Macro Horizons

Dan Krieter and Dan Belton discuss their outlook for credit spreads into year-end and their expectations for the cycle peak in spreads. Topics include possible remedies to credit market illiquidity and the implications of a strong consumer on the likely path of Fed policy.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of October 17th, 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 October 11th, 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 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...

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...

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.

Dan Krieter and Dan Belton discuss the upcoming September supply wave and what it likely means for high grade corporate and SSA markets. Other topics include the recent resilience in credit and whether the market is adequately priced to the macro outlook, the Fed’s Corporate Bond Market Distress Index (CMDI), and swap spread seasonality.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of August 29th, 2022, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss the recent performance in credit spreads and what the impending Jackson Hole Symposium is likely to bring for the asset class. Other topics include recent trends in fundamentals and supply, swap spreads, and a possible exemption to the supplementary leverage ratio.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of August 22nd, 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 August 15th, 2022, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss the July CPI report and what it means for credit spreads. Other topics include, market technicals, fundaments, and the near-term impact of quantitative tightening.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of August 8th, 2022, and respond to questions submitted by listeners and clients.

Margaret Kerins here with Ian Lyngen, Ben Reitzes, Greg Anderson, Stephen Gallo, Dan Krieter, Dan Belton and Ben Jeffery from BMO Capital Markets’ FICC Macro Strategy team to bring their debate on heightened geopolitical risks and fears over a global growth slowdown in the backdrop of a Fed that is solidly committed to fighting inflation at all costs and how this impacts our outlook for US and Can...

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of August 1st, 2022, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss their reactions to the July FOMC meeting including the risk-on response and Chair Powell’s suggestion that the Fed would offer less clear guidance going forward. Other topics include the implications for credit and what might drive spreads in the near-term.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of July 25th, 2022, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss the recent recovery in credit spreads and whether market technicals have fully rebounded. Topics include the return of high grade supply and what it means for future issuance, record low primary dealer positions in corporates, and the impact of net client selling interest.