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…

Identical or Fraternal? It’s Not Always Obvious.
By: Amy DiMarzio — June 10, 2021

You know the old saying – you can’t judge a book by its cover. This adage is definitely relevant to credit research, where it is vitally important to dig deep and consider all factors – especially those related to E, S, and G.
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MBS Taper Without the Tantrum?
By: Jake Remley — May 26, 2021

With the arrival of beach weather, the economy is heating up while the housing market is scorching hot. While the latter supports consumer confidence, worker mobility, and healthy local tax revenues, outsized home price inflation stokes undesired affordability issues. As a result, the Fed may soon find it necessary to curtail its $40 billion/month in MBS purchases even if it chooses to maintain its $80 billion/month in Treasury purchases for the time being.
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Racing in the Rain
By: Ed Ingalls — May 20, 2021

The art of racing in the rain and how a slow but steady investment approach is likely to be competitive over a long-term time period.
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