Cheap Convexity

We are in a period of extreme central bank action. Globally, 2022 will likely go down as the largest monetary tightening cycle in over two decades. Central banks are not only leaving their respective lower bounds for more normal levels, but are doing so in an accelerated way…
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Following the FOMC meeting last week, we seem to be entering a different stage of the Fed trade. Powell effectively committed through the summer to…
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Going into the May FOMC meeting there are not a lot of things the market doesn’t know. The market knows the Fed is going to raise rates by 50bps. The…
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One of the bigger macro themes this year in markets has of course been the remarkable moves in the Japanese Yen. Year to date, USDJPY is up over 10…
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One of the things that has been very noteworthy this cycle is to the extent that EM has been a leading indicator for DM. For over a year now, most EM…
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Something that has been quite remarkable in fixed income has been the recent move steeper in the US yield curve. This has been especially remarkable…
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One of the more compelling themes in FX to me right now is that GBP is setting up as under performer for this stage of the global hiking cycle. The…
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One of the monetary policy cycle leaders so far has the been the RBNZ in New Zealand. During the pandemic, the RBNZ was one of the more dovish CBs, and…
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Cheap Convexity

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