Macro Horizons

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

Dan Krieter and Dan Belton discuss their estimates around balance sheet normalization including the terminal size of the Fed’s balance sheet and when normalization will conclude. Other topics include the possibility the Fed actively sells securities, implications of the standing repo facility, and the impact of QT 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 February 14th, 2022, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss the recent widening in credit as well as the levels and macro conditions that will result in stability in credit. Other topics include long-term fundamental outlook for corporate borrowers and recent trends in primary markets. 

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of February 7th, 2022, and respond to questions submitted by listeners and clients.

Margaret Kerins along with Ian Lyngen, Ben Reitzes, Greg Anderson, Stephen Gallo, Dan Belton and Ben Jeffery from BMO CM’s FICC Macro Strategy debate the pros and cons of a 50 bp vs. 25 bp initial move tighter in the fed funds rate and the timing and pace of balance sheet normalization and the different implications for US and Canadian rates, high quality spreads, and foreign exchange.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of January 31st, 2022, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton give their takeaways from the January Fed meeting. Topics include the Fed’s guidance on balance sheet normalization, the potential for a faster path of rate hikes than the market anticipates, and the hawkish response in Treasuries and credit.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of January 24th, 2022, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss their changing view on credit amidst a rapidly shifting market landscape. Other topics include: January primary markets, the model-implied fair value of credit currently, and an analysis of the utility of the SSA sector in corporate portfolios.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of January 18th, 2022, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss their outlook for credit spreads in the medium-term including the major headwinds and tailwinds facing the market in 2022. Topics include inflation, quantitative tightening, and how to position given a near-term constructive tone against a backdrop of significant risks later on in the year.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of January 10th, 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 CM’s FICC Macro Strategy team discuss their outlook for US & Canadian rates, high quality spreads and foreign exchange and the main narratives driving our forecasts as we kick off the New Year.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of December 27th, 2021, 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 20th, 2021, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss their takeaways to this afternoon’s FOMC statement, economic projections, and press conference. Topics include what factors might change the Fed’s view that the economy is not experiencing a wage/price spiral, discussion around balance sheet normalization, and how Chair Powell was able to generate a dovish interpretation while messaging three rate hikes next year...

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of December 13th, 2021, and respond to questions submitted by listeners and clients.

Margaret Kerins along with Ian Lyngen, Greg Anderson, Stephen Gallo, Dan Krieter, Ben Reitzes, Dan Belton and Ben Jeffery from BMO’s FICC Macro Strategy team bring you their 2022 outlook for US & Canadian rates, high quality spreads and foreign exchange and the main narratives driving their forecasts.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of December 6th, 2021, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss the recent move in credit spreads on the back of the Omicron variant and the hawkish turn by Fed Chair Powell. They conclude with a discussion of issuance projections in 2022.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of November 29th, 2021, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss the outlook for spreads into yearend from the standpoint of technicals, fundamentals, and the macro picture, each of which point to modest weakness in the weeks ahead. They also discuss the recent move in front-end swap spreads including the drivers and near-term outlook.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of November 22nd, 2021, 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 November 15th, 2021, and respond to questions submitted by listeners and clients.