JMBS News and Press, Janus Henderson Mortgage-Backed Securities From 04/17/23

2023-04-17 08:59:00 ET Summary Why we think recent banking sector stress has made already attractive U.S. mortgage securities even more keenly valued. With agency mortgages, the key risk involves prepayments: early or faster-than-scheduled repayment. In normal circumstances, this ...

2023-04-17 04:08:00 ET Summary As we head into the second quarter, we believe it’s very likely that economic data will moderate which would be welcome news for the Fed, supportive of their effort to achieve a soft landing and combat inflation. Global fixed income markets ex...

2023-04-17 03:00:00 ET Summary With bank lending tightening, it seems prudent for the Fed to hit the pause button. Markets are conditioned for loose conditions, expecting Fed loosening measures to reverse any meaningful tightening. Money is perceived as a liquid and stable sto...

2023-04-15 02:25:00 ET Summary One of the recurring themes I’ve focused on in recent years is the inherently long nature of a credit bust cycle like the one we’ve been experiencing since 2021. The commercial real estate market is just one piece of a much larger overa...

2023-04-13 02:25:00 ET Summary Exacerbated by the recent banking crisis, sentiment around commercial real estate (CRE) has turned so weak that these assets are almost perceived to be uninvestible. However, the CRE market has been no stranger to distress since the Global Financial ...

2023-04-12 13:49:00 ET Summary The rising interest rate environment was already weighing on the outlook for construction activity, but the recent stresses in the US and European banking sectors have added to fears that lenders will increasingly step back. The US looks especially v...

2023-04-10 03:30:00 ET Summary The U.S. economy is slowing. A major tightening of real estate lending is now unfolding. The biggest lesson from Kuroda's rein: No individual (or small group) should ever have such absolute power to inflate. April 7 - Bloomberg (Alexa...

2023-04-07 23:30:00 ET Summary The old investment playbook is out and a new regime that considers high inflation and interest rates is in. Recent events in the banking sector around SVB and Credit Suisse have made clear the importance of staying nimble as investors. Our expect...

2023-04-07 05:30:00 ET Summary The promise of diversification failed in 2022 as both equities and fixed income declined. Some investors are questioning whether the traditional 60% equity/ 40% fixed income balanced portfolio remains a valid strategy. Over history, balanced port...

2023-04-06 03:53:00 ET Summary For months, I have been pointing to clear signs that monetary policy has become tight enough to make a difference in people's behavior. A pronounced steepening of the yield curve is the market's way of telling the Fed that they are going to have to c...