The Framework
Fixed income is two markets — Rates and Credit — connected by two things: macro forces and liquidity.
Two Lenses
Every writer views these markets through a macro lens (what it means) or a market lens (how to trade it).
The Map
A 2×2 with two bridges: macro runs vertically, liquidity runs horizontally. Click a quadrant to jump in.
Macro Lenswhat the market means
Market Lenshow to price & trade it
Rates
Govt bonds
Yield curves
Global Macro / Rates
"What are bonds telling us about growth, inflation, policy?"
Macro writers anchored in the bond market. Treasuries as a read on the economy.
Rates Strategy
"Where are yields going? How do I position duration?"
Former rates strategists and desk traders. Curves, duration, central bank positioning.
Liquidity & Capital Flows
"Is there enough money? Where is it flowing?"
The plumbing that links rates and credit. Eurodollar mechanics, repo, funding markets, global monetary conditions. Spans both lenses because when liquidity moves, everything moves.
Credit
Corporate & sovereign
spreads & defaults
Macro Credit
"How is credit risk being priced across the cycle?"
Top-down credit. Sovereign debt, policy transmission, and how macro forces show up in spreads.
Credit
"Which names? Which sectors? Who defaults?"
Bottom-up credit. High yield, leveraged loans, distressed debt, restructuring and bankruptcy.