Depending on which ERP metric you look at, the ERP has dropped between 20-60bps.
That’s quite a lot. The ice under TINA gets a fraction thinner.
The way we like to frame such a dynamic: supportive to an ongoing deployment of capital inline with one’s SAA, but also supportive of a modest DAA tilt underweight, at the margin.
Slowly dancing closer to the door, to mix metaphors.
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