Gov Agencies

The growth and inflation profiles of the three central European countries are set to diverge. The outlook for Polish and Hungarian Bonds are not attractive anymore. Book profits on them. Instead, initiate a new trade: pay Polish / receive Czech 10-year swap rates.

Listen to a short summary of this report.       Executive Summary Second Fastest Hiking Cycle Ever? Monthly Portfolio Update: Can The Fed Achieve A Soft Landing? Hint: It Doesn’t Have A Good Track Record…

Highlights There is no evidence of a decline in US corporate credit or bank lending spreads over the past few decades, meaning that any excess savings effect structurally depressing interest rates is occurring in the Treasury market. We note the possible mechanisms of action for excess savings…

Dear Client, This week, the US Bond Strategy service is hosting its Quarterly Webcast (February 15 at 10:00 AM EST, 15:00 PM GMT, 16:00 PM CET). In addition, we are sending this Quarterly Chartpack that provides a recap of our key recommendations and some charts related to those recommendations…

Highlights 2022 Key Views & Allocations: Translating our 2022 global fixed income Key Views into recommended positioning within our model bond portfolio results in the following conclusions to begin the year. Target a moderate level of overall portfolio risk, maintain below-benchmark…

Highlights Chart 1Curve Flattening Is Overdone Curve Flattening Is Overdone…

Highlights Chart 1Buy The 2-Year, Sell The 10-Year Buy The 2-Year, Sell The 10-Year…

Dear Client, Owing to BCA’s Annual Investment Conference next week, there will be no report on Wednesday, October 20. We will return to our regular publication schedule on Wednesday, October 27. Please note that there will be a China Outlook panel discussion at 9 AM on Thursday, October 21. We…

  Highlights Chart 1Bond Yields Still Track The "Re-Opening" Trade Bond Yields Still Track The "Re-Opening" Trade…