Macro Horizons

Margaret Kerins along with with Ian Lyngen, Ben Reitzes, Greg Anderson, Stephen Gallo, Dan Krieter, and Dan Belton from BMO Capital Markets’ FICC Macro Strategy team to bring you their outlook for the second half of the year for US and Canadian Rates, IG credit, and foreign exchange as the market grapples to price the terminal rate and beyond. Most certainly, the Fed is unlikely to back down until it is certain that inflation has been tamed.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of July 11th, 2022, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss to drivers of the recent weakness in credit including their medium-term targets for index spreads and what might drive the next move in credit spreads. Other topics include the challenging technical backdrop facing the market and second half supply outlook.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of July 5th, 2022, 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 June 27th, 2022, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss the recent performance in credit, including why defensive sectors have not performed as well as they typically do during selloffs. Other topics include the recent decline in SOFR and when the downward pressure on the new benchmark might normalize.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of June 21st, 2022, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss their takeaways from the Fed’s first 75bp rate hike since 1994. Topics include Chair Powell’s apparent change in tone around a soft landing, the commitment to fight headline rather than core inflation, and the likely cadence of upcoming Fed rate hikes.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of June 13th, 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 Capital Market’s FICC Macro Strategy team bring you their thoughts on the current market tug of war between growth versus inflation risks as the Fed, and many other central banks, are only in the early phase of lift off and balance sheet reduction. While there seems to be decent consensus surrounding Fed action at the five remaining meetings this year, the range of potential outcomes from soft to hard landing in the backdrop of heightened geopolitical risks, is causing large market gyrations in rates, credit and foreign exchange market.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of June 6th, 2022, 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 May 31st, 2022, 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 May 23rd, 2022, 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 May 16th, 2022, 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 May 9th, 2022, and respond to questions submitted by listeners and clients.

Margaret Kerins along with Dan Krieter and Ben Jeffery from BMO’s FICC Macro Strategy Team discuss the main themes impacting rates and credit at BMO Capital Markets’ Global Reserve Managers Conference on May 3, 2022. 

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of May 2nd, 2022, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton debate the case for wider and narrower credit spreads. Topics include the evolution of Q1 earnings, technicals and new deal reception, and the likely path of economic demand.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of April 25th, 2022, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss the recent path of credit spreads including the impact of earnings, technicals, and market volatility. Then they discuss the Fed’s plan for balance sheet normalization, the prospect of active selling out of the SOMA portfolio, and what it means for credit and swap spreads.