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Fed policy, the credit cycle and real estate 

Risk Management , Real Estate Investing , Fixed Income

Amid the uncertainty over Federal Reserve policy, investors in commercial real estate (CRE) are confronting asset-allocation challenges and growing concerns about CRE valuation and debt levels, after an extended period of easy credit.

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Beyond headlines: How markets responded to US-China trade talks 

Economic Exposure , Emerging Markets , Global Investing

Our analysis suggests that changes in equity-market valuations, analysts’ consensus earnings estimates and data on companies’ revenue exposure are metrics that provided insight into recent market and sector performances.

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Game of Homes: Is winter coming for the domestic-equity bias? 

Equity Themes , Models/Client Cases , Global Investing

Can we quantify home-bias risk in an allocation? And, what has happened when U.S. stocks ended previous multiyear runs of outperformance?

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Are you ready for uniform MBS? (Part 2) 

Models/Client Cases , Fixed Income , Risk Management

Aligning prepayment speeds of Fannie Mae and Freddie Mac securities presents a major challenge to the success of uniform mortgage-backed securities (UMBS), which the two government-sponsored enterprises will launch on June 3.

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A more politicized Fed? The market yawns 

Fixed Income , Risk Management

Could the Federal Reserve Board (the Fed) become less independent, with political forces exerting more influence?

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The Right Tool: How Suitable is Your Real Estate Benchmark? 

Real Estate Investing , Global Investing

You don’t have to be a master craftsman to appreciate the benefits of using the right tool for the job. Even the most casual do-it-yourselfer has experienced the frustration of using the wrong screwdriver for a particular job — one that doesn’t quite fit the screw properly and shreds the head, leaving it uselessly stuck in the wood without fixing anything.

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Need a Lyft? Why the IPO blew a tire 

Equity Themes , ESG Research , Risk Management

A week into the highly publicized IPO for Lyft Inc., the ride-sharing company, it’s hard to say it went exactly as planned.

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Are You Ready For Uniform MBS? (Part 1) 

Models/Client Cases , Fixed Income , Risk Management

Fannie & Freddie will conclude Single Security Initiative (SSI) June 3, 2019, creating a single to-be-announced (TBA) market & a new TBA security: the uniform mortgage-backed security (UMBS)

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What Yield-Curve Inversions Have Meant For Markets 

Equity Themes , Economic Exposure , Fixed Income

Inversion of the yield curve has historically been a reliable indicator that a recession is coming. But what has it implied for stock prices and Treasury rates?

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Evaluating the impact of LIBOR fallback 

Fixed Income , Global Investing , Integrated Risk Management

The planned discontinuation of LIBOR and other interbank offer rates sometime in 2022 will affect a large number of existing financial contracts based on these benchmarks.