Macro Horizons

Dan Krieter and Dan Belton discuss recent strains in unsecured funding markets including the reasons for elevated funding costs and how they are likely to evolve in the near-term. Other topics include the historical comparisons for elevated FRA/OIS spreads and the outlook for credit spreads.

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

Margaret Kerins along with Ian Lyngen, Ben Reitzes, Stephen Gallo, Dan Krieter, and Ben Jeffery from BMO CM’s FICC Macro Strategy team to bring their debate on how the recent geopolitical developments impact their outlook for monetary policy liftoff, US & Canadian rates, high quality spreads and foreign exchange and the main risks to these outlooks as discussed in today’s client call.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of February 28th, 2022, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss the recent widening in credit spreads including when, and at what level, spreads are likely to find stability. Other topics include recent trends in supply and the outlook for primary markets.

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.