Weekly Commentary | January 17, 2020

Summary

• Macro picture remains fluid with the VIX stubbornly high.

• Discounts have stabilized a bit here and haven't had much of a Jan Effect yet.

• Floating rate remains best positioned sector.  Look at PHD, BGB, BSL, and BGT.

• Mortgages look good here as they've had weaker NAVs of late.  DMO and OPP look interesting.

Macro Picture

We saw a late day decline on Fr…