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Category

Economic and Market Commentary

LIBOR-OIS: Time to Re-visit an Old Topic

Recently, there has been a widening in the spread relationship between LIBOR (London Interbank Offered Rate) and OIS (Overnight Interest Swap Rate). This prompts the question: Should this be of concern? Is it a “canary in the coal mine” signaling possible problems with overall bank credit, or is there some other viable explanation?
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Income Likely to Dominate Future Core Real Estate Returns

In our view, high-quality income generation—and not capital appreciation—will be the primary determinant of real estate returns over the next few years.
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Higher Volatility, Lower Returns Likely in the 2018 Bond Market

Given the surprisingly solid bond market performance of 2017, what might fixed income investors expect in 2018? Unfortunately, lower returns. Despite favorable risk asset performance expected from strong earnings growth and ongoing demand, in our view investors should not expect to earn a return higher than the yield of the Bloomberg Barclays Aggregate Index, which...
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