Monitor - October 31, 2016
- LDI Monitor - September 30, 2016
- LDI Monitor - August 31, 2016
- LDI Monitor - July 31, 2016
- LDI MONITOR - June 30, 2016
- LDI Monitor - May 2016
- LDI Monitor - April 2016
- LDI Monitor, March 2016
- LDI Monitor, February 2016
- LDI Monitor, January 2016
- LDI Monitor, 2015 Annual Issue
- LDI Monitor, November 2015
- LDI Monitor, October 2015
- LDI Monitor, September 2015
- LDI Monitor, August 2015
- LDI Monitor, July 2015
- LDI Monitor, June 2015
- LDI Monitor, May 2015
- LDI Monitor, April 2015
Private Client Monitor
- Private Client Monitor - October 2023
- Private Client Monitor - July 2023
- PRIVATE CLIENT MONITOR - APRIL 2023
- Private Client Monitor - January 2023
- Private Client Monitor - October 2022
- Private Client Monitor - July 2022
- Private Client Monitor - April 2022
- Private Client Monitor - January 2022
- Private Client Monitor - 3Q2021
- Private Client Monitor - 2Q2021
- Private Client Monitor - April 2021
- Private Client Monitor - January 2021