All Government Bonds articles – Page 5
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White papersThe Fed’s Higher-for-Longer Mantra is OK for Bonds
The Federal Reserve indicated that policy rates will likely remain elevated for some time and that neutral policy may indeed be higher than previously projected at its September 20, 2023 meeting.
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White papersGCC/MENA Bond Market Update: Fixed income markets remained volatile in August
Fixed income markets remained volatile in August. In the US, US Federal Reserve (Fed) Chair Powell spoke at the Jackson Hole Economic Symposium, reiterating the central bank’s data dependence but also highlighting that if the economy does not cool as expected further monetary policy tightening may be warranted.
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White papersIncome Generator: Back in Bonds
Bonds are once again becoming a cornerstone allocation within portfolios. We explain five actions bond investors could consider to capitalize on current trends we’ve identified.
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White papersThe Limited Impact of the U.S. Downgrade on Munis
The credit quality of states as a group is not constrained by the U.S. sovereign rating and we don’t expect the U.S. downgrade to have an outsized impact on muni bond valuations going forward.
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White papersNYC Congestion Tolling: Winners, Losers and Unintended Consequences
Investors in municipal bonds are following the NYC congestion tolling situation as the MTA is a frequent borrower in the municipal bond market, but they are not the only borrower impacted by the program.
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White papersAssessing bond value in the new era
Brandywine Global: Fiscal stimulus has propped up real yields, but the effects may fade just as the lagged effects of monetary policy kick in. The result? Slower nominal growth and a better backdrop for bonds.
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White papersCrisis in concrete: Navigating the ripple effects of commercial real estate on municipal bonds
Declining commercial real estate valuations will not likely lead to a wave of defaults among muni issuers, according to Franklin Templeton Fixed Income’s municipal bond team.
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White papersFrom Low Ranger to High Plains Drifter
With the vast majority of rate hikes behind us, market volatility is set to fall. A tailwind from the reemergence of the “search for yield” is likely to follow.
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White papersShould investors fret over talk of China heading for a ‘balance sheet recession’?
China’s economy shows symptoms of a ‘balance sheet recession’, which can destroy wealth and confidence, force economic agents to cut spending, and create a debt deflation spiral and prolonged stagnation. So should investors worry?
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White papersThe what, why and how of the global fixed income and municipal markets
The evolving fixed income market environment: Key 2023 themes
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White papersMacroeconomic and financial market forecasts - July/August 2023
Macroeconomic forecasts as of 17 July 2023
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White papersThird Quarter 2023 Market Outlook
Despite a series of rolling crises, the global economy avoided the worst of potential outcomes in the first half of 2023. The reprieve reframes our outlook for the second half of the year and beyond.
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White papersAppraising Swiss bonds: what does price tell us?
Unlike equity prices, bond prices usually depend on elements beyond the fundamental valuation of the underlying entity. In fact, the price on its own typically says little.
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White papersFixed Income Investment Outlook: 3Q 2023
Central banks are finding it hard to finish the long journey toward inflation normalization, but we believe that policy rates are likely at or near their peaks—and could be maintained at elevated levels for some time. In an environment of slowing growth, restrictive monetary policy and rising idiosyncratic risk, we favor shorter durations, quality and a focus on security selection.
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White papersRelative Value & Tactical Asset Allocation: Q3 2023
As most central banks are nearing the end of the hiking cycle, JP Morgan’s Global Manufacturing PMI Index remained at a level consistent with a contraction. It was the ninth consecutive month below the neutral level of 50.
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White papersGlobal Risks 2023 – Mid-Year Review
Since our last global risks update in January, we believe risks have increased, on balance.
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White papersRate Reduction Bonds - Finding Value in an Esoteric Market
Born out of deregulation in the 1990s, rate reduction bonds (RRBs) are increasingly used by utilities to fund costs associated with natural disasters and help fund the transition to clean energy. Securitized by fees charged to a utility’s customers, they typically provide predictable cashflows and are of generally high credit quality.
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PodcastIndependence Day 2023: A Look Across U.S. Municipalities
Dennis Derby and Christine Collins discuss the upcoming Fourth of July holiday and specific reasons for investors to celebrate muni investing in the U.S.
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White papersDemystifying recent banking turmoil: What happened and what’s next?
Markets have calmed down considerably since the high-profile failures of Silicon Valley Bank and Credit Suisse put the banking system in the spotlight. Is the worst really over or will other large banks come under pressure? Here, we explore the recent collapses and their causes, and share our views on whether, and which, banks may experience further trouble.
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White papersKeeping Your Balance as the Credit Cycle Turns
Striking the right balance between interest-rate and credit risk can be a good idea in the late stages of a credit cycle. We think it’s a particularly good idea in this credit cycle.
