FICC Focus
Episodes
Post-FOMC Rate Review With BNP Paribas’ Marshall: Macro Matters
21 Sep 2023
Contributed by Lukas
“The 10-year Treasury ending the year around 4.2-4.3% seems fair, but the recent selloff has been overdone,” William Marshall, head of US rates st...
Paul Hastings' Hansen on Crypto, Mass Tort, & 'Creditor-on-Creditor Violence'; Latest on Yellow, 3M, and Diamond Sports: State of Distressed
19 Sep 2023
Contributed by Lukas
In this month’s State of Distressed Debt edition of the FICC Focus podcast, Bloomberg Intelligence global credit strategy head Noel Hebert and distr...
Questions From West Coast Investor Trip: Macro Matters
17 Sep 2023
Contributed by Lukas
Should the US economy avoid a recession over the coming months as anticipated by the Bloomberg Economics team, the Federal Reserve may remain on hold ...
Isolating Idiosyncratic Risk Factors in EM Dollar-Pay Debt: EM Lens
15 Sep 2023
Contributed by Lukas
Emerging market currency volatility is on the rise, as the dovish tilt in monetary policy causes real yield differentials to converge with the US and ...
Sustainability and ESG In Credit: Why Bother?: Credit Crunch
12 Sep 2023
Contributed by Lukas
Credit markets saw stupendous growth in socially responsible and green bonds from a variety of credits and many sustainability and ESG specialized fun...
Bigger BRICS Renews Dollar Demise Talk, But In Vain: FX Moment
06 Sep 2023
Contributed by Lukas
In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist, and Stephen Chiu, BI chief Asia FX and r...
Active Management, Fixed Income Chaos: Masters of the Muniverse
30 Aug 2023
Contributed by Lukas
Money has been leaking out of municipal mutual funds this year, but the same can’t be said for alternative products, such as exchange traded funds, ...
Hildene's Jefferson, Mehra on Structured Strength: Credit Crunch
25 Aug 2023
Contributed by Lukas
The keys to evaluating structured credit are “the value of the assets, the value of the structure and the value of the option,” according to Brett...
US Rate-Market Review With TD’s Gennadiy Goldberg: Macro Matters
24 Aug 2023
Contributed by Lukas
The Treasury market selloff throughout August was in part due to increased issuance, but largely driven by the market repricing the future path of mon...
Credit Correction: Is That Enough? - Credit Crunch
22 Aug 2023
Contributed by Lukas
Credit markets have had a correction in the past month, across the board. It takes us to an interesting juncture where we ask if the correction has lo...
Euro Bullish Cyclical Narrative Holds But Only Just: FX Moment
14 Aug 2023
Contributed by Lukas
In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G10 FX Strategist and Maeva Cousin, senior euro area economi...
Losada on Extracting Excess Returns in Latin America: EM Lens
11 Aug 2023
Contributed by Lukas
Latin America central banks continue to focus on inflation, yet fiscal deficits remain elevated and growth is in decline. In this month’s EM Lens & ...
BI’s Adelberg on Mortgage-Backed Securities: Macro Matters
10 Aug 2023
Contributed by Lukas
Spreads of mortgage-backed securities may remain wide, though net and gross supply could remain depressed given interest rate and housing market dynam...
Brubaker on ‘Non-distressed’ Debtors; Latest on J&J, Crypto, Cineworld: State of Distressed
07 Aug 2023
Contributed by Lukas
The red-hot credit rally leaves debt markets vulnerable ahead of historically-worst months, Bloomberg Intelligence Global Credit Strategy head Noel He...
BOE Steps Down Pace on Lack of Upside Surprises: All Options Considered
04 Aug 2023
Contributed by Lukas
The Bank of England stepped down the pace of tightening as it closes in on the peak but isn't quite yet done and remains highly data dependent. In thi...
Riding Volatility as Turmoil Recedes: All Options Considered
31 Jul 2023
Contributed by Lukas
The re-risking with the market being chased higher has crushed equity volatility while the skew in rates at the back of the curve is toward higher yie...
