by Paul Hoenck | Mar 31, 2023 | Markets |
In short: Stress in the global banking system leads to slower credit growth The Fed is likely to separate its tools for its objectives We retain our duration exposure, anticipating lower growth and inflation expectations For the first time since 2008, cracks have...
by Oussama Himani | Mar 20, 2023 | Markets |
A friend of mine was often fond of asking “who is going to be left holding the dogs”? The “dogs” here were long-term US Treasury Bonds, and this question came up in every conversation about the likelihood of a rise of interest rates. The failure of Silicon Valley Bank...
by Paul Hoenck | Mar 1, 2023 | Markets |
In short: A return to bond market uncertainty is hurting risk assets Recent changes in market conditions justify our cautious positioning We tactically increase duration in portfolios as yields rise February was a frustrating month for many investors. Changes in the...
by Paul Hoenck | Feb 1, 2023 | Markets |
In short: · A clearer outlook for the bond market is helping risk assets · Will the China reopening fuel a global economic rebound? · Our emerging market equity underweight has been closed The month of January has extended a strong run for risk...
by Oussama Himani | Jan 6, 2023 | Markets |
As the new year begins, it is time to take stock of recent developments and look forward to what the year might bring. The past year has been far more eventful than any of us could have imagined at the end of 2021. It started with Russia’s invasion of Ukraine....
by Oussama Himani | Dec 8, 2022 | Markets |
This question keeps being asked by the media and asset managers. In the past year, the asset manager of one major US bank published a note asserting that “China is still investable”, while the investment banking arm of the same bank asserted that China is not. One...
