Fixed Income
The SIFI banks expressed confidence in their credit outlook for 2024 and expect that credit losses will crest soon, given the reserves they’ve already set aside. Their implicit embrace of the soft-landing narrative suggests to us that the consensus is getting closer to being set up for disappointment. We remain tactically equal weight equities and fixed income but think conditions may soon favor turning defensive.
The ECB will begin cutting rates in June, what does this start date imply for the yield curve and European cyclicals?
An update to our outlooks for the Fed’s interest rate and balance sheet policies following this week’s remarks from Fed Governor Waller.
Decelerating nominal sales, a peaking credit cycle, and very high valuations - Indian stocks will not escape the carnage when risk assets globally begin to sell off.
The SEC has just approved bitcoin spot ETFs, but does bitcoin have any ‘intrinsic’ value? In this Special Report we explain why the answer is yes, how bitcoin compares with gold, and why the bitcoin price could ultimately head well north of $100,000.
The market will eventually be forced to react to rising odds of a sharp US national policy reversal. Investors should overweight government bonds and defensive equity sectors.
