​Jenna Barnard, Co-Head of Strategic Fixed Income, shares her latest views on the bond markets, explaining what she sees as possibly the early innings for an intermediate, cyclical, sovereign bond bull market. In credit markets, the team remain defensive and very selective.

Key notes:

  • With growth and inflation slowing and developed market central banks remaining dovish, the case is strong for remaining bullish on duration
  • Technically, the first buy signals for 10-year bond yields began to emerge last December — we may be in the early innings of a sovereign bond bull market
  • Remaining very selective in high yield and financials — the riskier areas of the credit market