The Take
on what the market gives us…

The Fed’s Rai Stones
By: Jake Remley — May 12, 2021

As the inflation versus reflation debate rages, the Federal Reserve (Fed) must make unprecedented assumptions about the post-pandemic economy. Despite Powell’s assertions that long-term inflation risks are low, it’s simply too soon to say for sure. If evidence mounts that price pressures are rising faster than real growth, the Fed may need to curtail their aggressively dovish stance in the coming quarters.
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Play Hedge Ratios Using The Price Is Right Rules
By: Theresa Roy — May 5, 2021

In a rising rate environment, we feel it is better to be underhedged rather than overhedged in your LDI strategy.
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Voting with Your Feet - Possibly More True Today
By: Wesly Pate — April 28, 2021

Changing fiscal policies and COVID-related work environments may result in the increased elasticity of state and local taxes. Longer-term, this could have material impacts on underlying creditworthiness.
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The SOFR Sacrifice
By: Bill O'Neill — April 22, 2021

As we approach LIBOR’s sunset, we continue to thoroughly examine our portfolios, assess our exposures, communicate with our clients, and plan for the changes that lie ahead.
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Climate Change: Addressing Big Problems through Small Changes
By: Allison Walsh — April 22, 2021

The enormity of climate change can feel overwhelming, in this piece, we discuss how small changes can make a big impact.
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Jigsaw Puzzles, LEGOs.... and Bond Portfolios?
By: Tucker Rothmann — April 14, 2021

How losing a puzzle piece made me realize that an active bond portfolio is more like a LEGO masterpiece than a jigsaw puzzle.
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Comparing Liquidity in the Rates Market to Dad's "New" Snowblower
By: Joe Alfano — April 7, 2021

Even in the world’s largest bond market, liquidity can ebb and flow, but what does that actually mean for transacting?
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The Underlying Issue: Credit ETFs Are Tipping Their Pitches
By: Lucas Murray — March 31, 2021

After experiencing the intra-day volatility of the past year, including the flows in recent weeks, Credit ETFs are tipping their pitches, and the awareness of dealers/buy-side traders is enhancing daily price volatility.
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Do Androids Dream of Rising Rates?
By: Jake Remley — March 17, 2021

Rising inflation and the ballooning of government deficits have bond investors concerned about runaway Treasury yields. While investor sentiment regarding interest rates remains weak, several ancillary market signals suggest that the worst-case scenarios are improbable.
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Divestment or Engagement?
By: Ed Ingalls — March 15, 2021

For investors seeking change, which strategy is more effective, divestment or engagement?
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