Equities: Moderna’s vaccine news sent the Dow to a new record as we approach 30k.
Alternatives: US public pensions are among the world’s biggest private-equity investors.
Credit: The AAA spread curve for US commercial mortgage-backed securities (CMBS) shows strong demand for long duration. News of the COVID-19 vaccine led to a 3-9 basis point rally for AAA spreads, with the long-end outperforming, according to Deutsche Bank.
Rates: It appears that the Fed may not boost the pace of its securities purchases as a result of the vaccine news.
Here is Morgan Stanley’s forecast for the Fed’s balance sheet.
China: China is letting some corporate bonds default.
Food For Thought: Short-term rentals vs. 2019:
Edited by Devon Lall
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