Interest Rates

Latest Stories

Stocks Grind Higher as Bonds Await the Fed

By David O'Malley | June 11, 2018

This week is set up to have a significant number of market moving events for stocks and bonds. Just as U.S. equities hit their highest levels since early this year,… Read More

Inflation Expectations and Interest Rates

By David O'Malley | May 7, 2018

As expected last week, the Federal Reserve held interest rates unchanged, but did revise its post-meeting statement to reinforce that inflation has moved closer to its 2% target. This change… Read More

Markets Look for Momentum after a Volatile Q1

By David O'Malley | April 2, 2018

Equity markets had a volatile quarter, and their weakest in the last six, driven by concerns about rising interest rates, potential trade conflicts and valuation concerns. As I have written… Read More

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

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

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



Disclosure Statement

The material provided here is for informational use only. The views expressed are those of the author, and do not necessarily reflect the views of Penn Mutual Asset Management.

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This material is for informational use only. The views expressed are those of the author, and do not necessarily reflect the views of Penn Mutual Asset Management.  This material is not intended to be relied upon as a forecast, research or investment advice, and it is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy.

Opinions and statements of financial market trends that are based on current market conditions constitute judgment of the author and are subject to change without notice.  The information and opinions contained in this material are derived from sources deemed to be reliable but should not be assumed to be accurate or complete.  Statements that reflect projections or expectations of future financial or economic performance of the markets may be considered forward-looking statements.  Actual results may differ significantly.  Any forecasts contained in this material are based on various estimates and assumptions, and there can be no assurance that such estimates or assumptions will prove accurate.

Investing involves risk, including possible loss of principal.  Past performance is no guarantee of future results.  All information referenced in preparation of this material has been obtained from sources believed to be reliable, but accuracy and completeness are not guaranteed. There is no representation or warranty as to the accuracy of the information and Penn Mutual Asset Management shall have no liability for decisions based upon such information.

High-Yield bonds are subject to greater fluctuations in value and risk of loss of income and principal. Investing in higher yielding, lower rated corporate bonds have a greater risk of price fluctuations and loss of principal and income than U.S. Treasury bonds and bills. Government securities offer a higher degree of safety and are guaranteed as to the timely payment of principal and interest if held to maturity.

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