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.
