Content (359)

  • Transitory is the Name of the Game

    White papers

    Transitory is the Name of the Game

    2021-07-26T12:57:00Z

    Muted reaction to a high U.S. CPI reading confirmed markets believe the Fed is heading to a policy mistake following recent upward shift in median dots. In the U.S., we watch the release of flash PMIs, while the ECB should adjust policy strategy. In Asia, Japan CPI remains benign.

  • Deja vu for CLOs?

    White papers

    Deja vu for CLOs?

    2021-07-26T12:52:00Z

    Heavy supply around quarterly payment dates has led to predictable periods of spread widening in the CLO market—creating attractive relative value opportunities up and down the capital structure.

  • IG Credit - Flexibility is Key

    White papers

    IG Credit: Flexibility is Key

    2021-07-26T12:40:00Z

    While uncertainty remains around rates and inflation, opportunities continue to emerge across IG credit, including in areas outside of traditional corporate bonds.

  • Three Reasons for EM Corporate Short Duration Debt

    White papers

    Three Reasons for EM Corporate Short Duration Debt

    2021-07-26T12:34:00Z

    While the potential for inflation and rising rates could create a headwind for EM debt, a short duration approach can provide an opportunity to pick up incremental yield and diversification, with less volatility.

  • The World’s Simplest Asset Allocation Model

    White papers

    The World’s Simplest Asset Allocation Model

    2021-07-23T13:05:00Z

    When markets and data look this contradictory, it may be easier to start by counting on your fingers.

  • Gravity’s Pull Isn’t Strong Enough Yet

    White papers

    Gravity’s Pull Isn’t Strong Enough Yet

    2021-07-22T13:17:00Z

    While fears of a COVID resurgence impacting activity and premature monetary policy tightening are weighing on markets’ outlook, momentum in the economic recovery is set to keep growth from succumbing to the pull of gravity.

  • Summer Boom Meets COVID Concerns

    White papers

    Summer Boom Meets COVID Concerns

    2021-07-22T13:10:00Z

    Technical factors, perceived Fed hawkishness, the Delta variant, and U.S. infrastructure talks led to a volatile week in markets, which should remain near-term amid COVID concerns and until monetary policy clears up in fall. Solid economic data supports our strong-growth outlook.

  • Gravity Will Not Prevail–At Least Not Yet

    White papers

    Gravity Will Not Prevail–At Least Not Yet

    2021-07-20T13:33:00Z

    In advanced economies, storefronts have opened, effective vaccines are rolling out, and people are ready to return to “life as we knew it.” However, normalcy will not return until the pandemic is over globally—unless borders remain closed, with unknown collateral damage.

  • Draghi Takes First Shot at Reforming Italy

    White papers

    Draghi Takes First Shot at Reforming Italy

    2021-07-20T13:20:00Z

    After getting the vaccination program up to speed and reshaping the country’s recovery plan, Prime Minister Mario Draghi is now focusing on the hard part of the job: actually reforming Italy.

  • The Wind Remains at High Yield’s Back (For Now)

    White papers

    The Wind Remains at High Yield’s Back (For Now)

    2021-07-15T08:51:00Z

    Accelerating economic growth and improving corporate financial conditions, coupled with a manageable default picture, continue to bolster high yield.

  • EM Debt - Fundamentals Back to the Forefront

    White papers

    EM Debt: Fundamentals Back to the Forefront

    2021-07-14T08:55:00Z

    The EM growth picture remains positive, but with the Fed’s hawkish pivot toward quarter-end, sovereign and corporate debt look better positioned than local currencies.

  • Hoping for Higher Taxes

    White papers

    Hoping for Higher Taxes

    2021-07-09T08:58:00Z

    There’s a long path ahead, but the new global tax framework should actually support the growth that markets seem to be calling into doubt.