Securitized Products
Highlights Chart 1Will Fed Purchases Mark The Top?
Will Fed Purchases Mark The Top…
Highlights Duration: It is too soon to call the bottom in bond yields. To help make that call we will be looking for when: daily new COVID-19 infections reach zero, global growth indicators improve, US economic indicators worsen, technical indicators signal a reversal. Fed: Low inflation…
Highlights Chart 1Making New Lows
Making New Lows…
Highlights Chart 1The 2003 SARS Roadmap
The 2003 SARS Roadmap…
Highlights Commercial rents have fallen in real terms, revealing that the commercial property price rally has been fueled exclusively by low rates. Limited upside for rents and an upward direction for future rates are two significant headwinds. However, commercial real estate is especially pro…
Highlights Chart 1Softer PMIs In December
Softer PMIs In December…
Highlights Below-Benchmark Duration In 2020 H1. Improving global growth and the de-escalation of US/China trade tensions will put upward pressure on bond yields in the first half of 2020, making below-benchmark portfolio duration appropriate. US political risks could re-assert themselves as we…
Highlights Chart 1Manufacturing PMIs Track Bond Yields
Manufacturing PMIs Track Bond Yields…
An Opportunity In U.S. MBS…
Highlights Global: Global growth momentum is bottoming out, leading indicators are improving, inflation is subdued, and central bankers are biased to maintain accommodative monetary policies. This is a bullish “sweet spot” for financial markets, suggesting further upside for global risk assets…