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Banking in 2017: A Year in Review

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This week's Market Musings from Chief Macro Strategist David Ader

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Competitive Product Research, Informagic

Loan Rate Monitor - May 2018

17 May 2018

As we head into mid-May, the market remains volatile with many fluctuations in movement. Ultimately, we are finding that rates continue to move upward. Since the end of April, APR for the 30-year conforming fixed mortgage has increased 0.036 to 4.707 percent. 5/1 ARM jumbo products have increased 0.015 to 4.709, along with the 30-year jumbo fixed which increased slightly 0.057 to 4.504.

IGM FX and Rates

The Context - newsletter from IFI Research

By Marcus Dewsnap 14 May 2018

Welcome to our newsletter, The Context, from IFI Research, containing thought leadership articles spanning a host of asset classes.

PSN Enterprise, Zephyr

Macro-Economic Forces Bring Commodities to the Forefront

By Ryan Nauman 11 May 2018

Macro-Economic Forces Bring Commodities to the Forefront

IGM FX and Rates

The Context - newsletter from IFI Research

By Marcus Dewsnap 07 May 2018

Welcome to our newsletter, The Context, from IFI Research, containing thought leadership articles spanning a host of asset classes.

EPFR, IGM Credit, IGM FX and Rates, WealthManagement.com

Be Patient With Bullish Seasonals

By David Ader 04 May 2018

I get that despite all the data ahead of NFP, it was inevitable that a nuanced shift in the FOMC statement would garner more attention than was warranted. I refer to the notion that “Inflation on a 12-month basis is expected to run near the Committee’s symmetric 2 percent objective over the near term.” The takeaway seems to be that if inflation ran a bit over that, or under for that matter, it wouldn’t compel the Fed to respond with more or less of the projected trajectory of hikes. In other words, the market’s pricing is about right in the Fed’s view, though if it were to err I continue to think it should be to a third hike in December. Perhaps Fed rhetoric is keeping some powder dry in light of heightened volatility and eccentricity -- I refer to the markets as much as politics. Read more David Ader's latest musings...

IGM Credit, IGM FX and Rates, WealthManagement.com

China Insight - Finalised New WMP rules more relaxed than expected

By Tim Cheung and Riki Zhang 02 May 2018

China Insight: After a multi-month consultation that started in Nov 2017, the Chinese financial regulators on 27 April announced their new rules on the CNY100tn wealth management products (WMPs) industry (see chart 1 and chart 2), effective immediately. The new rules cover most WMPs offered by most financial institutions (FIs), including banks, trusts, brokers and asset managers. Different from the past in which different sectors were regulated by different authorities, the whole industry now is put under the PBOC's supervision. Meanwhile, regulations are structured along the product types, rather than by sectors, with unified standards for each product to reduce regulatory arbitrage. Read more...

IGM FX and Rates

The Context - newsletter from IFI Research

By Marcus Dewsnap 30 Apr 2018

Welcome to our newsletter, The Context, from IFI Research, containing thought leadership articles spanning a host of asset classes.

IGM FX and Rates

Please find attached the IGM May 2018 Monthly Interest Rate Outlook

By Marcus Dewsnap 27 Apr 2018

May Edition of the IFI Monthly Interest Rate Outlook

EPFR, IGM Credit, IGM FX and Rates, WealthManagement.com

The 3% Solution?

By David Ader 27 Apr 2018

Less than two years ago, July 2016 to be precise, 10-yr Treasuries provided a parsimonious yield of 1.37%. At the same time, 2s enticed with 58 bp which at the very least was more attractive than the 14 bp you could have gotten in 2011. I put this out there for context against the brouhaha over 10s hitting 3% -- the first time they done that in over four years, as has been spotlighted by just about every reporter and related headline I’ve seen over the last several days. Is 3% more important than any other level or the 18-fold rise in 2s? Read more from David Ader's latest musings.

IGM Credit, IGM FX and Rates

LEVERAGE LOANS FEATURE: Q2 Starts with Balancing act

By Giles Hamblett 26 Apr 2018

As the pipeline of jumbo buyout deals continue to grow, the first post-Easter will give a decent indication of what kind of a market those deals will be facing. The Easter break came as a welcome respite after a busy Q1 which ended with a number of deals faced increasing headwinds. One source candidly admitted that several pre-Easter deals had been difficult to get away, though that being more a factor of tight pricing as much as anything else. 'Some of the deals were tough to get covered at the pricing on offer, however if they had launched 25bp wider they would have been easy,' he said. Read More...

IGM FX and Rates

The Context - newsletter from IFI Research

By Marcus Dewsnap 23 Apr 2018

Welcome to our newsletter, The Context, from IFI Research, containing thought leadership articles spanning a host of asset classes.

EPFR, IGM Credit, IGM FX and Rates, WealthManagement.com

Fed Speaks, Curve Flattens… not that Complicated

By David Ader 20 Apr 2018

I am not sure how complicated analysis over the bond market’s price action in the last couple of weeks needs to be; less, in this case, is more. The main theme surely is the flattening curve and all that implies. Behind that has to be ongoing Fedspeak that has only enhanced prospects of three more hikes this year. Odds for a rate higher than 2.25%, implying three hikes, are still under 50% but have risen from 32%-ish on April 10 to near 44% now. Read more from David Ader's latest musings.

EPFR

Q1 2018 Fund Flows Report

17 Apr 2018

With the first quarter coming to a close, what are the notable fund flows insights to keep an eye on? Cameron Brandt, Director of Fund Flows Research, discusses economic drivers and where investor sentiment drove flows in Q1 of 2018 as well as what to expect in Q2.

Competitive Product Research, Informagic

Loan Rate Monitor - April 2018

17 Apr 2018

As we head into mid-April, the market remains volatile with many fluctuations in movement. Ultimately, we are finding that rates continue to move upward. Since the end of March, APR for the 30-year conforming fixed mortgage has increased 0.026 to 4.560 percent. 5/1 ARM jumbo products have increased 0.038 to 4.609 along with the 30-year jumbo fixed which increased slightly 0.004 to 4.314.

IGM FX and Rates