Filtered by Interest Rates

  • FOMC Commentary: Fed holds rates near zero

    The Federal Reserve Open Market Committee followed up three consecutive rate cuts at their July, September, and October meetings with a pause in December.

  • A melancholy victory lap

    In March, the Federal Reserve Open Market Committee cut overnight interest rates back to the zero lower bound, embarked on a massive QE program, and re-launched (and subsequently doubled down on) financial crisis-era lending programs.

  • Municipal bonds during the COVID-19 crisis

    Financial markets have, in the past four weeks, experienced extreme volatility and in many cases losses. While the depth of the value declines in many markets were worse during the Global Financial Crisis more than a decade ago, the pace of value declines has been far steeper with the COVID-19 Crisis.

  • A year within a day for fixed income markets

    Financial markets are not broken.

  • Forget the bazooka: Fed pulls out a nuke

    Former U.S. Treasury Secretary Hank Paulson, in the early phases of the financial crisis, described the Troubled Asset Relief Program (TARP) as a policy “bazooka” that the Treasury Department wanted just in case.

  • Fixed income market dysfunction

    Market conditions are evolving rapidly, but we will try to unpack some of the factors involved.

  • Panic buying in U.S. Treasury markets

    U.S. Treasuries and other high-grade, longer-duration fixed income assets have seen an unprecedented wave of panic buying.

  • High yield bonds: Value compelling but worst might not be over yet

    Janney’s Investment Strategy Group has maintained a negative disposition for the high yield corporate bond markets for some time now.

  • Inter-meeting interest rate cut

    The Federal Open Market Committee (FOMC) announced an emergency inter-meeting interest rate cut, the first such action since the early phases of the global financial crisis.

  • The role of fixed income in a diversified portfolio

    Fixed income assets can provide crucial benefits to investment portfolios. While income generation is important, holding bonds also helps reduce overall portfolio risk and opens up opportunities for reallocation if equity markets falter.

  • Tinkering around the edges

    The Federal Reserve Open Market Committee (FOMC) once again held their target for overnight interest rates unchanged in the month of January, the second-consecutive pause decision following a round of three insurance rate cuts in 2019.

  • Hold again, hold again, jiggety-jig

    The Federal Reserve Open Market Committee followed up three consecutive rate cuts at their July, September, and October meetings with a pause in December.

  • Mission accomplished?

    The Federal Reserve Open Market Committee today reduced their target for overnight interest rates by a third 25bps to a range of 1.50% to 1.75%, completing the Greenspan-esque “three insurance cuts” cycle.

  • Overshadowed by the underground

    This week’s Fed action comes at an unusually messy time for the underground financial plumbing.

  • Memos from the rates markets

    In October 2018, we published our last “Special Comment” on the interest rate markets amidst what was heavy selling pressure.

  • U.S. Interest Rate Forecasts — 4th Quarter

    We have had two rate cuts in 3Q, and at least one more is likely in the final two FOMC meetings of 2019.

  • U-Turn complete; Elapsed time 7.5 months

    As we noted in our May commentary, Jay Powell and friends seemed to be looking for any excuse to cut rates.

  • Any excuse will do

    In December/January, that excuse came in the form of tightening financial conditions, which allowed for the patient pause in place today.

  • Effects of interest rates on bonds

    With yields on many parts of the fixed income market rising to levels not seen in half a decade or more, there remains a risk that interest rates could rise in the future.

  • Same story, different market

    Quarterly FOMC meetings have lost some of their punch now that there’s a Chair’s press conference at all meetings, but at least we still have the economic projections.

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