FICC

Special Report

For almost two decades, beta was the only game in town and alpha a loser's game. This era is ending, and we lay out why a more multipolar, dirigiste, and AI-disrupted world is pushing dispersion structurally higher, creating renewed alpha opportunities.

Special Report

Yen weakness and rising JGB yields aren't a fiscal crisis; they're a market pricing an overheating economy and a BoJ falling behind the inflation curve. We lay out why the endgame is near, and what to watch before buying the yen this winter.

Europe faces a difficult macro backdrop, but whether it slips into recession remains finely balanced. We present two perspectives before translating them into investment implications.

Special Report

Most Fed and pundit assessments of inflation expectations are overly narrow, focusing too much on long-term market-based measures. We favor a more qualitative approach that asks whether the inflation outlook is influencing household and business decision making.

In this Strategy Insight, we assess how Middle East-related energy and shipping disruptions are shaping the global inflation outlook and review the implications for inflation-linked bond markets. We also examine the outlook for core inflation and the resulting implications for central bank policy and duration positioning.

June’s low CPI reading rules out a July rate hike, but September is still on the table.

Goldilocks, with fault lines underneath. Our first joint FICC outlook lays out where growth, inflation, and policy are headed this quarter and where the calm could crack.

We review our Model Bond Portfolio performance for Q2 and look ahead as fixed income markets move beyond the US-Iran conflict, which is finding its kinetic equilibrium. Valuations and growth differentials are moving against continued US Treasury outperformance.

Special Report

The dollar is not being replaced by a single rival, it is being diluted by a rising cast of “other” reserve currencies. This report identifies the hidden winners of reserve diversification and why they may matter more than investors think.

Our Portfolio Allocation Summary for July 2026.