Mortgage spread tightening has run its course. Any further drop in mortgage rates will necessitate lower Treasury yields.

Our Portfolio Allocation Summary for January 2026.

Our Portfolio Allocation Summary for December 2025.

Special Report

Our key US fixed income views for 2026.

Our Portfolio Allocation Summary for November 2025.

Our Portfolio Allocation Summary for October 2025.

Our Portfolio Allocation Summary for September 2025.

Our Portfolio Allocation Summary for August 2025.

Our Portfolio Allocation Summary for July 2025.

Our Portfolio Allocation Summary for June 2025.