Macro Horizons

Latest Episodes:

Flight to Ambiguity - High Quality Credit Spreads Jul 07, 2021

Show notes

Dan Krieter and Dan Belton discuss the recent rally in Treasury yields and what it means for credit spreads. Other topics include the implications for Fed policy and forthcoming details on a potential boost for corporate paper from pension funds.

Dash to the Doldrums - The Week Ahead Jul 02, 2021

Show notes

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

Q3 Outlook - High Quality Credit Spreads Jun 30, 2021

Show notes

Dan Krieter and Dan Belton discuss the likely path of credit spreads in Q3 including the supply and demand factors that will drive credit markets including deleveraging, financial issuance, and seasonality.

Halftime Show - The Week Ahead Jun 25, 2021

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Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of June 28th, 2021, and respond to questions submitted by listeners and clients.

Attitude Adjustments - High Quality Credit Spreads Jun 23, 2021

Show notes

Dan Krieter and Dan Belton discuss three major adjustments impacting their markets in recent weeks. First, the Fed’s changing outlook on inflation including the risk inflation is higher and more persistent than expected. Second, they discuss an adjustment to the IG index controlling for credit quality and duration which shows in spreads trading well within all-time tights. Finally, they discuss the impact of the Fed’s technical adjustment on the front-end.

Bullish Inflection - The Week Ahead Jun 18, 2021

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Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of June 21st, 2021, and respond to questions submitted by listeners and clients.

Reactions to the June FOMC - High Quality Credit Spreads Jun 16, 2021

Show notes

Dan Krieter and Dan Belton discuss their takeaways from the June FOMC which featured a more hawkish outlook from the Summary of Economic Projections, an acknowledgement that the Fed might be underestimating the likely path of inflation, and a technical adjustment to the Fed’s administered rates. They conclude with a brief discussion on what tapering will likely mean for credit spreads later this year.

By Any Other Name - The Week Ahead Jun 11, 2021

Show notes

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of June 14th, 2021, and respond to questions submitted by listeners and clients.

Tipping the Scales - High Quality Credit Spreads Jun 09, 2021

Show notes

Dan Krieter and Dan Belton discuss the factors most likely to break spreads from current ranges including relative value, the Fed’s plan to sell SMCCF holdings, and technicals. They then discuss recent developments in the LIBOR transition, including the proliferation of BSBY and ARRC’s guidance that term SOFR will be available by early-August.

Participation Trophy - The Week Ahead Jun 04, 2021

Show notes

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of June 7th, 2021, and respond to questions submitted by listeners and clients.

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