Federal Reserve

The Fed is easily the most influential market participant in the world. The words of a Fed chair can send markets to the moon, or into despair. But the Fed is a rationale actor whose actions can be understood and predicted. This course goes over the Fed's dual mandate, the tools it uses to carry out its task, and describes their impact on the real and financial economy. Case studies: "Higher for Longer," Reverse Wealth Effect, Taper Tantrum, Corporate Credit Facility.

Treasury Market

The Treasury market is the world's single most important market. It determines the risk free rate in U.S. dollars, which directly impacts all asset prices. This course goes through the mechanicals of the Treasury market from product types, drivers of supply and demand, and common market interpretations of the yield curve. Case studies: March 2020 Treasury Market, TIPS implied breakevens, safe haven bids.

Agency MBS

The Agency MBS market is often through of as "Treasury adjacent" because it is credit risk free and also very liquid. This course walks through the process through which Agency MBS are created, discusses special characteristics like prepayment risk, and outlines how MBS prices feed through to the real economy. Case studies: 2022 QT, Convexity Hedging, 2020 mREIT Implosion.

Course curriculum

    1. Federal Reserve

    1. Treasury Market

    1. Agency MBS

About this course

  • $80.00
  • 3 lessons
  • 2.5 hours of video content