Baird Fixed Income Insights: Convexity Pulse
Jun 1, 2026 · 25 min · 11 segments
In this week’s Convexity Pulse, Kirill Krylov and Steven Scheerer discuss why agency MBS fundamentals remain more constructive than recent volatility would suggest, despite geopolitical uncertainty…
Kirill KrylovHost
Steven ScheererHost
What's interesting to us, though, is that the Treasury market isn't behaving like a market expecting a true second wave of inflation.
More significant repricing has happened in the belly of the curve, while the front end and the long end have remained, well, relatively contained, I'd say.
That tells us investors are pricing sticky inflation and prolonged policy restraint, not a runaway inflation expectation.
What's interesting to us, though, is that the Treasury market isn't behaving like a market expecting a true second wave of inflation.
More significant repricing has happened in the belly of the curve, while the front end and the long end have remained, well, relatively contained, I'd say.
That tells us investors are pricing sticky inflation and prolonged policy restraint, not a runaway inflation expectation.
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