Term Premium’s Impact on Bond Market Swings

Interest rate markets have been roiled by massive shocks during the last two years, starting with the significant…

9 mins

Beyond the Hike: Navigating Market Behavior Pre- and Post-Hiking Cycles 

The Federal Reserve at its last meeting raised rates to the 5.25%-5.50% target range for a cumulative total…

7 mins

The Last Hike? Examining the Fed’s Stance and Market Implications 

On May 3rd, when the Fed most recently increased policy rates, the implied OIS rate for June 14th,…

6 mins

The Trajectory of Rates and Implications for Bonds and Risk Assets  

Not hawkish enough: What the term structure was telling us  In my remarks about the inflation outlook at…

5 mins

The Path of Inflation and Portfolio Construction 

Currently, a key question in the mind of most investors is how to position their portfolio for high…

5 mins

Investing for the Long Term 

The foundation of modern portfolio theory can be clearly dated by the publication of Portfolio Selection by Harry…

7 mins

2023 Outlook: How Much Have Markets Discounted the Fed Hike? 

Once in a Generation Market Events  The last few years have been marked by several “once in a…

7 mins

Beyond the Headline: How Core Inflation Presents a Unique Risk to Financial Assets 

Global financial markets have seen some extreme shocks in the last few years ranging from a global pandemic…

6 mins

A Sea Change in the Current Macro Environment

Current macroeconomic conditions represent a sea change to the previous decade. For the last ten years, every macro…

6 mins