Markets
The Rating Arrives After the Market Already Decided
Credit ratings lag the market by design, which would be harmless if so many mandates were not written to act on them. The lag is priced in; the forced selling is not.
Fixed Income
Tagged stories
Markets
The Bond ETF Became the Market's Liquidity Story
Corporate bond ETFs now supply much of the liquidity that dealer balance sheets used to. The mechanism works well and has been tested mainly in conditions that were not the hard case.
Markets
The Municipal Bond Market Finally Modernizes
The sleepiest corner of American finance is being dragged into the present by electronic trading, better disclosure and a generation of buyers who expect both.
Markets
Investors Position for a Slower Path Down on Rates
Futures markets have spent the summer walking back easing expectations, and portfolio managers are adjusting duration, credit and cash accordingly.