Post-Federal Reserve Meeting Thoughts: Macro Matters
27 Jul 2023
Contributed by Lukas
The Federal Reserve may remain on hold for the rest of the year as inflation should moderate, Chief US Economist for Bloomberg Economics Anna Wong say...
Castlelake Co-CEO on Asset-Based Private Lending: Credit Crunch
25 Jul 2023
Contributed by Lukas
Asset-based finance has moved nearer center stage in the fast growing private credit market, competing with corporate direct lending for attention. Ca...
Green Shoots Are Sprouting in Emerging Market Debt: EM Lens
21 Jul 2023
Contributed by Lukas
Green shoots are forming in emerging market debt as growth slows, inflation eases and the geopolitical climate turns more market friendly. In this mon...
Carlyle's Pavelski on Private Credit; Latest on Crypto, Audacy
19 Jul 2023
Contributed by Lukas
BI global credit strategy head Noel Hebert, distressed credit analyst Philip Brendel and bankruptcy litigation analyst Negisa Balluku discuss how cred...
Building a Better Muni-Management Trap: Masters of the Muniverse
18 Jul 2023
Contributed by Lukas
The landscape for municipal asset management has been changing over the past year, and there’s been lower beta options such as exchange traded funds...
Time Has Come for a Revival of Dollar Bear Views: FX Moment
13 Jul 2023
Contributed by Lukas
The Fed's nearing rate peak and evidence of a turning US economy should revive the bearish view of the US dollar in 2H. In our latest FX Moment podcas...
High Yield 3Q23 Survey and Outlook: Credit Crunch
11 Jul 2023
Contributed by Lukas
European high yield has had just two defaults this year and the proportion of stressed and distressed bonds is under control after a positive 1H for r...
Post-Payrolls Rate View, RRP During TGA Rebuild: Macro Matters
07 Jul 2023
Contributed by Lukas
The Treasury yield curve may remain inverted for quite a while, but bull steepening could begin as the Federal Reserve finished its interest rate hike...
A Review of Global Central Bank Policy Actions: Macro Matters
29 Jun 2023
Contributed by Lukas
After central banks gathered in Portugal at the ECB Forum earlier this week, a turn in European inflation and a strong 1Q GDP revision in the US cause...
Waterfall’s Jack Ross Talks Structured Markets: Credit Crunch
28 Jun 2023
Contributed by Lukas
Structured credit markets have evolved into a multi-trillion dollar asset class, one that we dive into in the latest episode of Credit Crunch, part of...
BOE Goes Faster Increasing Stagflation Risk: All Options Considered
23 Jun 2023
Contributed by Lukas
The Bank of England remains highly data-dependent, re-accelerating to a 50-bp hike "at this particular meeting" given the upside inflation surprises. ...
Building A Bullish Narrative in EM Local Debt: EM Lens
22 Jun 2023
Contributed by Lukas
An improving inflation outlook alongside weaker cross-asset volatility and more moderate global growth is contributing to the bullish narrative in EM ...
Bloomberg Economics’ Anna Wong on Fed Jawboning: Macro Matters
16 Jun 2023
Contributed by Lukas
The Federal Reserve may not hike the additional 50 bps shown in the infamous “Dot Plot” at the June monetary policy meeting, Bloomberg Economics’...
Muni Ladder Strategies Can Boost Returns: Masters of the Muniverse
15 Jun 2023
Contributed by Lukas
The stage is set for municipals to look better vs. other fixed income in 2023-2024. Though fund flows remain a concern, the asset class’ ability to ...
Pretium's Matt Cantor on Litigation Finance; Latest on Serta, Incora, FTX and Diamond: State of Distressed Debt
12 Jun 2023
Contributed by Lukas
Credit markets have a dour seasonal outlook and piecemeal restructurings are flailing. BI Global Credit Strategy head Noel Hebert, distressed credit a...
Credit Troubles in Size, ESG and CDS: Credit Crunch
09 Jun 2023
Contributed by Lukas
European credit markets have shifted since the banking crisis and the rally that followed, especially the shrinkage in junk. It's always interesting t...
Not Easy Being a Euro Bull, But It's No Time to Quit: FX Moment
07 Jun 2023
Contributed by Lukas
Ever-changing drivers and low FX conviction views have been consistent with a $1.06-$1.10 euro-dollar in recent months, but a break of $1.10 toward $1...
