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Be Wary Of Credit Risk
Our Portfolio Allocation Summary for August 2023.
US Bond Strategy by Ryan Swift
Recession Fears Abate
This week we present our Portfolio Allocation Summary for July 2023.
US Bond Strategy by Ryan Swift
A Macro Playbook For Asset Allocators
Special Report We build a four-stage business cycle framework based on economic growth and capacity utilization, and then analyze historical returns for most major asset allocation decisions for each stage. Given that we are in the early recession…
Global Asset Allocation by Felix-Antoine Vezina-Poirier
Will US Junk Bonds Continue Tightening?
  US high-yield corporate bonds have been rallying of late. The average index option-adjusted spread narrowed by 58 bps over the past three weeks. This improvement is consistent with the recent performance of other risky assets:…
Daily Insights
Top Of The Range
This week we present our Portfolio Allocation Summary for June 2023.
US Bond Strategy by Ryan Swift
The End Of The Tightening Cycle
This week we present our Portfolio Allocation Summary for May 2023.
US Bond Strategy by Ryan Swift
The Disconnect Between Rate Risk And Credit Risk
This report looks at the relationship between rate risk and credit risk and how it has changed over time. It also makes the case for favoring agency MBS within an underweight allocation to US spread product.
US Bond Strategy by Ryan Swift
Don’t Believe The Cuts
This week we present our Portfolio Allocation Summary for April 2023.
US Bond Strategy by Ryan Swift
The Fed Is Almost Done
The Fed lifted rates 25 bps yesterday while also signaling that the tightening cycle is near its peak. We discuss the short-run and long-run implications for Treasury yields.
US Bond Strategy by Ryan Swift
How Will The Fed Respond?
Depending on market volatility during the next few trading days, the Fed will either lift rates by 25 bps next week or pause its tightening cycle. Either way, the Fed’s hiking cycle is close to its peak but rate cuts won’t be coming…
US Bond Strategy, Global Fixed Income Strategy by Ryan Swift

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