Skip to main content

In this regular podcast series, MUFG subject matter experts within our business discuss the forces, indications, and policies that impact the U.S. economy and financial markets, and provide updates to their economic outlooks and forecasts for the weeks, months, and years ahead.

FOMC Minutes Preview and Jackson Hole Thoughts

George Goncalves, MUFG Head of U.S. Macro Strategy, discusses the false breakout in yields into the Treasury auctions last week, characterizing them as just another supply concession setup. Given that the rates market failed to continue its rise up in rates, George remains neutral until we hear from the Fed.

If you can’t view the above media player, this podcast is also available on Apple Podcasts and Spotify.

Burnout is here

In this episode, Glenn Schultz, MUFG Head of Agency Prepayment Modeling and Strategy, discusses the burnout manifesting in prepayment rates across the coupon stack. He also discusses high SATO borrowers, and what prepayment surprise we may see from this borrower base.

If you can’t view the above media player, this podcast is also available on Apple Podcasts and Spotify.

July CPI and 10yr Auction Preview

George Goncalves, MUFG Head of U.S. Macro Strategy, walks us through what looks like a potential double-bottom in long-term rates and a turn higher from here, where markets will then focus on how the Fed delivers its taper plans.

If you can’t view the above media player, this podcast is also available on Apple Podcasts and Spotify.

Is Japanese foreign direct investing the key to foreign investor demand for JGBs?

In today’s episode, MUFG Chief Japan Strategist Takahiro Sekido dissects the BoJ’s monetary operations in July, the MoF’s outlook for JGB issuances in August/September, and USDJPY basis JGB arbitrage trading among foreigners. He also shares his views on the Dollar/Yen, Yen rates, and Yen basis.

If you can’t view the above media player, this podcast is also available on Apple Podcasts and Spotify.

Japanese and overseas investors compete for investment gold across borders as the Tokyo Olympic games come to a close

In today’s episode, MUFG Chief Japan Strategist Takahiro Sekido reviews JPY rates, basis and USDJPY in July and previews the same for August. He also discusses cross border flows, the U.S. Fed’s policy response impact on JGBs, and shares his views on the Dollar/Yen, Yen rates, and Yen basis.

If you can’t view the above media player, this podcast is also available on Apple Podcasts and Spotify.

ESG's Acceleration: Credit Rating & Accounting Perspectives of ESG

In this episode, Hailey Orr, MUFG Capital Markets Strategist, and Todd Gray, MUFG Head of the Ratings Advisory Group, discuss how ratings agencies are incorporating ESG considerations into their analysis and what impact that could have on corporate ratings.

If you can’t view the above media player, this podcast is also available on Apple Podcasts and Spotify.

July FOMC Preview

George Goncalves, MUFG Head of U.S. Macro Strategy, gives us his latest thoughts on the bond market and what to expect from the upcoming July FOMC meeting, and what may lie ahead as we enter the remaining weeks of the summer.
If you can’t view the above media player, this podcast is also available on Apple Podcasts and Spotify.

Japan takes an early lead in the gold medal count at the Tokyo Olympics while Japanese and foreign investors compete in the investment arena

In today’s episode, MUFG Chief Japan Strategist Takahiro Sekido discusses Japanese and foreign investor cross-border flows in June, as well as relative value of JPY bonds in USD terms. He also shares his views on the Dollar/Yen, Yen rates, and Yen basis.

If you can’t view the above media player, this podcast is also available on Apple Podcasts and Spotify.

Do rates always overshoot before bottoms are formed?

George has been watching this market from the sidelines after having gone neutral duration in early July, choosing not to chase the rally but instead see how far it could go before reassessing his views. U.S. 10yr rates then went on to go beyond George’s bottom of his range (1.25%, the low he had penciled in for the 3rd quarter) and then snapped back in the last couple trading sessions. George views that as a healthy start in hopefully what will turn out to be a consolidation, the kind that will give the Fed a chance to taper.

If you can’t view the above media player, this podcast is also available on Apple Podcasts and Spotify.

The BoJ’s ESG strategy, Asian investor buying of Agency MBS, and record foreign buying of JGBs ahead of the Tokyo Olympics

In today’s episode, MUFG Chief Japan Strategist Takahiro Sekido discusses the Bank of Japan’s climate change operations, the May U.S. TIC data, as well as the weekly MoF flow data. He also shares his views on the Dollar/Yen, Yen rates, and Yen basis.

If you can’t view the above media player, this podcast is also available on Apple Podcasts and Spotify.

Learn more

For more information,
contact us.

John Cooke
Head of Rates Sales, Americas
New York, NY
1-212-405-7353
John.Cooke@mufgsecurities.com

George Goncalves
Head of U.S. Macro Strategy
New York, NY
1-212-405-6687
George.Goncalves@mufgsecurities.com

Takahiro Sekido
Chief Japan Strategist
Tokyo, Japan
1-81-3-6214-4150
Takahiro_Sekido@mufg.jp

Glenn Schultz
Head of Agency Mortgage Prepayment Modeling and Strategy
Chicago, IL
1-212-405-6521
Glenn.Schultz@mufgsecurities.com

The podcast content above is being provided for educational and informational purposes only. The information and comments are not the views or opinions of MUFG Union Bank, its subsidiaries or affiliates. Please consult your attorney, accountant or tax or financial advisor with regard to your particular situation.