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Fixed Income

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The BoE Is Turning Cautiously Dovish

Is the BoE making a mistake moving toward rate cuts before the end of the summer? What would such a move mean for UK asset prices?

European Investment Strategy by Mathieu Savary
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Not Dark Yet

Today’s report recaps last week’s webcast and elaborates on its themes, delving into the empirical evidence underpinning our conviction that asset allocators should underweight equities sparingly and fleetingly. We remain tactically neutral and cyclically bearish.

US Investment Strategy by Doug Peta
Agency MBS: Best Bang For Your Buck?
In its latest Special Report, BCA Research’s US Bond Strategy service considers the relative merits of four different fixed income investments in the current economic environment: 2-year Treasuries, 10-year Treasuries, Baa-rated corporate bonds and current…
Daily Insights
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Should A Wise Investor Choose A Treasury, Corporate Bond Or MBS?
Special Report

We consider the relative merits of four different fixed income investments in the current economic environment: 2-year Treasuries, 10-year Treasuries, Baa-rated corporate bonds and current coupon Agency MBS.

US Bond Strategy by Ryan Swift
UK Inflation Is Still Sticky
On the surface, UK inflation appears to be on the right track. The May CPI release came in broadly within expectations. Headline inflation eased from 2.3%y/y to 2.0%y/y – directly on the BoE’s target for the first time since July 2021. Core CPI (excluding…
Daily Insights
Growth Unlikely To Overshoot ECB Forecast
The ECB delivered its first rate cut in June, moderating the degree of restriction rather than pivoting outright to easy monetary policy settings. Indeed, the rate cut was accompanied by an upward revision of inflation and growth forecasts. Since then,…
Daily Insights
RBA: Still Hawkish
The Reserve Bank of Australia kept its cash rate at 4.35% at its policy meeting on Tuesday, in line with market expectations. Australia’s monthly measure of headline inflation came in at 3.6% in April, still considerably above the midpoint of the RBA’s 2-3%…
Daily Insights
Falling Equity Risk Premia Remove Buffer For Stocks
The equity risk premium (ERP) allows investors to assess the additional compen­sation they are offered as an enticement to assume equities’ incremental risk. The ERP measures equities’ excess return by deduct­ing the inflation-linked 10-year yield from the…
Daily Insights
Fed Easing Is A Tailwind For Gold
According to BCA Research’s Commodity & Energy Strategy service, a Fed pivot to rate cuts will provide gold prices with a tailwind. At first blush, the historical evidence is mixed. While gold rallied in the three months leading up to the start of…
Daily Insights
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A Golden Rule For Investing In Australian Inflation-Linked Bonds

In light of this week’s RBA decision to keep policy on hold, we look at the best possible trades in fixed income markets. In our view, inflation-linked bonds, relative to nominals remain a good bet.

Global Fixed Income Strategy by Robert Timper

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