Recent Commentaries

Why the protests have been a positive for spoos

So I have decided to not remain silent on the issue of protests. I suppose it would have been easier to just avoid this extremely divisive topic entirely and instead focus on how markets are being driven by central bank liquidity, fiscal stimulus, and the slow but...

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Calm after the storm

As was the case two weeks ago, I have found myself this past week with very little new to opine about on the macro front. Spoos have been rising; short end UST yields have been steady; and IG spreads have tightened. All is well on the spoos & sigs front. That...

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The yield curve has predicted 10 out of the last 1 pandemics

Since late February I have been writing commentaries at an abnormally high frequency – about 2 to 3 times per week. And to be sure, there has been no shortage of serious macro-related topics to riff on during this pandemic period. However, global financial markets are...

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