Fixed Income
BCA’s latest technical analysis suggests that global bond markets are oversold, offering an attractive entry point to add long-duration bets in fixed-income portfolios. Our Global Fixed Income strategists analyzed a timing tool to assess when to adjust…
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Food For Thought
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US: Hard And Soft Data Are Converging
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The latest political developments in Argentina increase the odds of further liberalizing reforms and solidify the economy’s structural upside. First, the libertarian governing party came out on top in Buenos Aires’ legislative elections. While municipal…
According to our fixed income strategists, the main drivers of rising global yields have been widening bond/OIS spreads and term premiums. Wider government bond/OIS spreads reflect increasing government bond supply (net of central bank purchases) among…
Five questions, five answers from the road. We unpack what Europe’s biggest investors are worried about right now, from trade‑war whiplash to bund‑versus‑Treasury positioning; and where the real opportunities still lie.
We perform a decomposition of yields moves across six major developed government bond markets to get to the bottom of what’s been driving the global bond selloff of the past eight months.
Tokyo CPI surprised to the upside in April, signaling that Japanese inflation shows no sign of deceleration and putting the Bank of Japan (BoJ) in a complicated position. Investors should remain maximum underweight in JGBs and overweight in…
The rebound in UK retail sales and consumer confidence surprised to the upside, and suggests that the re-acceleration in inflation observed earlier this week may not be transitory. UK retail sales rose 1.2% m/m in April from 0.1% m/m, significantly…
European corporate bond spreads have more room to narrow in the near term, but their next big leg is up. After a significant widening in option-adjusted spreads caused by stagflation fears in the US and “Liberation Day,” European spreads continue…