FICC | Bonds
Actionable asset allocation recommendations for your bond portfolio, drawing on macro analysis of interest rates and global debt market dynamics. Typically published weekly.
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Some thoughts on this week’s bear-steepening of the Treasury curve and this morning’s employment report.
A look at recent US data on economic growth and inflation, with an update on the implications for monetary policy and bond yields.
A brief recap of the July FOMC meeting and its investment implications.
This week we preview the July FOMC meeting, provide an update on the Fed’s balance sheet and recommend a new TIPS trade.
In this report, we present our performance review of the BCA Research Global Fixed Income Strategy (GFIS) model bond portfolio for the Q2/2023, and the outlook and scenario analysis for the next six months. The portfolio return exactly matched that of the benchmark index during the quarter, as modest gains on government bond allocations in the US, UK and core Europe completely offset losses on spread product underweights. Looking ahead, the portfolio is positioned to capitalize on an expected slowing of global growth over the rest of the year through an overweight stance on government bonds versus spread product and above-benchmark duration tilts in the US and core Europe.
In this Insight, we review the latest Bank of Canada and Reserve Bank of New Zealand meetings, and suggest the appropriate bond and currency strategies.
An outlook for inflation and Fed policy following this morning’s CPI report.
A perspective on the recent increase in US bond yields and this morning’s employment report.