Gov Sovereigns/Treasurys

Highlights Chart 1Are Expectations Too Dovish? Are Expectations Too Dovish…

In this <i>Strategy Outlook</i>, we present the major investment themes and views we see playing out for the rest of the year and beyond.

Executive Summary Calculating Trend Inflation Calculating Trend Inflation…

Listen to a short summary of this report.     Executive Summary Higher Real Yields Have Weighed On Equity Valuations Higher Real Yields Have Weighed On Equity Valuations…

Executive Summary Does Powell Need To Channel His Inner Volcker…

Executive Summary Bonds sold off dramatically in response to Friday’s surprisingly high CPI number. Markets are now pricing in a much more rapid increase in the fed funds rate, with some probability of a 75 bps move this week. We think a 75 bps rate hike at any one FOMC meeting is possible,…

Executive Summary ECB & Inflation: Whatever It Takes? Pricey Industrials…

Executive Summary Competing Forces On Global Bond Yields Competing Forces On Global Bond Yields…

Highlights Chart 1Wage Growth Is Cooling Wage Growth Is Cooling…

Executive Summary Investors face a dilemma. The faster that inflation comes down, the better it will be for valuations via a stronger rally in the bond price. But if a collapse in inflation requires a sharp deceleration in growth, the worse it will be for profits. Bond yields are likely in a…