Rates
2026-06-05
Sample: Reading the front end after the print
What the latest data does (and doesn't) change for the policy path priced into the curve.
Research
Fixed Income Research
Independent notes on rates, credit, and relative value. Selected notes are free; deeper, actionable work is for members — published behind the paywall on Substack.
RatesCreditMacroRelative Value
Free notes
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Credit
2026-05-30
Sample: How to think about spreads at cycle tights
A framework for when carry stops compensating for the convexity you're short.
Members research
PaidFull theses, trade structures, and ongoing updates — unlocked for paying members on Substack.
Rates
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Sample: The belly is too cheap into the refunding
5s30s steepeners, the supply scenario, and the exact levels we're watching.
Relative Value
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Sample: Asset-swap dislocations worth the risk
Two govvie/swap setups that look mispriced into quarter-end, sized and risk-managed.
Credit
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Sample: The IG carry trap — positioning for the turn
Where we'd fade the grind tighter, and the hedges that pay if spreads gap.
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