Fixed Income
Bonds, treasuries, and the debt markets that fund governments and corporations.
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The Bear Steepener: What the Yield Curve's Un-Inversion Actually Signals
The yield curve's un-inversion — not the inversion itself — is the true recession signal. This guide explains bear steepeners versus bull steepeners, the banking transmission mechanism, and how to read the 2s-10s spread.
The Maturity Wall: Why Corporate America's Cheap Debt Is Running Out
$3 trillion in corporate bonds issued at near-zero rates are approaching maturity, forcing companies to refinance at rates 2-3x higher. This guide explains the maturity wall, high-yield spreads, and how to screen for refinancing risk.
The Tax-Equivalent Yield: Why a 4% Municipal Bond Can Beat a 6% Corporate Bond
A 4% municipal bond beats a 6% corporate bond for investors in the 37% tax bracket. This guide explains the tax-equivalent yield formula, GO vs revenue bonds, credit risk, and who should own munis.
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