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Perspectives Contributor:

Joseph A. Murphy, CFA

December 11, 2017

Anticipating the FIFO Rule

As the effort to reform the U.S. tax code speeds through the legislative process, it is clear that, whatever the specifics of the ultimate bill, it could have a significant impact on investors. Despite the bill’s fluid nature, there is one provision that could have such profound implications for taxable...

March 10, 2017

Taking A Hike (with interest rates)

It is a well-known market truism that the Fed tries to avoid surprising markets with its monetary policy decisions, especially when those decisions result in a rate increase. Indeed, the Fed has not issued a rate hike that was less than 70% priced in since 1994. On the other hand,...

April 5, 2016

Long Corporates and Low Treasuries

We talk with a lot of pension plan sponsors who strategically want to hedge their liabilities by buying long duration corporate bonds but who tactically are discouraged from doing so by low long-term interest rates. In the past we have explored the idea of separating general interest rate and corporate...

December 3, 2015

Our Take on Negative Swap Spreads

While the topic may not have come up at the Thanksgiving table, it’s one of the most discussed issues in the markets right now: why have swap spreads gone (so) negative? Ask ten people and you’ll get ten different answers—and ten different recommendations for what to do about it. Here’s...