Fixed Income
Insufficient Innovation: One Of Europe’s Sicknesses…
Japanese Banks Face Crosscurrents…
The Yen Carry Trades And The Curse Of Volatility…
In this report, we argue that the Bank of Japan is unlikely to hike interest rates this week, but the relative trajectory of bond yields in Japan is higher. This warrants an underweight position in JGBs and a leveraged bet on a higher yen. The positioning for equity investors is murkier, as progress on corporate reforms is necessary for a rerating in Japanese shares. That is not yet very clear. The bottom line is: Stay long the yen.
We update our bond views following today’s 50 bps rate cut.
Hotter August UK CPI Doesn’t Impact BoE Meeting Outcome…
It’s 50 Bps, And The Dots Are Significantly Lower…
All US Income Quintiles Are In Better Shape…
Growth And Inflation Backdrops Warrant Overweighting Canadian Bonds…
Building A Portfolio: Bitcoin Vs. "Boringcoin…