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Correlation | September 7, 2017

Posted on September 7, 2017

Correlations in nearly every asset continued to decline, indicating the weakening of macro forces particularly around rates and inflation. As of now, we think there is little indication that tax reform or infrastructure spending are on the near-term horizon, diminishing the chance of stronger inflationary forces. The correlation figure measures how each asset return moves […]

Income Report Card | September 5, 2017

Posted on September 5, 2017

The 10-year Treasury closed at 2.16% before the long weekend, just off the year-to-date low last Thursday. For much of this year, we have discussed the trading range of rates that dominated the early part of the year (roughly 2.30% to 2.60%), followed by a new pattern (roughly 2.15% and 2.40%). For much of the […]