Gov Agencies
Highlights Chart 1Will Fed Purchases Mark The Top?
Will Fed Purchases Mark The Top…
Highlights Chart 1Making New Lows
Making New Lows…
Highlights Chart 1The 2003 SARS Roadmap
The 2003 SARS Roadmap…
Highlights Chart 1Softer PMIs In December
Softer PMIs In December…
Highlights Chart 1Manufacturing PMIs Track Bond Yields
Manufacturing PMIs Track Bond Yields…
Highlights Global: Global growth momentum is bottoming out, leading indicators are improving, inflation is subdued, and central bankers are biased to maintain accommodative monetary policies. This is a bullish “sweet spot” for financial markets, suggesting further upside for global risk assets…
Highlights Chart 1The Fed Must Remain Dovish
The Fed Must Remain Dovish…
Highlights Equities & Bonds: The accelerating upward momentum of global equities – the ultimate “leading economic indicator” – suggests that the current rise in global bond yields can continue. Maintain below-benchmark overall duration exposure, while staying overweight global corporate…
Highlights Duration: Trade uncertainty has depressed survey measures of economic sentiment, but the hard economic data have been relatively robust. If the trade war starts to calm down during the next two months, as we expect, then the survey data will rebound, causing bond yields to move…
Highlights Duration & Fed: Our late-1990s & 2015/16 roadmap for the economy still holds, but risks are mounting. Despite the risks, we expect that trade tensions will calm enough for the economic data to improve during the next few months. The result will be one more Fed rate cut this…