TROUBLED COMPANY INDEX®
The Troubled Company Index ® measures the percentage of 42,500 public firms in 76 countries that have an annualized one-month default risk of over one percent.
DAILY
KRIS Default Probabilities versus
Legacy Ratings
SAS Daily Bond Performance Attribution

KRIS Daily Default Probability and
Bond Cross-Validation
RESEARCH
How Well Do U.S. Treasury Yields Forecast Inflation? An Update Through June 30, 2025
Donald R. van Deventer July 8, 2025 Abstract The size of the term premium embedded in the current U.S. Treasury yield curve has been a major focus of research by monetary policy makers and market participants. Researchers have employed both closed form solutions and...
HJM++© Correlated Government Yield and Foreign Exchange Rate Simulations for Asia-Pacific, Europe and North America, July 3, 2025
The Heath, Jarrow and Morton [1992] framework for simulation and valuation using risk-free interest rates has been called “the most important paper in financial economics in the last 50 years.” The Center for Applied Quantitative Finance provides the risk-neutral and...
SAS Weekly Treasury Simulation, July 3, 2025: Most Likely Level for 3-Month Bill Rate in Ten Years Steady at the 1% to 2% Range
Summary The most likely range for 3-month bill yields is the 1% to 2% range, unchanged from last week. The probability of being in this range is 0.13% higher than the probability of the 0% to 1% range. Treasury 2-year yields moved to 3.88% this week from 3.73% last...
HJM++© Correlated Government Yield and Foreign Exchange Rate Simulations for Asia-Pacific, Europe and North America, June 27, 2025
The Heath, Jarrow and Morton [1992] framework for simulation and valuation using risk-free interest rates has been called “the most important paper in financial economics in the last 50 years.” The Center for Applied Quantitative Finance provides the risk-neutral and...
SAS Weekly Treasury Simulation, June 27, 2025: Most Likely Level for 3-Month Bill Rate in Ten Years Up One Percent to 1% to 2% Range
Summary The most likely range for 3-month bill yields is the 1% to 2% range, up one percent from last week from last week. The probability of being at this level is 0.12% higher than the probability of the 0% to 1% range. Treasury 2-year yields moved to 3.73% this...
COMMENTARY
From Integration to Separation: Risks and Opportunities from U.S.- China Decoupling
NEW YORK July 1, 2025: The history of U.S.-China trade in some ways mirrors the history of China itself: periods of stability and growth punctuated by radical shifts that have realigned industries, financial markets, and the actions of central banks. We are in the...
Market Disturbances or Just Increased Volatility
NEW YORK June 2, 2025: On a flight home last week, since the seat pitch made it impossible to type on a laptop, I watched the movie about Bob Dylan,” A Complete Unknown.” Perhaps that’s why looking over market movements this month brought to mind the lyrics from his...
Data Uncertainty and How to Deal With It
NEW YORK: May 1, 2025: This week’s economic news shot across the globe like a bullet: “U.S. Economy Shrank as Imports Surged Ahead of Tariffs.” Indeed, tariffs on imports created the biggest drag on growth since 1947. The ensuing level of anxiety and uncertainty has...
Unsettled Markets and Housing Dynamics
NEW YORK: April 2, 2025: U.S. markets were volatile in the first quarter, with investors concerned about tariffs, inflation, interest rates, economic growth, and global tensions. The S&P 500 hit three all-time highs but ended up posting its worst quarterly loss...
A Tug of War in U.S. Markets
NEW YORK: March 3, 2025: U.S. stocks now make up 65% of the global equity market – their highest weighting in history[1]. The second-largest contributor (by market capitalization) is Japan, at a far-distant 5%. Not surprisingly, U.S. equities play an outsize role in...
EVENTS
- 18 MAR | Transform Finance: 5th Annual FinCrime Leaders Summit UK
- 19-21 MAR | AML Partnership Forum 2025
- 20 MAR 9:30am ET | Live Webinar: | Driving Tax Administration Excellence: 2025 Strategies
- 23 MAR | Environmental Council of the States
- 27 MAR | SAS ALM Connect
- 27 MAR | SAS Canada AML Executive Roundtable
- 01–02 APR | In-Person Event: Fraud Fight Club Hospitality Events
- 01 APR 12pm ET | Live Webinar: | No Fooling: 2025 Insurance Trends That Matter
- 14 APR | Future Risk Forum Malaysia
- 16 APR 12pm ET | Live Webinar: | Not All Heros Wear Capes: How AI and Data Help Stop Money Laundering in the Opioid Crisis
- 28 APR–30 APR | In-Person Event: ACAMS Hollywood
- 30 APR | MRM and AI Governance Connection
- 30 APR–2 MAY | 2025 State Healthcare IT Connect Summit
- 6-9 MAY | SAS Innovate 2025
- 20-21 MAY | European Police Congress 2025