Fixed-Income Research & Rate Views

Yield curves are fit from observed point-in-time quotes; the rich/cheap signal is simply the residual between a security's market yield and the yield implied by that fitted model curve, expressed as a Z-score (residual divided by the typical dispersion of residuals). A security is labeled rich when its yield sits below the fitted curve and cheap when it sits above — a purely statistical deviation from a model, not a price target, forecast, or recommendation to trade. All values are hypothetical outputs from a single snapshot and may be stale.