インフレ保護

In light of this week’s RBA decision to keep policy on hold, we look at the best possible trades in fixed income markets. In our view, inflation-linked bonds, relative to nominals remain a good bet.

Our Portfolio Allocation Summary for June 2024.

Our Portfolio Allocation Summary for May 2024.

In this Special Report, we introduce our Euro Inflation-Linked Golden Rule – a framework to profitably trade and invest in Euro Area inflation-linked bonds versus nominals. The Rule is currently signaling that nominal government bonds should outperform inflation-linked bonds over the next year as disinflation in the Euro Area continues.

In this report, we present our quarterly review of our Model Bond Portfolio. The anti-growth bias of the portfolio allocations hurt the portfolio performance in Q1/2024 as global growth surprised to the upside. However, we anticipate some recovery of the underperformance in our base case scenario for the next six months.