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Research
House notes for clients. None of this is a recommendation to buy or sell. Each note opens on its own page.
Research is commentary, equity notes, a calendar, and the news tape. Commentary is the strategy desk: rates, FX, commodities. Equity notes are watchlist names around earnings. The calendar is event risk. News is the headline tape, separate from a house note.
None of it is a rating, a target, or an instruction to trade. Open a note for the argument. Open the product page if you need the fee and the session. Open a quote for the delayed print.
Front-end yields firmed; the 2s10s remains inverted. Duration in a brokerage book should be an explicit choice, not a default.
Four names in the tape this week. Capex language and buyback authorization matter more than the headline EPS.
WTI softer on the week. Crack spreads still support the integrated names versus pure E&P.
Investment-grade OAS little changed. New issue has been digesting; secondaries still tighter than last quarter.
EUR/USD 1.0872. USD/JPY remains the pair with policy risk attached. Size accordingly.
No decision meeting. Speakers and housing prints are the event risk for rates vol.
