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Low rates versus US election: what matters for fixed income?
Jim Cielinski, Global Head of Fixed Income, believes central bank policy is likely to be the dominant influence on fixed income markets, regardless of who wins the US election.
The end of an era: emerging markets prepare for a post-globalisation world
Portfolio Manager Daniel Graña explains that in light of the retreat from further global economic integration, reformist policies and value-added services are likely to become future drivers of emerging market growth and investment returns.
The Fed’s new policy, inflation and its implications for U.S. bonds
Greg Wilensky and Michael Keough discuss their outlook for U.S. inflation after the U.S. Federal Reserve’s policy change, and its impact on U.S. bond markets.
A letter to the Fed from a concerned friend
Head of Global Bonds Nick Maroutsos expresses concern that monetary policy focused on financial markets will do little to ignite the growth needed for the economy to recover from recent weakness.
Strategic Fixed Income: Japanification — Europe first and now the US
John Pattullo, Co-Head of Strategic Fixed Income, explains how the suppression of volatility by the US Federal Reserve during the Covid crisis has led to the Japanification of the US corporate bond market.
A superfluous tweak to the Fed’s mandate
Nick Maroutsos, Co-Head of Global Bonds, believes that despite a shift in policy, the US Federal Reserve will likely not have to worry about watching inflation climb above its target of averaging 2% over the long term.
RBA to markets: “We are still here”
Portfolio Manager Dan Siluk explains that, despite economic conditions appearing to stabilise throughout much of Australia, the Reserve Bank of Australia felt compelled to recommence bond purchases to establish its credibility with respect to its yield curve control programme.
Fed watch: stealth yield curve control?
Head of Global Bonds Nick Maroutsos describes the Fed decision in July to hold rates steady as a non-event given that the central bank, through its actions, has already proven its willingness to do whatever it takes to support the US economy during this unprecedented period.
So… what about inflation?
John Pattullo, Co-Head of Strategic Fixed Income, shares his views on the most frequently asked question by clients these days: “what about inflation?”
Fed Watch: despite high marks, Fed still has issues to resolve
Co-Head of Global Bonds Nick Maroutsos gives the US Federal Reserve high marks for ensuring properly functioning financial markets but believes that work still needs to be done to support households and small businesses most vulnerable to the economic disruptions caused by the COVID-19 pandemic.
A negative fed funds rate: not yet willing – or needing – to go “there”
Co-Head of Global Bonds Nick Maroutsos states that even without negative interest rates, bond portfolios must work harder to achieve desired results.
Credit resilience but confusion surrounds longer-term inflation outlook
Jenna Barnard, Co-Head of Strategic Fixed Income, shares the Strategic Fixed Income Team’s current thoughts and views on bond markets, and addresses the most frequently asked question: is inflation on the rise?