Our Portfolio Allocation Summary for June 2025.
European corporate bond spreads have more room to narrow in the near term, but their next big leg is up. After a significant widening in option-adjusted spreads caused by stagflation fears in the US and “Liberation Day,”…
Our Portfolio Allocation Summary for May 2025.
This year’s corporate bond sell off has hit high-yield more than investment grade, and high-yield spreads have turned relatively more attractive as a result.
US Treasuries typically outperform both equities and global government bonds during downturns. Recent political shifts could lessen that outperformance this cycle, but we doubt it will disappear completely.
The combination of dollar weakness and rising US yields suggests global investors are questioning the safe-haven status of US Treasuries.
Our Portfolio Allocation Summary for April 2025.
The March employment report showed strong job growth, but the labor market remains in a fragile state and the demand shock from tariffs could be the catalyst that tips it over the edge into recession.
Corporate bond spreads are tight around the globe and do not adequately compensate for the risk of a deterioration in credit quality. We examine the global corporate credit landscape to identify which markets are best equipped to…
With economic headwinds building and fiscal dynamics shifting, bond markets are at a turning point. Our latest note outlines why German bund yields are set to decline and why UK gilts are poised to outperform — and how to position…