Macro Horizons

Margaret Kerins along with Ian Lyngen, Ben Reitzes, Greg Anderson, Stephen Gallo, Dan Krieter, Dan Belton and Ben Jeffery from BMO Capital Markets’ FICC Macro Strategy debate the impact of heightened uncertainty and decreased liquidity on their outlook for US and Canadian Rates, IG credit, and foreign exchange. The market continues to grapple with slowing economies in the US and abroad versus the Fed’s ability to maintain its unwavering resolve to contain inflation at any cost. Volatility remains front and center with daily swings in US rates of 20 bp or more becoming a regular market event.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of October 3rd, 2022, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss the recent volatility in credit and swap spreads including their year-end targets for credit spreads. Other topics include whether swap spreads can continue to narrow from here, why credit had been so resilient until this week, and the impact of central bank intervention on credit and swap spreads.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of September 26th, 2022, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss their takeaways to the September FOMC meeting and what it means for credit. Topics include the evolution of the SEPs, how the possibility of a soft landing has changed, and the reaction in risk assets to the press conference.

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

Dan Krieter and Dan Belton discuss the narrow trading band in credit spreads which has held despite volatility in financial markets broadly. Other topics include the outlook for fundamental creditworthiness, relatively light issuance thus far in September, and the impact of Tuesday’s CPI report on the odds the Fed can still achieve a soft landing.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of September 12th, 2022, and respond to questions submitted by listeners and clients.

Margaret Kerins along with Ian Lyngen, Ben Reitzes, Greg Anderson, Stephen Gallo, Dan Krieter, Dan Belton and Ben Jeffery from BMO Capital Markets’ FICC Macro Strategy bring you their outlook for Treasury rates, the shape of the yield curve, IG credit spreads, Canadian rates, and foreign exchange as the Fed and other central banks continue tightening campaigns and the Fed’s QT reaches maximum SOMA portfolio runoff.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of September 5th, 2022, and respond to questions submitted by listeners and clients.