Highlights Dovish Central Banks: Central bankers have successfully talked down bond yields, in an effort to prevent an even deeper pullback in global growth. Government bonds now look overvalued relative to likely outcomes on growth…

Highlights The FOMC managed to surprise investors at its March meeting after all, … : Everyone knew the Fed wasn’t going to hike rates last Wednesday, but the scope of the downward revision in the median dots was…

Dear Client, I had the pleasure of visiting clients in Seattle, Anchorage, and Juneau last week. In this week’s report, I address some of the questions that routinely came up during our meetings. Among other things, the topics…

Highlights Global Spread Product: The current low-volatility backdrop, triggered by more dovish central banks, will be maintained until there is more decisive evidence that global growth is rebounding. That will not occur until the…

Highlights Await the U.K. parliament to coalesce a majority on a on a credible strategy for Brexit that is also acceptable to the EU27. At that point, buy the pound, the FTSE250, and U.K. homebuilder shares. An eerie calm has…

Highlights Dovish Central Banks & Duration: Bond markets have shifted rapidly in recent weeks, pricing out any and all rate hikes expected over the next year in the major developed economies. With global growth likely to rebound in…

Highlights Duration: With rate hikes more likely than cuts over the next 12 months, it makes sense to maintain below-benchmark duration in U.S. bond portfolios. However, timing the next up-move in Treasury yields is difficult. We…