Abrdn’s Mondillo on Private, Public Corporates: Macro Matters
01 Jun 2023
Contributed by Lukas
Corporate fixed income looks attractive compared with equities, Abrdn’s Jonathan Mondillo, head of North American fixed income says. Mondillo joins ...
Credit After Crisis - US vs. Europe: Credit Crunch
25 May 2023
Contributed by Lukas
The banking crisis on both sides of the Atlantic led to significant repricing and revaluation in credit markets globally. But the rally following gove...
Time to Talk About China's Recovery Again: FX Moment
24 May 2023
Contributed by Lukas
In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist, and Stephen Chiu, Chief Asia FX and rate...
Inside Zero-Day Options With CBOE: All Options Considered
23 May 2023
Contributed by Lukas
Questions have arisen around the growth of zero-days to expiry options, which now make up more than 40% of the overall volume of SPX options traded, a...
Assessing Opportunities and Risks Across EMEA Region: EM Lens
22 May 2023
Contributed by Lukas
Geopolitical risk is accelerating across Eastern Europe, the Middle East and Africa, yet the region continues to outperform as end-of-cycle dynamics t...
Schroder's Lisa Hornby on Mortgages, Corporates: Macro Matters
18 May 2023
Contributed by Lukas
Lisa Hornby, Schroder Investment Management’s Head of Multi-Sector Fixed Income, says mortgages and shorter-term Treasury securities are more attrac...
Fixed Income Manager Sees Opportunity: Masters of the Muniverse
12 May 2023
Contributed by Lukas
Despite positive year-to-date performance, navigating the heightened volatility in the rates market and declining new issue sales have been just some ...
Bank of England, ECB, Fed Policy Decisions: Macro Matters
11 May 2023
Contributed by Lukas
The market interpreting comments following the Bank of England’s 25-bp rate increase at the May policy meeting doesn’t square with the view of Blo...
Credit Index Futures: A New Frontier: Credit Crunch
10 May 2023
Contributed by Lukas
Market downswings and rallies and concern about the next crisis have been major preoccupations over the past two years. A significant credit-market in...
Corbin’s Bergstrom on Credit Landscape: State of Distressed Debt
05 May 2023
Contributed by Lukas
“I worry less about liquidity risk because we’re generally assuming there isn’t liquidity there. I worry more about recovery risk. If something ...
Eurozone & UK Rate Markets With ING Research: Macro Matters
04 May 2023
Contributed by Lukas
ING’s Antoine Bouvet, head of European rates strategy and James Smith, developed market economist, join Bloomberg Intelligence’s Chief US Rates St...
Let's Talk Sterling Recovery, UK Economic Prospects: FX Moment
03 May 2023
Contributed by Lukas
In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist, discusses her still-positive sterling ou...
Discussion on Cross-Asset Volatility: All Options Considered
28 Apr 2023
Contributed by Lukas
In this edition of the All Options Considered podcast on volatility, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Matthew Tym, ...
Crossover Buyer Lifts Value Lens Hood: Masters of the Muniverse
27 Apr 2023
Contributed by Lukas
Municipal performance through the first four months of 2023 is a semi-welcome respite from the tough 2022 that many asset managers faced. The tax-exem...
High Yield 2Q23 Survey and Outlook: Credit Crunch
26 Apr 2023
Contributed by Lukas
European high yield had its first default but the proportion of stressed and distressed bonds is under control after a positive first quarter for retu...
As Inflation and Growth Concerns Collide: EM Lens & Look-Through
24 Apr 2023
Contributed by Lukas
Deteriorating US economic fundamentals are fueling late-cycle serendipity in emerging market currencies, yet any declarations alluding to a demise in ...
NewEdge Wealth’s Ben Emons on Global Fixed Income: Macro Matters
20 Apr 2023
Contributed by Lukas
Bank debt may be an attractive asset class, NewEdge Wealth’s portfolio manager and head of fixed income Ben Emons tells Bloomberg Intelligence Chief...
