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US TSYS: /MBS: And Brean's Scott Buchta noted that "the market historically has
underestimated future rate hikes in a tightening cycle" and now, "JPM, GS and
now Nomura have called for four rate hikes in 2018." Brean Capital currently
thinks "we will get at least 2, depending on inflation," he adds.
- He said "forward curves have priced in 1 hike in December, one in 2018 and one
in 2019." So he urged to "take advantage of low vol and flat curves to hedge
funding exposure on the front end of the yield curve (especially Banks, REITs
and HF that employ leverage)." He adds to "add Floating Rate Assets as a core
holding" with "barbell component" so "overweight Agency CMBS vs Agency MBS
- He urged to add "convexity protection against rising vol" and protection
"against wider spreads from the Fed Tapering in 2018."