14 min readIntroduction With the 75-basis-point hike in the Fed funds rate on September 21st, Fed officials now peg their median forecast for the key policy rate in the 4.25%-4.50% range by the end of the year. The resulting rise in bond yields has been so breathtaking that the previous expectation that Fed funds would end the…
7 min readThe old saying that the only constant is change rings true in the realm of ESG investing. The pace at which the ESG landscape continues to shift is remarkable, and it routinely leaves government organizations, companies and investors struggling to keep step. Perhaps unsurprisingly then, there is now a demand for greater consistency and transparency…
13 min readAs the market’s attention was drawn to the war in Ukraine, supply chain disruptions, runaway inflation, and higher interest rates, a significant deadline quietly passed. April 11 marked the end of the comment period for the new round of money market fund (MMF) reforms proposed by the Securities and Exchange Commission (SEC). As the Fed…
18 min readWe identify three themes to watch for cash investors each year. For 2021, we focus on vaccines, ESG and LIBOR replacement. DOWNLOAD FULL REPORT Introduction At the start of each year, we typically name three broad themes that we think will have the greatest potential impact on the short-term debt markets. Our 2020 picks posed…
1 min readIn this webcast, Lance Pan defines ESG, discusses how to apply ESG to fixed income and cash investments, and outlines how you can select an ESG provider. Watch the webcast: Click the above webcast link for episode 3 of Credit Update. Hosted by Capital Advisors Group’s Director of Investment Research and Strategy, Lance Pan. Topics…
17 min readDOWNLOAD FULL REPORT Abstract After sudden shareholder redemptions in March stressed money market funds, it became clear that several rounds of reforms since the 2008 crisis have failed to bolster institutional prime money market funds as liquidity vehicles. While extraordinary government measures once again helped to stabilize the market, they should not be recurrent policy…
1 min readWatch the webcast: Click the above webcast link for episode 1 of Credit Update. Hosted by Capital Advisors Group’s Director of Investment Research and Strategy, Lance Pan. Topics covered: Recap of Recent Market Events How to Balance Credit Risk in a Portfolio During Times of Economic Volatility (e.g., COVID-19) Overview of Corporate Paper (CP) Bid-Ask…
12 min readDOWNLOAD FULL REPORT Abstract Extraordinary market volatility from COVID-19 led to a complete reset of portfolio strategies and expectations in cash investments. While liquidity has turned the corner, the path to recovery and a normal investment environment may be a long one. Fighting credit issues on one hand and the risk of negative interest rates…
1 min readWe hope you are all safe during this extended period of sheltering at home. Life has changed immeasurably for most of us since February 13, when we published a report on COVID-19 and its impact on liquidity portfolios. Our comments in that report still apply, and on March 31, we provided additional valuable market intelligence…
3 min readWatch the Webinar: Click the above video for a replay of our March 31, 2020 webinar on the impact of COVID-19 on cash portfolios. Hosted by Benjamin Campbell, CEO, and Lance Pan, CFA, Director of Investment Research & Strategy. The cash management landscape has changed greatly in the short time since we published our February…