Highlights U.S. Treasuries - Fair Value: The 10-year U.S. Treasury yield now appears 7 bps expensive on our model. Investors should maintain below-benchmark duration and continue to monitor bullish sentiment toward the U.S. dollar for…

The Tactical Asset Allocation model can provide investment recommendations which diverge from those outlined in our regular weekly publications. The model has a much shorter investment horizon - namely, one month - and thus attempts to…

Special Report

Feature Chart I-1Corporate Leverage Situation##br## Has Continued To Improve  This week we are updating our China Industry Watch thematic chartpack to present a visual presentation of the changing situation in China's…

Highlights The Fed & Yields: Positive U.S. growth and inflation momentum is maintaining the credibility of the Fed's 2017 rate hike plans. U.S. bond yields, in particular, and global yields, in general, will remain under upward…

Special Report

Feature Valuations, whether for currencies, equities, or bonds, are always at the top of the list of the determinants of any asset's long-term performance. In this optic, we regularly update the set of long-term valuation models…

Special Report

Highlights Duration: Growth, inflation & investor risk-seeking behavior remain bond-bearish in both the U.S. & the Euro Area. Market technicals, both in terms of oversold momentum and heavy short positioning, are the biggest…

Chart I-1No Recovery In Domestic Demand  Feature Today we are publishing charts on cyclical economic conditions within developing economies. The aim of this report is to aid investors in gauging the business cycle profiles of…

Highlights Key Portfolio Highlights Improved world economic growth and rising inflation expectations have buoyed global equities (Chart 1). The downside is that financial conditions are tightening and U.S. dollar-based liquidity is…

Highlights Portfolio Strategy Food price deflation bodes well for increased volumes, and by extension, packaging stocks. Upgrade to overweight. Prospects for intensifying market and economic volatility argue for reestablishing a…

Highlights Empirical evidence shows the clear existence of 'mini-cycles' - with the credit impulse and bond yield cycles 'out of phase' with each other by about 6 months. The credit impulse mini-cycle rolled over in…