Executive Summary China Needs To Create RMB35 Trillion In Credit In 2022 The pace of credit creation in January increased sharply over December. However, the jump was less than meets the eye compared with previous easing…
BCA Research’s Global Fixed Income Strategy service conducted a review of central bank surveys of bank lending standards and loan demand. After every quarter, major central banks compile surveys to assess prevailing…
According to our composite technical indicator, the selloff in US Treasurys is getting stretched. The 63-basis point increase in the 10-year yield since early December has pushed Treasurys into oversold territory. This indicator…
Feature This week, we present the third edition of the BCA Research Global Fixed Income Strategy (GFIS) Global Credit Conditions Chartbook – a review of central bank surveys of bank lending standards and loan demand. The data from…
Highlights A feedback loop has emerged in European markets. Tightening financial conditions will preempt the European Central Bank from hiking rates as much as the money market is pricing in. The widening in peripheral and credit…
Executive Summary The End Of The Negative Bond Yield Era Recent price action in developed market government bond markets confirms a backdrop that has been in place for the past several years - movements in US Treasuries…
BCA Research’s US Bond Strategy service remains overweight Asset-Backed Securities (ABS) within a US bond portfolio. Asset-Backed Securities outperformed the duration-equivalent Treasury index by 20 basis points in…
Highlights Chart 1Most Sectors Have Fully Recovered Last week’s January employment report shocked markets by showing much greater job gains than had been anticipated. More important than the headline number, however,…
Executive Summary The European Central Bank (ECB) has engaged in a decisive pivot toward higher policy rates. Markets are pricing in a first interest-rate hike in July and three more increases thereafter in 2022. This is too much for…