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ECC - How Leverage Will Drive CEF Returns From Here On
Eagle Point Credit Company Inc.
One of the most important shifts over the last year has been the sharp turnaround by the Fed in its monetary policy stance. Faced with a market revolt, tame inflation, growing trade tensions and a slowing global macro environment, the Fed pivoted in a dovish direction. From a year ago, the market has shaved 1.5% off the one-year forward Fed Funds rate expectations.
Source: FRED
This repricing of short-term rates has had large and multiple impacts on financial markets. One potentially overlooked impact that is nevertheless important for CEF investors is the impact of leverage