Gov Sovereigns/Treasurys
US Jobs Report: Another (Smaller) Disappointment…
European Bond Yields: Taper Tantrum Averted…
Highlights The Fed: The Fed will formally discuss tapering plans over the course of this summer and fall and announce the slowing of asset purchases before the end of 2021. Its labor market objectives will also be achieved in time to lift rates in 2022.…
Highlights House prices are rising rapidly across the developed markets, in response to the extraordinary monetary and fiscal policy stimulus implemented to fight the pandemic. Evidence points to the house price surge being driven by monetary policy that…
Highlights President Biden has called for the US intelligence community to investigate the origins of COVID-19 and one of Biden’s top diplomats has stated the obvious: the era of “engagement” with China is over. This clinches our long-held view that any…
Highlights Domestic and foreign supply-side constraints are now exerting a significant effect on the US economy. Consumer prices may increase at a faster pace than we initially expected over the coming 3-4 months, but supply-side constraints are likely to…
Highlights Monetary Policy: The Fed will not immediately change its policy stance in response to rising inflation and inflation expectations. Rather, it will follow its current forward guidance and only lift rates off zero once the labor market has…
Dear client, In addition to this weekly report, we also sent you a Special Report on cryptocurrencies, authored by my colleagues Guy Russell and Matt Gertken. The conclusion is that government authorities are likely to lean against the proliferation of…
Highlights ECB Tapering?: Investor fears that the ECB could follow the Bank of Canada and Bank of England and begin to taper its bond buying sooner than expected – perhaps as soon as next month’s policy meeting – are misplaced. The last thing the ECB…
Dear Client, This week, the US Bond Strategy service is hosting its Quarterly Webcast (May 19 at 10:00 AM EDT, 3:00 PM BST, 4:00 PM CEST, 11:00 PM HKT). In addition, we are sending this Quarterly Chartpack that provides a recap of our key recommendations…