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Michael Hayes
Executive Director, Model Validation and Best Practices Research
About the Contributor
Michael Hayes is Executive Director in Model Validation and Best Practices Research, an applied research team with the primary mission of providing clients with customized modeling recommendations across MSCI analytics. Previously, he held roles in quantitative portfolio management, multi-asset class risk management, and regulatory solutions. He has a B.A. in Chemistry from Princeton University and a Ph.D. in Chemical Physics from the University of Colorado, Boulder.
Blog posts by Michael Hayes
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The credit-default-swap (CDS) market previously offered a cost-effective means to make short-term hedges or place bets on an individual issuer’s credit.
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In October, the 10-year U.S. Treasury yield hit a 7-year high in response to strong economic news, contributing to the second major equity sell-off this year.1 If positive moves in yield continue to drive down equities, this would mean an end to the hedge between stocks and bonds that has been in effect since around 2002. Investors may seek alternative means of diversification, with potentially deep ramifications for strategic asset allocation decisions and multi-asset class strategies.