Home / Research
Research
Commentary and calendars
House notes for clients. None of this is a recommendation to buy or sell. Each note opens on its own page.
Rates
Treasury curve after the latest CPI print
Front-end yields firmed; the 2s10s remains inverted. Duration in a brokerage book should be an explicit choice, not a default.
Equities
Megacap earnings: guidance over the beat
Four names in the tape this week. Capex language and buyback authorization matter more than the headline EPS.
Energy
Crude inventories and the refining spread
WTI softer on the week. Crack spreads still support the integrated names versus pure E&P.
Credit
IG spreads and the bid for duration
Investment-grade OAS little changed. New issue has been digesting; secondaries still tighter than last quarter.
FX
Dollar, yen, and the intervention watch
EUR/USD 1.0872. USD/JPY remains the pair with policy risk attached. Size accordingly.
Calendar
This week: CPI residual, housing, and FOMC speakers
No decision meeting. Speakers and housing prints are the event risk for rates vol.