Credit Crisis Over? US vs. Europe: Credit Crunch
12 Apr 2023
Contributed by Lukas
The banking crisis on both sides of the Atlantic has led to significant repricing and revaluation of certain instruments in credit markets. But the ra...
Fidelity’s Van Duzer on Workouts; J&J Talc: State of Distressed
06 Apr 2023
Contributed by Lukas
“There’s a growing trend to get in front of these names a little earlier...FOMO is alive and well in the creditor community...no one wants to find...
Fixed Income Outlook With Amundi US’ Duensing: Macro Matters
05 Apr 2023
Contributed by Lukas
Adding duration to fixed income portfolios will be attractive as the economy slows later this year, Amundi US’ head of fixed income Jonathan Duensin...
Swiss Focus With Valerie Lemaigre of BCGE: FX Moment
04 Apr 2023
Contributed by Lukas
In our latest FX Moment Podcast, host Audrey Childe-Freeman, Bloomberg Intelligence (BI) chief G10 FX strategist, talks about the Swiss economy, the S...
Discussion on Bond, FX Volatility: All Options Considered
30 Mar 2023
Contributed by Lukas
As the error bands around the outlook widen and cycle turns bring lots of noise, directional views have become much more challenging. In this edition ...
Are Market Pricing Cuts Off Base? : Macro Matters
29 Mar 2023
Contributed by Lukas
The market pricing for 2023 Federal Reserve interest rate cuts is off base, Bloomberg Economics Chief US Economist Anna Wong says on this Macro Matter...
Interest Rate Volatility: Emerging Market Lens & Look-Through
27 Mar 2023
Contributed by Lukas
Interest rate volatility remains a risk, but it’s still possible for the Fed to achieve a “softish” landing, with positive implications for the ...
Banking Chaos and Central Bank Hikes: Credit Crunch
24 Mar 2023
Contributed by Lukas
The inflation vs. recession debate and how that will drive Fed pause vs. pivot dynamics is casting a shadow over credit markets. Key questions include...
800-Pound Gorilla ETF Bullish on Munis: Masters of the Muniverse
15 Mar 2023
Contributed by Lukas
There’s been a sharp drop in rates across the curve, but that’s come at the expense of two bank failures and the introduction of a new depositary ...
Mortgage Market Slows Down Again: Macro Matters
09 Mar 2023
Contributed by Lukas
The supply of mortgage-backed securities remains very tight as refinancings have dried up again, Bloomberg Intelligence Mortgage Strategist Erica Adel...
The First Default; How Many More?: Credit Crunch
07 Mar 2023
Contributed by Lukas
We have potentially seen the first European high yield index default (bond rated D but not yet out of the index) in nearly two years, while the propor...
SVP's Khosla Sees Growing Opportunity. BI on Seasonal Market Gains: State of Distressed Debt
03 Mar 2023
Contributed by Lukas
Global Credit Strategy head Noel Hebert and BI distressed credit analyst Philip Brendel discuss how March may buck 2023's credit rally. Then, they hav...
How Ever-Changing Narrative Shapes the Dollar Outlook: FX Moment
01 Mar 2023
Contributed by Lukas
FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist, reflects on how the G10 FX narrative has evolved over ...
DWS' Staples on Yield Curve: Macro Matters
28 Feb 2023
Contributed by Lukas
Interest rates could remain higher than the previous few cycles, with an upward sloping yield curve by the end of 2024, Gregory Staples, DWS Investmen...
Chinese Equities May Offer Respite During a Profit Recession: EM Lens
28 Feb 2023
Contributed by Lukas
Fundamentally, Chinese equities stand out from global peers as the nation’s profit recession appears to be ending just as the rest of the world dece...
Discussing 0DTE, CTAs, VIX: All Options Considered
24 Feb 2023
Contributed by Lukas
The scenario of an extreme market impact from zero days to expiration options may be overstated and Commodity Trading Advisors' positive beta to equit...
High Grade Rally and Supply Deluge: Credit Crunch
22 Feb 2023
Contributed by Lukas
Investment grade had a sustained good run in the past four months with spreads compressing all the way combined with bumper supply in the new year. Ho...
