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Fixed Income

The Case For Japan

In this special report, we discuss whether the economic conditions necessary for a stronger yen (and higher JGB yields) will materialize over the next 12-to-18 months.

Foreign Exchange Strategy by Melanie Kermadjian, Chester Ntonifor
US Government Shutdown Looming
Investors are wondering about the risk of a US government shutdown as the September 30 deadline draws near. Would a shutdown be a significant negative catalyst for the stock market? While there is a high risk of a government shutdown, there are more…
Daily Insights
High-Yield Munis: Not Worth The Risk, But Still Better Than Junk
BCA Research's US Bond Strategy service recommends a cautious allocation to high-yield munis, but the team still prefers the sector over high-yield corporate bonds. Along with junk-rated corporate bonds, high-yield munis have been one of the top performing…
Daily Insights
Japanese GDP Reaches Escape Velocity
Japanese real GDP grew at an annualized pace of 6% year-on-year in Q2. Reading the tea leaves from the release, public investment rose by 5% quarter-on-quarter annualized, while residential investment jumped by a whopping 7.7%. The big takeaway, however, was…
Daily Insights
Back To The Highs
The selloff in US Treasuries has accelerated in recent weeks and the 10-year US Treasury yield is quickly approaching the cyclical peak of 4.25% that was set last October. While momentum is certainly on the side of the bond bears, our US Bond team doesn’t see…
Daily Insights
High-Yield Municipal Bonds: Not Worth The Risk, But Still Better Than Junk

High-Yield municipal bonds have performed well in recent years, but valuations are now stretched. We recommend an underweight allocation, though we prefer high-yield munis over high-yield corporate bonds.

US Bond Strategy by Ryan Swift
When (And How) To Say When

Inspired by a client’s questions, we examine the rationale behind the implementation of the trailing stop governing our near-term asset allocation recommendations.

US Investment Strategy by Doug Peta
Unsustainable Divergences
According to BCA Research’s Emerging Markets Strategy service, the gap that has formed between the S&P 500 price and its operating profit margins, as well as the divergence between the S&P 500 Forward P/E ratio and the 30-year TIPS yield are…
Daily Insights
Mind The Gaps

Numerous divergences have opened up between global risk assets and global business cycle variables. These gaps are unsustainable, and odds are that the recoupling will occur to the downside with risk assets selling off.

Emerging Markets Strategy by Arthur Budaghyan
Return Scenarios For Holding US Treasurys Are Asymmetrical
The rise in bond yields over the past few weeks has made some investors wonder whether US Treasurys and other government bonds really are a good hedge against recession. Could there be an environment in which the economy goes into recession but bond yields…
Daily Insights

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