U.S. Credit Spreads Defy Rising Policy Uncertainty
March 1st, 2025 | In Research Note
Market Insight – March 2025. Recent market trends highlight an unusual divergence between economic policy uncertainty and credit spreads. A widely followed Economic Policy Uncertainty (EPU) Index (Baker, Bloom and Davis) has surged sharply in recent weeks, reflecting mounting concerns over macroeconomic stability, fiscal policy shifts, and geopolitical risks. Yet, the Financial Conditions Credit Spread Index (FXI)—an IOSCO-aligned, fully transactions-based broad measure of credit spreads—has remained relatively stable,…
User’s Guide to AXI & FXI
November 12th, 2024 | Research Note
This User’s Guide to AXI & FXI is being made available to interested…
US credit markets show resilience following volatility in rates markets
August 9th, 2024 | Research Note
Market Insight – August 2024 The market turmoil sparked by the disappointing July…
How do AXI and FXI reflect market and geopolitical risks?
April 17th, 2024 | Research Note
Market Insight – April 2024 The recent escalation of the current Middle East…
What is driving credit spreads tighter?
April 2nd, 2024 | Research Note
Market Insight – April 2024 Measures of credit spreads moved tighter and market…
What are AXI and FXI telling markets about current financial...
February 21st, 2024 | Research Note
Market Insight – February 2024 Recent commentary by US Federal Reserve officials indicates…
NYU Professor Tuckman on Short-Term Rate Benchmarks: the Post-LIBOR Regime
May 7th, 2023 | Research Note
Bruce Tuckman is a Clinical Professor of Finance at the Leonard N. Stern…
Unintended Impact of LIBOR-SOFR Transition on Credit Markets and Economic...
March 10th, 2023 | Research Note
In this note, I discuss the impact of the London Interbank Offered Rate…