What Drives Returns in Floating Rate Notes?

Published on February 23, 2026

Income rather than price is the primary driver of FRN returns. As policy rates and SOFR move, FRN coupons adjust accordingly, allowing income to rise in higher-rate environments and decline when rates fall.

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Dallas Fed Manufacturing: Stable Business Conditions in February

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Until I read Hannah Ritchie’s new book, “Clearing the Air: A Hopeful Guide to Solving Climate Change in 50 Questions and Answers,” I was inclined to believe the view of Mark Mills, a former senior fellow at the Manhattan Institute, that a transition away from society’s dependence on hydrocarbons “is not feasible in any meaningful time frame.” But Ritchie changed my mind.