FICC
One macro framework for rates, FX, credit, and commodities, helping investors connect cross-market signals and position with clarity and conviction.
A risk/reward ranking of the 10 major US investment grade corporate bond sectors.
We expect oil-demand growth to increase this year – to 1.7mm b/d from 1.4mm b/d (0.30% of total demand) – and anticipate tighter supply at the margin. Our balances estimates are unchanged, leaving our Brent price forecasts for 2024 and ’25 at $95/bbl and $105/bbl. We expect the US to deploy warships if Venezuela makes a move on Guyanese territory in a bid to grab deep-water oil production.
The Bank of Japan delivered a historic policy adjustment this week, ending both negative interest rates and Yield Curve Control. In this Insight, BCA’s global fixed income and currency strategists discuss the immediate implications of the move for Japanese bond yields and the yen, and the potential for additional tightening actions.
In this Insight, we revisit our long AUD trades, after the upgrade from our attractiveness ranking last week.
Global ag markets will become more volatile as anthropogenically induced climate change continues to degrade farmland. This will make price signals emanating from these markets less efficient in terms of processing supply-demand fundamentals. All else equal, food prices likely move higher, which will contribute to inflationary biases in the medium-to-long run. Investors will continue to seek out farmland investments as a way to diversify portfolio risk and raise absolute returns.
We update the indicators in our duration checklist following this morning’s employment report.