Muni SMA Juggernaut Gives Their Take on How 2023 Shapes Up: Masters of the Muniverse
15 Feb 2023
Contributed by Lukas
In this month's Masters of the Muniverse, Eric Kazatsky and co-host Karen Altamirano are joined by Adam Stern, the co-head of research at Breckinridge...
High Yield 1Q Survey and Outlook: Credit Crunch
08 Feb 2023
Contributed by Lukas
The European high yield default rate remains at zero, and the proportion of stressed and distressed bonds continues to fall given a long rally. How lo...
Mark Andersen of UBS AG, What now for the dollar?: FX Moment
06 Feb 2023
Contributed by Lukas
In our latest FX Moment Podcast, host Audrey Childe-Freeman, Bloomberg Intelligence (BI) Chief G10 FX Strategist, talks currency prospects with Mark A...
US, UK, EUR Rates Markets: Macro Matters
03 Feb 2023
Contributed by Lukas
Short maturity government bond yields in Europe and the US may move somewhat high in the near term, according to Bloomberg Intelligence. In this Mac...
King Street's Goldschmid Talks Shop, J&J's 3rd Circuit Loss
03 Feb 2023
Contributed by Lukas
"It takes a long time to slow things down, especially when you’ve just pumped $2.5 trillion of monetary stimulus into the economy," Paul Goldschmid,...
Preparing for Landing: All Options Considered
27 Jan 2023
Contributed by Lukas
In this edition of the All Options Considered podcast on volatility, BI's Chief Global Derivatives Strategist Tanvir Sandhu discusses the key themes f...
Last Year’s Laggards Are This Year’s Leaders: EM Lens
25 Jan 2023
Contributed by Lukas
In this month's EM Lens & Look-Through podcast, BI Chief EM Fixed Income Strategist Damian Sassower is joined by Sergey Goncharov, Emerging Market Por...
Remote Work Prophet Comes to Muniland: Masters of the Muniverse
23 Jan 2023
Contributed by Lukas
On this month's Masters of the Muniverse, Eric Kazatsky and co-host Karen Altamirano are joined by Stanford University Professor and "Prophet of Remot...
Brown Rudnick's Stark on Bankruptcy Playbook: State of Distressed Debt
20 Jan 2023
Contributed by Lukas
Global Credit Strategy head Noel Hebert and BI distressed credit analyst Philip Brendel discuss distressed debt’s awful 2022 performance and what’...
Leveraged Loan Outlook and Review: Credit Crunch
19 Jan 2023
Contributed by Lukas
CLOs are driving loan supply and in our second Credit Crunch podcast, host Mahesh Bhimalingam, Chief European Credit Strategist at Bloomberg Intellige...
DM Rates Outlook: Macro Matters
18 Jan 2023
Contributed by Lukas
Developed market central banks continue to fight inflation, but are at different points in tightening monetary policy. The Federal Reserve and Bank of...
ECB and BOE Credit QT Scope and Impact: Credit Crunch
09 Jan 2023
Contributed by Lukas
In our inaugural Credit Crunch podcast, host Mahesh Bhimalingam, Bloomberg Intelligence Chief European Credit Strategist and Heema Patel, Credit Strat...
Quant Modeling: Macro Matters
05 Jan 2023
Contributed by Lukas
Quantitative modeling is an ever growing component of financial analysis, with most investors using some form of it within their investment processes....
There Are Views Outside Dollar Bearish Box in 2023: FX Moment
04 Jan 2023
Contributed by Lukas
In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist, Chief Asia FX and rates strategist Steph...
All Options Considered End-of-Year Episode: All Options Considered
20 Dec 2022
Contributed by Lukas
In this edition of the All Options Considered podcast on volatility, BI's Chief Global Derivatives Strategist Tanvir Sandhu discusses the key themes f...
Big Banks Think 2023 Muniland Rebounds: Masters of the Muniverse
16 Dec 2022
Contributed by Lukas
On this month's Masters of the Muniverse Eric Kazatsky and co-host Karen Altamirano are joined by three local men who have differing takes on the muni...
