Daily Note | Jan 23, 2024 | Rates Are Moving Back Up. Good Time To Add Duration.

Summary

• Markets are mixed after setting new records, with the Dow Jones hitting 38,000 for the first time.

• The Beige Book shows that two-thirds of Federal Reserve districts are either contracting or stagnant, indicating a potential recession.

• Financial conditions are loose, potentially stalling the Fed from making a move in March.

• With rates up in the last couple of weeks, this is a good time to add duration either with muni CEFs or with individual bonds of longer duration.

• I added to my 2029 MAIN bonds, 2027 Oaktree bonds, and Blue Owl Tech bonds.  These are not that long in maturity but a start.