Macro Horizons

Dan Krieter and Dan Belton discuss their takeaways from the most recent FOMC meeting and the strong rally in credit. Topics include a more optimistic tone around the trajectory of inflation, whether Powell’s acceptance of easier financial conditions marks a change in the Fed’s reaction function, and what it means for credit markets.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of January 30th, 2023, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss the strong technical backdrop in credit in spite of an unattractive relative value picture. Other topics include what market pricing suggests in terms of the macro outlook and the medium-term path of bank reserves.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of January 23rd, 2023, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss the sharp rally in credit markets and what levels likely mark attractive selling points. Other topics include the dislocation between Fed messaging and market pricing, the fair value for credit spreads, and developments in primary markets.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of January 17th, 2023, and respond to questions submitted by listeners and clients.

Ian Lyngen along with Ben Reitzes, Greg Anderson, Stephen Gallo, Dan Krieter, Dan Belton and Ben Jeffery from BMO Capital Markets’ FICC Macro Strategy team bring their outlook for US and Canadian Rates, IG credit, and foreign exchange as the Fed arrives at terminal. Across geographies, timing the resteepening of the yield curve remains topical, and while headwinds to the global economy remain relevant in evaluating the path forward for spreads and FX, the data continues to hold up well. Given the market’s attempt to pull forward rate cuts despite consistent messaging from the Fed of their intention to bring rates higher and keep them there, the challenge will quickly become remaining committed to policy in restrictive territory and what that means for markets and the real economy.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of January 9th, 2023, and respond to questions submitted by listeners and clients.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of December 27th, 2022, and respond to questions submitted by listeners and clients.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of December 19th, 2022, and respond to questions submitted by listeners and clients.