All Fixed Income articles – Page 8
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Key Investments themes 2024: views from around the Generali Investments ecosystem
The global economy showed remarkable resilience in 2023, avoiding the sharp recession that was widely expected at the start of the year.
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Investors Cannot Ignore the Debt-Sustainability Question
Despite a pullback in bond yields, clients at our Solving for 2024 event were still uncertain about how to invest in a world of runaway government debt.
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Higher rates will start to bite the corporate sector in 2024
The impact of rate increases on businesses is expected to intensify in 2024. Businesses haven’t been impacted much by higher rates so far because they have used the cash they collected during Covid and refinance needs have been limited. However, refinancing needs will rise in 2024 Small and medium sized companies and lower rated HY issuers will be most impacted. The spillover from higher rates will be more limited for IG companies.
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Dovish Fed contemplates rate cuts: risks to weaker US growth persist
The Fed kept its benchmark overnight borrowing federal funds rate unchanged at 5.25-5.50% for the third consecutive meeting, that is, a period now spanning almost five months. The FOMC statement and press conference were more dovish than we – and the market – expected. This was exemplified in Chair Jerome Powell’s comment that the Fed believes interest rates are at or near their peak in this cycle.
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Powell pivots policy: moving closer to rate cuts
The U.S. Federal Reserve left interest rates unchanged at its December meeting, as expected, and updated projections signal even more rate cuts in 2024 than previously expected.
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Allview: Market Risk Monitor - December 2023
Each month, Allspring’s Investment Analytics team assembles a top 10 list of market risks that it believes have the potential to influence investment portfolios.
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Can You Protect the Environment and Your Yield?
Reducing carbon intensity doesn’t mean sacrificing yields. Issue selection in high-emitting sectors can help insurers stay on track with their liabilities.
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Assessing the U.S. Economy’s Evolving Sensitivity to Interest Rates
Our research series reveals that a varied adjustment process across certain sectors lowered the broader economy’s sensitivity to interest rates.
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2024 Investment Perspectives
As we approach the end of 2023, financial markets are at a critical junction. Major developed market central banks have hit pause on rate rises, prompting considerable uncertainty about what happens next.
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2024 Outlook: Pushing On
In 2024, global markets face uncertainty given ongoing geopolitical and macroeconomic challenges—but challenges can create opportunities. We see value in portfolio diversification, especially within fixed income.
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The Balance Between Corporate Profit Margins and Economic Resilience
This blog shares our views on the relationship between corporate margins and different U.S. economic growth scenarios using our corporate profit model to estimate performance.
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Tracking the Transition from Tighter Policy to Corporate Spreads
We explore the historical transmission from tighter monetary policy to corporate bond spreads and the respective investment implications under our “weakflation” scenario.
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Talking Markets 2024 Outlook – Fixed Income
In this latest Talking Markets video, Jonathan Willcocks, Head of Global Distribution, is joined by Head of Fixed Income, Lloyd Harris, to look back over 2023 and discuss what may be in store for Fixed Income in 2024.
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The overlooked appeal of short-dated euro corporate debt
Corporate balance sheets continue to provide support for opportunities in the front-end of the credit curve in the eurozone.
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A November to remember
”The slowdown in inflation and economic growth should support bonds and multi-asset investing moving towards 2024.”
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2024 municipal bond market outlook: Increased optimism for the year ahead
Muni bonds now offer historically elevated yields; fundamentals in the muni market remain stable; and when compared to corporate debt, tax-free muni bonds tend to display lower default characteristics.
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Office Space: The CRE Effects On Major U.S. Cities
Rising office vacancy rates, declining property valuations, and the respective impact on tax revenues and city budgets are a source of growing concern for municipal bond investors.
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Resilient private credit fills a growing need across U.S. and Europe
The U.S. and European private credit markets have been a significant success- story of asset management for the last decade. Having begun life as a source of financing for mid-market companies that could not raise funds elsewhere, private credit has grown into a serious and credible competitor to both traditional bank debt and the liquid markets (i.e., the leveraged loans and high yield bonds), something that would have seemed fanciful just a few years ago. Now, private credit players are regularly financing the entirety of multi-billion-dollar debt structures.
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2024 outlook: what’s next for high yield?
Against a backdrop of heightened uncertainty, what has surprised you most about high yield over the past year? And how do you see those dynamics playing out in the next 12 months?
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From NICE to VILE—The Future of Inflation
We explore the type of inflationary environment that we might expect across developed markets in the future and its potential effect on global asset prices.