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First Principles Quarterly - Summer 2019


Compass on rope coil

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

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

In our Summer edition, we cover topics including, but not limited to: the cost-benefit calculus and balance with regard to the widely anticipated July Fed “insurance cut”; factors that continued to support munis over the second quarter and what dynamics to expect prospectively; examination of the “insurance cut” thesis through the lens of palliative medical care; underlying contributions to PCE and whether low inflation may now be considered more than “transitory” by the Fed; rates and related supply/demand effects on mortgage origination and respectively which MBS pools may be more attractive; and divergences in auto price inflation indices and how they may be significant with regard to Fed data input.

We invite your comments and questions.

View the First Principles Quarterly - Summer 2019