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Human Resources Outsourcing (HRO – PEO – ASO – Payroll – Agency)

BofA Merrill Lynch Global Research – A US Economics Report – Friday, 26 October 2012 – US Fixed Income Weekly

Overview – Election Fever

We maintain a neutral stance on duration in face of the binary risks to rates from the election results. Agency MBS valuations are now in line with corporates, but we remain neutral on the basis as the market trades directional to rates ahead of the elections. High-beta segments of the credit market have potential to tighten further and we favor financials and BBB industrials in corporates and last cash flow subprime MBS and CMBS AMs in securitized products.



Read the full report here.