Housing policy may not move home prices quickly, but it could reshape the mechanics that drive mortgage lending, RMBS spreads, cash flows, and relative value.
High starting yields should continue to provide a buffer against potential turmoil, and episodic bouts of volatility should present attractive opportunities.
American workers are suffering from a decline in confidence that they will be sufficiently prepared for retirement — and they’re looking to their employers for help.
The yield curve flipped in anticipation of rate cuts, but that doesn’t mean a recession is imminent. To the contrary, we’re excited about opportunities tied to higher-income consumers and consumer staples, among others.