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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.

Dollar Weakness: An Underappreciated Threat to the Global Economic System
This year’s weakening of the U.S. dollar poses a significant threat to global economic growth and financial stability should it spiral out of control.

Bond Markets Channel Their Inner Tubthumping
A reflection on how the lyrics of a pop hit from 20 years ago can have some interesting overlap with today’s crisis-hit economy and markets.

A Superfluous Tweak to the Fed’s Mandate
Despite a shift in policy, the Federal Reserve will likely not have to worry about watching inflation climb above its target of averaging 2% over the long term.
Japanification: Europe First and Now the U.S.
The Federal Reserve’s actions during the COVID-19 crisis have led to an almost idyllic environment to invest in corporate bonds.
Global Perspectives: Why Low Rates Are Here to Stay
A discussion covering the COVID-19 crisis, global credit, inflation trends, fool’s yield and false summits, among other topics.

RBA to Markets: “We are Still Here”
Dan Siluk’s insight on why the Reserve Bank of Australia has chosen now to reenter markets with the aim of keeping interest rates at its designated target.

Fed Update: Stealth Yield Curve Control?
Nick Maroutsos comments on how the Fed, in sticking to its script of accommodative policy, has let financial markets know that it means business in supporting the economy.

So … What About Inflation?
Why we feel it is important not to confuse shorter-term cyclical inflation with longer-term structural factors.

Despite High Marks, Fed Still Has Issues to Resolve
Why we believe the Fed must place greater emphasis on channeling accommodative policy to the backbone of the real economy: households and small businesses.

Beyond the Nadir: What’s Next for Fixed Income
Little more than two months after global markets dramatically sold off on worries over COVID-19, have fixed income markets returned to “normal”?

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.