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Tightening Credit Spreads in a Rising Rate Environment

By Jen Ripper | March 22, 2018

Over the past year, credit spreads across the fixed income market have grinded tighter. The commercial mortgage-backed securities (CMBS) market has experienced spread tightening up and down the capital stack…. Read More

A New Era with New Challenges for Jerome Powell at Federal Reserve

By Penn Mutual Asset Management | March 20, 2018

Penn Mutual Asset Management CIO Mark Heppenstall contributed an article to The Hill where he discusses the market’s reaction to the appointment of new Federal Reserve (Fed) Chair, Jerome Powell…. Read More

Fed Meeting Takes Center Stage

By David O'Malley | March 19, 2018

This week’s Federal Reserve (Fed) meeting, the first for new Chairman Jerome Powell, will be closely scrutinized. The market is pricing in very high odds of a 25 basis point… Read More

The Up-in-Quality High Yield Dilemma

By Scott Ellis | March 15, 2018

As we approach the end of the first quarter, it’s interesting to see how the U.S. High Yield (USHY) index has fared and what has driven its performance thus far…. Read More

Treasury Auctions and Inflation Data

By David O'Malley | March 12, 2018

The bond markets could be on the receiving end of a negative one-two punch this week. The bond market is very vulnerable in the short term with all the recent… Read More

A Challenging Start to the Year for Investment Grade Corporate Bonds

By James Faunce | March 8, 2018

Despite somewhat stable credit spreads, the rates sell-off in 2018 is causing investment grade corporate bond total returns to have the worst start to a year in two decades, as… Read More

Strong U.S. Employment and the Potential Impact of Tariffs

By David O'Malley | March 5, 2018

Markets will experience a tug of war between the impacts of threatened tariffs and strong employment data in the week ahead. The potential for a trade war as a result… Read More

It’s the End of the LIBOR as We Know It

By John Swarr | March 1, 2018

The London Interbank Offered Rate (LIBOR) has been the most widely traded and referenced short-term interest rate index for the U.S. Dollar (USD) in financial markets in recent history. Each… Read More

Longer Term View on U.S. Interest Rates

By David O'Malley | February 26, 2018

Given my bearish near-term view on U.S. Treasury bonds, I have recently been asked several times, where do interest rates go over the longer term? Over the next several years,… Read More

Pricing a ‘Powell Put’

By Mark Heppenstall | February 22, 2018

Financial markets have a history of testing the incoming Federal Reserve (Fed) Chairman shortly after taking office. There is no better example than October 19, 1987, the day infamously known… Read More

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