Cheap Convexity

I guess the only real place to start is the BoE. While the market is still finding it difficult to digest the fact The Bank could be going a...

As we head into one of the key macro/central bank periods of the year, I thought I would share a few thoughts with regard to policy changes ...

With regard to the layout of the post, there are a few changes. Unfortunately these are not Napoleonic changes to maintain "superiority...

As the Fed has seemingly transitioned from being focused on returning PCE to target, to FCI's, the board is ignoring negative credit dev...

Hope all is well and everyones summer is off to a good start. For this note I am going to go with a different approach. In prior posts, I h...