Two Lower Ratings

Two Lower Ratings When an entity has two out of three ratings in the highest rating category the credit is still considered to have exemplary characteristics. When a change occurs and there are two ratings in the AA category and one rating remains at AAA, some of the...

Pronounced Trends

Pronounced Trends We have been awaiting the numbers from the first half to validate what we already know. Volume for the half was just a tad under $175 billion for a decline of 19.9%. A range of $350 to $375 billion for the full year is most probable at this point...

Issuance Waiting Game

Issuance Waiting Game Now that you have taken some gains in your AI focused equities, there always remains the consideration of where to reinvest the gains. Municipals are always a good option. The challenge is the new issue market is not minting as much supply as it...

Disruptive Factors

Disruptive Factors There are many factors unfolding that have disruptive elements associated with them. The recent CPI turned out to be not one of them. The monthly increase in the CPI was 0.4% and the y.o.y. result was 4.9% NSA. So, we had a tick down in the y.o.y....

The Fixed Income Brief: Dystopian Market

The fixed income markets continue to be functioning very well despite all the many present challenges. Many are perceiving angst about what is to unfold. Rates and the Fed are the primary preoccupations. But other topics are also in the forefront, including dealing...

Lessons Learned

Lessons Learned We have been through many crises over the years and no two are exactly the same. SVB and Signature banks have fact patterns that are quite different. Neither case had a lot to do with the health of the economy. Perhaps, the slowing of real estate...