The Fed’s tapering program may pressure Agency MBS, but it could also increase investment opportunities.
Concern over high demand and record post-crisis tights has us focused on quality and liquidity.
Fundamentals continue to look healthy in loans, and we expect investors will benefit from higher future coupons.
The CMBS market is finally growing, but recent storms and transaction structures highlight broad market complacency.
While year-to-date sales volumes lag last year’s totals, originations continue at a strong pace.
Average credit fundamentals are improving, but we remain cautious of valuations and weaker credits.
We expect spreads to tighten further, but disciplined investors should wait for better opportunities.
Credit discipline is paramount as technical strength continues to drive the municipal bond market.
Fundamental improvements should support credit-blemished loans, but tight valuations favor capital structure seniority.
We continue to believe that the yield curve will flatten further and that a barbell position is appropriate.
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