Fixed Income – Page 22
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Why the outlook for bonds is improving
Bonds are poised to deliver better risk-adjusted returns than equities over the next 12 months.
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Allspring Systematic Edge
Allspring Systematic Edge delivers innovative products and bespoke solutions to meet investor needs.
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Macroeconomic Picture - January 2023
United States: the US economy is showing signs of deceleration, with restrictive monetary policy starting to weigh on activity and progressively dragging growth below potential.
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Global Macro Outlook - First Quarter 2023
After a year defined by inflation and the policy response to it, we expect 2023 to be a year of transition. The timing of that transition, however, remains unclear and is likely to be defined by the amount of damage done to the economy by this tightening cycle.
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Emerging Markets Debt: Springtime in January?
With the inflation and geopolitical fogs around the world dissipating, and a monetary policy pivot potentially in the cards, 2023 is shaping up to be a promising year for emerging markets debt.
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Fixed Income: Vulnerability of emerging markets
The Franklin Templeton Fixed Income team believe countries with high levels of external debt to repay and large current account deficits may be at a greater risk from a sudden halt in foreign financing.
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Treasury yields fall as the Fed hikes once more
U.S. Treasury yields fell last week. The November U.S. CPI report showed a smaller-than-expected monthly increase. The U.S. Federal Reserve delivered a 50 bps hike as expected, but also included hawkish economic projections that called into question the future of monetary policy.
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Hawkish surprise from the ECB
At its December meeting, the ECB hiked rates by 50bp, to 2.0% (deposit rate). The Bank delivered a very hawkish statement. Inflation remains the main concern and top priority.
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Spectrum, Q4 2022
A year has passed since our Q4 2021 edition of Spectrum, in which we invited investors to consider the consequences of ‘sticky’ inflation. Suffice to say, a lot has happened since then, and the question of higher-for-longer inflation has been answered in no uncertain terms.
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Climate Change High Yield Credit Annual Report, 2022
Launched in September 2021, the Federated Hermes Climate Change High Yield strategy aims to outperform the global high yield market by investing with conviction in companies that have strong fundamentals and which demonstrate the potential to decarbonise and transition to a low-carbon world.
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Has China broken the ‘doom-loop’? An Asia credit perspective
The confluence of disinflationary trends taking hold in the US, and a decisive turn in Chinese policy, has broken the doom-loop for Chinese assets and Asian credit which has plagued markets since the third quarter of 2021.
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Fed: Staying the course until the job is done
FOMC statement and press conference: On 14 December, the Federal Reserve (Fed) hiked the Fed Funds Rate by 50bp to 4.25-4.50%, a step down after four consecutive 75bp rate hikes. This takes the Fed Funds Rate further into restrictive territory.
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Emerging market debt: Darkest before dawn
We expect the US dollar to peak in Q4 2022 and if and when this happens, it will mark a significant downgrade in the strength of headwinds affecting EMD.
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Carbon Handprint in Fixed Income: The Positive Power of Climate Solutions
As global warming worries approach critical mass, corporate bond investors expect issuers to be part of the solution. At the epicenter of the climate crisis are greenhouse gases (GHG), which all industries emit in one way or another. Many companies strive to shrink their emissions, or carbon footprint. But a carbon handprint measures the positive impact, or carbon avoided, by the use of a company’s products or services.
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2023 US muni bond outlook: A rough year in muni markets, yet reasons for optimism
While 2022 was a challenging year for the muni-bond market, 2023 is setting up for more positive momentum, according to Franklin Templeton Fixed Income Municipal Bond Director Ben Barber. Read the team’s views on the year ahead.
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ESG data takes centre stage in private debt investing
In the latest Private Debt Investor ESG Report, Churchill’s Mickey Weatherston reflects on ESG integration, assessment trends, investor data priorities and the need for a harmonized industry approach.
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European fixed income: the difficult equation if the energy crisis persists
Beyond the impact of domestic economic variables, euro rates are determined by the energy crisis and political monetary choices. The combination of a new regime of higher energy prices and persistent expansionary fiscal policy could lead to a debt supply shock and persistent inflationary pressures.
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Defensive asset allocation extends into 2023, with a gradual increase in risk exposure later in the year
”Global slowdown amid still elevated inflation to characterize most part of 2023.”
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An Emerging Opportunity
If you are one of the many investors looking positively at high yield bonds, you might want to consider emerging markets debt, too.
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Cross Asset Investment Strategy - December 2022
We believe the Fed would keep rates in restrictive territory in the near term. This, coupled with concerns over earnings, allows us to stay cautious on risk assets but with select opportunities in US equities, businesses with strong balance sheets, and quality, value and dividend oriented stocks.