Recent failures in the global banking sector coupled with uncertainty surrounding the Federal Open Market Committee’s (Fed) next moves have prompted investors to reprice risk in the capital markets.
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One of 2022’s big surprises was how well high yield (HY) credit spreads performed despite the elevated volatility and bruising returns suffered by most other asset classes. (HY is a higher-risk subset of corporate bonds conventionally quoted by the difference in yield relative to a comparable Treasu...
Full Year 2022 SMCO vs. Russell 2500 Absolute Performance (top panel) & Relative Performance (bottom panel)
With the continuing rise in interest rates, yield instruments have increasingly captured the attention of hungry investors. However, “yield” can have a range of meanings and calculations within the market ecosystem. Understandably, determining which yield to use for which investment can get confusin...
Sticky inflation, a hawkish Federal Reserve Open Market Committee (Fed), slowing growth, an outsized dollar, and global conflict. Ten months into 2022 and the markets continue to strain under growing economic slackening. Bond prices are touching historic lows一due to the Fed’s aggressive rate hikes一a...
“Oh, you were serious about dat…” Stocks, Rates & Expectations Post the June Fed meeting, hopes for the “pivot” fueled the rally. But late in the quarter, the Fed quashed that idea.
“Meaningful downward pressure.” These were Federal Open Market Committee (Fed) Chairman Powell’s words last week explaining a third consecutive rate hike of 0.75% in the fight against a defiantly steep U.S. inflation rate.
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