Macro Horizons

Dan Krieter and Dan Belton debate whether spreads are more likely to widen or narrow in Q2 from current ranges based on the fundamental and technical outlooks for credit. Then they discuss recent developments in the front-end and swap spreads in light of enhanced downward pressure on money market rates.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of March 29th, 2021, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss their two preferred trade ideas in the current range-bound environment for credit spreads before turning to recent developments in the transition from LIBOR to SOFR. Topics include the recent announcement that the ARRC will not be recommending a term rate for SOFR, a possible credit-sensitive benchmark, and SOFR FRN issuance.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of March 22nd, 2021, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss their takeaways from the Fed meeting, and what it might means for the path of credit and swap spreads.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of March 15th, 2021, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss the recent widening in credit spreads and a change in their view on the near term path for spreads. Finally, they discuss the pending expirations of exemptions for reserves/Treasury holdings in bank SLR calculations, and what the expiration might mean for credit and swap spreads.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of March 8th, 2021, and respond to questions submitted by listeners and clients.

Margaret Kerins along with Ian Lyngen, Greg Anderson, Stephen Gallo, Dan Krieter, Ben Reitzes, and Dan Belton from BMO’s FICC Macro Strategy team debate the base case for the US economic recovery and the 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 March 1st, 2021, 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 February 22nd, 2021, 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 February 15th, 2021, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss credit spreads now trading on top of multiyear lows and if the rally in credit is running out of gas. Finally, they revisit the upward trend in swap spreads and where they will likely go in the near term.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of February 8th, 2021, and respond to questions submitted by listeners and clients.

Margaret Kerins along with Ian Lyngen, Greg Anderson, Stephen Gallo, Dan Krieter, Ben Reitzes, Dan Belton and Ben Jeffery from BMO’s FICC Macro Strategy team bring you their outlook for US Treasury bill and coupon supply in the context of historical supply trends and market implications.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of February 1st, 2021, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss their takeaways from the January FOMC statement and press conference and its implications for credit spreads. Then they talk about recent activity in the repo market, including why repo rates have fallen, where they go from here, and what it means for swap spreads.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of January 25th, 2021, and respond to questions submitted by listeners and clients.

Dan Krieter and Dan Belton discuss the recent performance of credit and swap spreads following the Georgia Elections including what it means for their spread targets in the quarters ahead. Other topics include primary market activity in the New Year and the recent outperformance of credit spreads in spite of near-term headwinds.

Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of January 19th, 2021, and respond to questions submitted by listeners and clients.