From the Desk of Ian Culley @IanCulley

The bond market is turning the page. 

Our long US Treasury trades are finally working. And investors are reaching for...

Credit spreads have tightened a good deal since October.

I can't help but think this is just more classic bull market behavior.

As the major US equity indices have been rallying into year end, we've seen confirmation out of a number of...

From the Desk of Ian Culley @IanCulley

Bond investors must feel like it’s their lucky day.

Long-duration bonds are reaching new multi-month highs!

It finally looks as if a tactical bounce is underway for these safe...

From the Desk of Ian Culley @IanCulley

What a wild broad-market reversal yesterday!

Powell supposedly stated the obvious or blurted out what was on everyone’s mind. I don’t know. I haven’t watched the video or reviewed...

From the Desk of Ian Culley @IanCulley

The market barely reacted Wednesday afternoon following Powell’s remarks, cooking up a big, fat nothing burger for investors.

Market participants took the decision to leave rates...

From the Desk of Ian Culley @IanCulley

It’s beginning to feel an awful lot like 2022.

Rates and the dollar are on pause, bonds can’t stop falling, and the...

From the Desk of Ian Culley @IanCulley

Investors navigate a market of stocks, not a “stock market.”

Equity indexes slide, and US treasuries collapse against a...

From the Desk of Ian Culley @IanCulley

Borrowing costs are increasing, and US Treasuries are tanking – again. 

Everyone knows it. Even my therapist commented on interest rates and the “terrible” economy.

The...

From the Desk of Ian Culley @IanCulley

Stocks and bonds look vulnerable right now. 

US T-bonds are sliding to fresh decade lows. The S&P 500 completed a three-month top last week.  And the Nasdaq 100 is on the verge...

From the Desk of Ian Culley @IanCulley

Searching for trending markets?

Look no further than US treasury bonds!

Bonds across the curve are skidding to fresh...

From the Desk of Ian Culley @IanCulley

Markets fluctuate to a relentless beat driven by fear, greed, and an incessant newsfeed.

Sometimes, they trend. 

But, more often than not, they churn sideways.

...

From the Desk of Ian Culley @IanCulley

Yields are rising worldwide. 

US treasuries continue to fall after a brief pullback in price. 

Now, Chinese government bonds...

From the Desk of Ian Culley @IanCulley

US Treasuries have stopped falling – for the moment.

But it’s a mixed bag.

Short setups for long-duration bonds remain in play despite pullbacks underway, while the shorter end of...

From the Desk of Ian Culley @IanCulley

I bought bonds last December and again in...

From the Desk of Ian Culley @IanCulley

Credit spreads are the canaries in the financial market coal mine.

They’ll peep at the first sign markets face serious...

From the Desk of Ian Culley @IanCulley

Are investors really buying bonds, betting on a squeeze higher?

Perhaps it’s just my Twitter feed. (Or are we calling it "X" now?)

I’m perplexed by the growing chatter around...

From the Desk of Ian Culley @IanCulley

Rates are on the move again.

The US 30-year Treasury yield $TYX cleared numerous hurdles this week. ...

From the Desk of Ian Culley @IanCulley

FOMC meeting?

No worry, beef curry!

The markets barely flinched after the Fed raised interest rates – again. 

Honestly, I didn’t tune in to the press conference. I...

From the Desk of Ian Culley @IanCulley

Bonds are breaking out!

Yes… Bonds!

No, I’m not talking about US Treasuries. Those “risk-...

From the Desk of Ian Culley @IanCulley

"Sell the two… Utah! Sell the two!"

I’ve parroted my bond outlook during internal meetings and across our Slack channels in recent weeks, partly in jest but mostly to highlight...

From the Desk of Ian Culley @IanCulley

Messy, messy, messy.

If there’s one market description I’ve grown tired of more than others – it’s "messy." It’s my pain trade. 

Interest rates,...

From the Desk of Ian Culley @IanCulley

Investors are bidding up growth names.

Perhaps it comes as a surprise, given elevated interest rates.

It did catch me off guard, but it hasn’t stopped me from taking advantage of...

From the Desk of Ian Culley @IanCulley

Forget about Wednesday’s FOMC decision.

Yes, investors continue to react, unpacking Jerome Powell’s words while looking ahead to next month’s meeting. It’s a never-ending cycle proffered by...

From the Desk of Ian Culley @IanCulley

International credit spreads are contracting.

Investors are running from imminent global collapse by reaching for emerging market bonds over risk-free US Treasuries. 

Wait, perhaps...