We are pleased to share the Winter 2019-20 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:
Examining the effects of low rates and inflation on a US economy driven by ever increasing deficits; technical market forces behind municipal bond’s relative value as well as how a surprise bankruptcy ruling will affect market participants in the future; the way which Fed policy drove real yields following the September repo market dislocation and what to expect going forward; shifting stances within the economic community on how to influence inflation and whether the current framework requires updating; a new appraisal method for mortgage origination that home buyers love, and how it may introduce new risks to the MBS market; the steady convergence of leveraged loan and high yield bond market characteristics; important considerations for ABS investors vis-à-vis the growing electric vehicle market.
We invite your comments and questions.