Fixed Income
Our Portfolio Allocation Summary for August 2025.
Swiss Inflation Beats, But Growth and Trade Risks Dominate…
Economic activity and hiring cooled significantly in the first half of the year. The most important question for investors is whether this signals an imminent increase in labor market slack.
The Fed will keep rates on hold until the unemployment rate forces its hand.
BoC Holds Steady, Keeps Optionality Amid Trade Uncertainty…
Investors should anticipate above average Treasury returns during the next 12 months, and curve steepeners will continue to profit.
Short-Term Relief, Long-Term Cost in Japan-US Trade Deal…
Thoughts On Recent Fed Criticism…
Jay Powell won’t be removed as Fed Chair before the expiry of his term next May, but we will learn the identity of his replacement this year, setting up a potentially awkward “shadow Fed Chair” situation.