Is a shift to TGCR good for US interest rate...
October 7th, 2025 | In Research Note
Market Insight – October 2025: The Federal Reserve’s next evolution may begin in the repo market. Shifting its policy anchor from the outdated federal funds rate to the tri-party general collateral rate (TGCR) could modernize monetary policy and strengthen transmission across U.S. interest rate and credit markets. In a speech delivered on September 25, 2025, Dallas Fed President Lorie Logan made a compelling case for modernizing the…
Market Insight: Evolving Global Trade Dynamics Strengthen the Case for...
April 18th, 2025 | Research Note
As trade tensions rise and reserve diversification accelerates, the bedrock demand for U.S….
U.S. Credit Spreads Defy Rising Policy Uncertainty
March 1st, 2025 | Research Note
Market Insight – March 2025. Recent market trends highlight an unusual divergence between…
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…