10 min readKey Takeaways Shifting Expectations: How the Middle East Conflict Altered the Fed’s Rate Path The conflict in the Middle East has thrown a wrench into the Federal Reserve’s cutting cycle. Prior to the initial attacks on Iran in March, the case for cutting rates in 2026 was strong: Then, the unprecedented closure of the Strait…
11 min readAs money market reform reshapes institutional cash investing, treasury teams may find it worthwhile to take a closer look at A2/P2 commercial paper—and its potential impact on portfolio yield and liquidity. Key Takeaways: For corporate treasury teams managing large liquidity portfolios, the past several years have forced a reconsideration of familiar cash investment strategies. After…
14 min readCo-authored: Andrew Tong Abstract The inclusion of A2/P2 commercial paper (Tier-2 CP) in institutional cash portfolios may help improve income potential and diversify risk. Data suggests that Tier-2 CP offers meaningful yield enhancement relative to comparable benchmarks and Tier-1 CP. Following the SEC’s Rule 2a-7 money market fund reforms, direct investment in Tier-2 CP has…