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Central Banks Take Center Stage

By David O'Malley | December 11, 2017

This week, several key central banks are holding monetary policy meetings. The U.S. Federal Reserve (Fed), European Central Bank (ECB), Bank of England (BOE) and Swiss National Bank are all providing their last policy guidance of the year.

Bitcoin and a Flattening Yield Curve

By Zhiwei Ren | December 7, 2017

Bitcoin is a hot topic in the financial media right now. At post time, one bitcoin is worth approximately $11,750, up from roughly $1,000 at the beginning of 2017. We also… Read More

Economic Data Overshadowed by Events in Washington

By David O'Malley | December 4, 2017

The events in Washington overshadowed the release of solid economic data last week. With consistent economic data emerging over the last few weeks, markets have shifted their primary attention to the events in Washington. 

Mixed Trends in CMBS Underwriting

By Jen Ripper | November 30, 2017

Nearly a year ago, the commercial mortgage-backed securities (CMBS) market officially adopted risk retention rules as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The rules were designed to align the interests of sponsors and investors. Risk retention requires lenders originating loans to retain a 5% slice of each CMBS deal for five years, thereby forcing issuers to have “skin in the game.”

Stocks Hit New Highs

By David O'Malley | November 27, 2017

In an abbreviated week, U.S. equities reached all-time highs. Optimism around ongoing economic momentum spurred by potential tax reductions kept concerns about higher valuations at bay and elevated a market… Read More

Fed Minutes and Tax Reform

By David O'Malley | November 20, 2017

This holiday-shortened week is highlighted by the release of the minutes from the most recent Federal Open Market Committee (FOMC) meeting and any potential updates regarding the progress of tax… Read More

What’s the Potential for Outperformance in Crossover Credits?

By James Faunce | November 16, 2017

As the cycle progresses further into its late stages, upward rating migration may continue due to improving fundamentals, operational enhancements, and active balance sheet repair. After spending a good portion of the past year repairing their balance sheets through asset sales and debt pay downs, energy companies have been the prime beneficiaries of positive rating actions in 2017. According to Barclays, of the credits that have seen upgrades into investment grade year to date, a full 60% of the volumes have occurred in the energy sector. Credits outside the commodity related sectors have only represented 30% of total volumes and those were largely driven by credit specific factors.

Inflation Data this Week to Remain Subdued 

By David O'Malley | November 13, 2017

Tuesday’s release of the Producers Price Index (PPI) and Wednesday’s release of the Consumer Price Index (CPI) will be the economic data highlights this week. With inflation remaining stubbornly low despite strong employment conditions and the odds of a December interest rate increase running around 80%, the importance of the pace of inflation data takes on greater significance.

Gold Shimmers in the Face of Fed Tightening

By Mark Heppenstall | November 9, 2017

After five years of disappointing returns, this year’s double-digit gains in gold prices have surprised many investors, especially in light of the Federal Reserve’s (Fed) continued monetary policy tightening. Conventional wisdom held that as the Fed hiked short-term interest rates, the higher opportunity cost to own gold would put additional downward pressure on prices.

Oil Prices Continue to Climb Higher

By David O'Malley | November 6, 2017

Last week Jerome Powell was nominated as the next Federal Reserve chairman. In addition to this key announcement other market-moving data, including the employment report, tax bill and treasury refunding,… Read More

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