Dec. Fed Plus MBS Deep Dive: Macro Matters
15 Dec 2022
Contributed by Lukas
The market will eventually believe that the Federal Reserve's "Put" is further out of the money meaning the central bank may keep the federal funds ra...
Fundamentally Triggered, EM Rally Fueled By Repositioning: EM Lens
14 Dec 2022
Contributed by Lukas
In this month's EM Lens & Look-Through podcast, BI Chief EM Fixed Income Strategist Damian Sassower is joined by Christian Lawrence, Head of Cross-Ass...
Mark Shapiro on FTX, After Living Lehman & Distress Round-Up: State of Distressed Debt
09 Dec 2022
Contributed by Lukas
“End of the day, there was a 45-cent recovery to unsecured creditors of Lehman. Do you think that’s going to happen here [with FTX]?...It’s appl...
Bloomberg Aggregate Index Outlook: Macro Matters
08 Dec 2022
Contributed by Lukas
Treasury yields may fall further by the end of 2023, leading to positive returns for the Bloomberg Aggregate Index overall, according to Bloomberg Int...
2023 Evolving FX Drivers and Losing US Dollar Appeal: FX Moment
07 Dec 2022
Contributed by Lukas
In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence (BI) chief G10 FX strategist, along with chief Asia FX and rates s...
Munis Fight Regulation and Change: Masters of the Muniverse
29 Nov 2022
Contributed by Lukas
On this month's Masters of the Muniverse, Eric Kazatsky and co-host Amanda Albright are joined by the Municipal Securities Rulemaking Boards; Presiden...
UK Economic Outlook, Bond Market Volatility: All Options Considered
23 Nov 2022
Contributed by Lukas
In this edition of the All Options Considered podcast, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Dan Hanson, BE's Senior UK ...
Goldman’s 2023 Rate Call: Macro Matters
17 Nov 2022
Contributed by Lukas
“We are certainly not talking about six or seven percent [federal funds target rate, but]... modestly above 5%,” Goldman Sachs Chief Interest Rate...
Structural Bulls or Sluggish Bears? Trend Reversal Lifts All EM Boats: EM Lens
17 Nov 2022
Contributed by Lukas
FICC Focus offers the latest market views on interest rates, corporate bonds, emerging-market debt, commodities and currencies by Bloomberg Intelligen...
The Path to a Euro-Dollar Recovery: FX Moment
10 Nov 2022
Contributed by Lukas
In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence (BI) chief G10 FX strategist, along with chief Asia FX and rates s...
Fed’s What Next: Macro Matters
08 Nov 2022
Contributed by Lukas
“Powell did a masterful job in neutralizing the market rally from [after the Federal Reserve] put out its statement. I think Powell did what he need...
Prof. Jacoby on Mass Torts & Bankruptcy, Distressed's Slow Climb: State of Distressed Debt
04 Nov 2022
Contributed by Lukas
With distressed supply settling back following a test of June’s highs, Bloomberg Intelligence expects it may consolidate a bit between $100-$150 bil...
Hybrids Plummet, Private Credit Booms, Pensions Dive: Credit Chat
03 Nov 2022
Contributed by Lukas
Hybrids have significantly underperformed in 2022 and now trade wider than their high yield brethren, a trend that could extend into 2023. Private cre...
UK Bond Volatility, Crypto to Housing Market: All Options Considered
31 Oct 2022
Contributed by Lukas
In this edition of the All Options Considered podcast on volatility, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Professor Gre...
EM Currencies Battle, But China Still Elephant in Room: EM Lens
28 Oct 2022
Contributed by Lukas
In this month's EM Lens & Look-Through podcast, BI Chief EM Fixed Income Strategist Damian Sassower is joined by Rohit Goel, Director of Macro Researc...
TIPS and Inflation-Linked Securities: Macro Matters
27 Oct 2022
Contributed by Lukas
“There is significant interest rate risk in TIPS in ETFs and Mutual Funds because they can’t necessarily get enough leverage to do a break-even tr...
US Pension Fund Investing: Macro Matters
21 Oct 2022
Contributed by Lukas
"Who would have thought LDI would be in the popular press in my whole career?" says David Eichhorn, CEO of NISA Investment Advisors on this edition of...