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First Principles Quarterly Winter 2017-18


compass on coil rope

We are pleased to share the Winter 2017-18 edition of First Principles Quarterly.

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

For the Winter edition, we cover topics including, but not limited to: whether a flattening/inverted yield curve necessarily portends a recession; fiscal policy implications for the municipal bond market; changes in FOMC members and resulting dovish/hawkish bias; fiscal and monetary policy impact on Treasury technicals; second order inflation components and potential upcoming inflationary pressure; thoughts on MBS allocations given enactment of tax policy; expectations for credit environment in 2018; what the “retail apocalypse” means for retail credit card ABS investors; and where we expect to find value in coming months.

We invite your comments and questions.

View the First Principles Quarterly - Winter 2017-18