Fixed Income – Page 5
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White papersFed: 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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Strong Growth Now May Not Mitigate a Recession Next Year
Central bankers appear to believe that current growth momentum in Europe and the U.S. should provide some protection against a recession in 2023, but history suggests this assumption is flawed. If central banks end up downgrading growth expectations, risk assets will likely underperform and the yield curve can be expected to flatten.
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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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Fixed Income Insights - Monthly Reports, December 2022
November saw a significant change in investor sentiment as G7 government bond returns recovered strongly, reversing some of the deep year-to-date losses. Central banks signaled a slower pace of rate increases, led by the Fed, after lower US inflation, as global economic data deteriorated and the oil price fell.
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PM Perspectives – Scott Smith
In our second edition of PM Perspectives, Scott Smith, CFA, Senior Portfolio Manager, and Co-Head of the Investment-Grade Credit team shares his take on the state of credit markets and the opportunity looking into 2023.
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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.
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White papers
How is private credit positioned to circumnavigate the challenges ahead?
In the current inflationary, rising rate environment, private credit may be well-placed to help steer through the various challenges ahead due to its largely floating-rate nature, as well as other attractive structural features.
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Global Investment Views - December 2022
Markets have seen some relief in a year that overall is likely to be remembered as among the most challenging for investors. But the negative trend reverted somewhat with gains for the S&P 500 and select Treasury Indices.
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EMD outlook for 2023: local currency yields offer protection in volatile conditions
Global factors weighing on emerging market debt (EMD) in 2022 look likely to continue in 2023, with three main driving forces within this: tighter financial conditions led by the US, a stronger US dollar and weak global growth.
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Meeting investors’ needs in Emerging Markets Fixed Income
Over the last four decades, emerging fixed income markets have become a mainstay of many global investment portfolios. These markets present investors and benchmark providers with a unique set of challenges and themes that directly inform index design.
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Survey Report: The Direct Indexing Opportunity 2022
Direct indexing (DI) is expected to be a key growth driver in the financial services industry – especially for wealth management firms. Its experiencing significant growth which is expected to accelerate over the next three to five years, a far different situation from the lack of awareness of DI just five years ago.
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Divergences and Pivots
The exuberant response to last Thursday’s inflation data suggests markets are primed for the “pivot”—but could they be extrapolating too far?
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White papers
Credit markets? They’re too cheap to ignore
The market environment this year has proven tricky to navigate, but today’s credit market offers a compelling entry point into global credit for investors focused on long-term, fundamentally driven analysis.
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Markets bounce on hopes US inflation has peaked
The US inflation rate cooled to 7.7% in October, weaker than many forecasts, to hit its lowest level since January.
