Treasury Market Updates With AmeriVet’s Faranello: Macro Matters

03/08/24 • 17 min

The Federal Reserve is restrictive, and policymakers left themselves room to cut on the way up, says Greg Faranello, head of US rates at AmeriVet Securities. In this Macro Matters edition of the Bloomberg Intelligence FICC Focus podcast, Faranello joins hosts Ira Jersey, BI chief US rates strategist, and Will Hoffman, US rates strategy associate, to discuss the state of the Treasury market. The trio examine the recent repricing of Fed policy expectations, outlook for quantitative tightening and the impact of persistent federal deficits on the secondary Treasury market.

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What's Next for the Swiss Economy, the SNB and Franc?: FX Moment

In the latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence's chief G10 FX strategist, talks about the Swiss economy, the SNB's outlook and prospects for the franc with Valerie Lemaigre, head of Investment Office and chief economist at Banque Cantonale de Geneve. In particular, Valerie and Audrey explore how the outlook for Swiss growth and inflation may sway SNB near-term monetary policy direction and why the franc's recent underperformance (to the extent that it feeds positively through the inflation channel) takes pressure off the SNB to begin imminent easing.

This suggests that a not-so-dovish March 21 SNB meeting may give the franc temporary breathing space, with a likely euro-Swiss near-term consolidation near 0.95-0.97, while dollar-Swiss remains at the mercy of the greenback's narrative.

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Houlihan Lokey's Hardie on Yet-to-Crest Wave of Distressed Debt: State of Distressed Debt

The distressed cycle is on the upswing as rates pinch post-pandemic borrowers, in the eyes of William ‘Tuck’ Hardie, Managing Director in Houlihan Lokey’s Financial Restructuring Group (3:30). He joined the State of Distressed Debt podcast team to talk liability management transactions, where we are in the cycle, and why the involvement of private credit and CLO investors may mean more persistent distress. Tuck also shares stories from his 20-plus years with Houlihan and speaks to the culture that has enabled the team’s success. Prior to that, Noel Hebert and Phil Brendel of Bloomberg Intelligence review renewed declines in distressed debt and the general state of the market. The podcast concludes with BI’s Negisa Balluku and Phil reviewing ongoing bankruptcy and distressed situations including Gol, WeWork, Yellow, Audacy and Spirit Airlines (1:11:50).