Yield Curve Analysis
This week’s Treasury market extended the stabilization trend that emerged following the mid-May selloff. Yields declined across most maturities, with […]
Bond Market
Bond Duration, Convexity and Your Portfolio
Fixed-income investing is often misunderstood as a simple, static strategy: you buy a bond, collect the interest, and wait for
S&P 500, Rates, ERP & Growth
A Macro Framework for Understanding Equity Returns What Drives Equity Returns? Total equity returns can be approximated as the sum
QT and the Fed Balance Sheet
What Led to the Drop in the Fed’s Balance SheetA financial "snapshot" that reveals exactly what a company owns and owes at a specific moment in time. It follows the fundamental formula: Assets = Liabilities + Equity. By subtracting what is owed (liabilities) from what is owned (assets), the balance sheet shows the "book value" or the net worth belonging to the owners. More (April 2022 → March 2026)? The Federal Reserve’s total assets—commonly
Secured Overnight Financing Rate (SOFR)
What is SOFR? The Secured Overnight Financing Rate (SOFR) is the primary benchmark interest rate for dollar-denominated loans and derivatives,
