Securitized Products
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…
A Good Time To Buy Negative Convexity…
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…
Asset Backed Securities: Underweight…
Highlights Chart 1Contagion?
Contagion…
Highlights Corporate Bonds: High corporate debt levels will be a problem for corporate bond investors during the next downturn, but spreads will not respond to them until inflationary pressures mount and monetary policy turns restrictive. Maintain an overweight allocation to corporate bonds…
Highlights Chart 1Waiting For A Manufacturing Rebound
Waiting For A Manufacturing Rebound…
Highlights Chart 1Keep Tracking The CRB / Gold Ratio
Keep Tracking The CRB / Gold Ratio…
Highlights Chart 1Looks Like 2016 & 1998
Looks Like 2016 & 1998…