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First Principles Quarterly - Fall 2019


Compass on rope coil


We are pleased to share the Fall 2019 edition of First Principles Quarterly.

First Principles Quarterly (FPQ) captures our portfolio management team’s insights across fixed income markets.

In our Fall edition, we cover topics including, but not limited to:

Examination of what may be lasting causes and effects of the September repo rancor vis-à-vis regulatory frameworks and central bank mandates; reasons behind and implications of increased taxable municipal bond issuance as well as what to make of recent muni century bond issuance; reading the tea leaves on mixed economic data to infer whether “mid-cycle” is an accurate characterization of current Fed policy stance; policy implications for the Fed of observing alternative inflation readings such as a cyclical inflation index and the impact of global factors in understanding overall inflation dynamics; bargain hunting in MBS-land by assessing the relative value of TBA vs specified pools; how the much anticipated wave of corporate downgrades has obscured other, significant trends in corporate ratings migration; and thoughts on ABS rating actions based on technicalities rather than credit fundamentals.

We invite your comments and questions.


View the First Principles Quarterly - Fall 2019