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Government

BoJ Commits To "Greater Flexibility"
On Friday, the Bank of Japan announced an important tweak to its yield curve control (YCC) program. Although it maintained the 0.5% cap on 10-year bond yields, it indicated that it will manage the program with “greater flexibility” such that the 0.5% level is…
Daily Insights
EV Demand Drives The Lithium Market
BCA Research’s Commodity & Energy Strategy service expects steady demand for EVs will be able to absorb increasing lithium supplies in the short-to-medium term. The team is getting long the LIT ETF at tonight’s close. Demand for lithium-ion batteries…
Daily Insights
Copper's China Problem
Over the past two months, copper has rallied alongside risk assets and now stands 9% above its late-May trough. Here, the outlook for China’s economy – which accounts for over half of global refined copper usage – is key to whether the red metal will continue…
Daily Insights
Value Has Returned To Short-Maturity TIPS
According to BCA Research’s US Bond Strategy service, inflation will fall during the next 12 months, but not by as much as markets expect. Investors should take advantage of this valuation opportunity by entering 2-year/10-year TIPS breakeven slope…
Daily Insights
China’s Stimulus: Necessary But Not Sufficient

Stay cautious on Chinese stocks. Equity investors should use any rebound in onshore stock prices to downgrade A-shares from overweight to neutral within global and EM equity portfolios. Remain underweight Chinese investable/offshore stocks. Onshore bond yields will drop to all-time lows. Continue receiving 10-year swap rates. The currency will continue depreciating versus the US dollar in the coming months.

Emerging Markets Strategy, China Investment Strategy by Arthur Budaghyan
No Irrigation-Style Stimulus From Beijing
China’s Politburo meeting delivered a disappointing signal about Beijing’s willingness to deliver meaningful stimulus. Although policymakers pledged support for domestic demand, consumer sentiment, and risk prevention, they underscored that the measures will…
Daily Insights
Takeaways From The Spanish Snap Election: Heading Into A Deadlock

The snap election which took place on Sunday resulted in a political deadlock in Spain. No single party has won enough seats to form a government. More importantly, both the left-wing bloc and the right-bloc fell short of the 176-seat majority needed in the 350-seat lower house. Negotiations are taking place as we publish, but neither side can see a clear and straightforward path to form a working government. Spain is heading into a political deadlock.

Geopolitical Strategy, European Investment Strategy by Yushu Ma
BOJ: Pressure To Tighten?
The Japanese yen slid by 2.1% vis-à-vis the US dollar last week, reversing the prior week’s rally. This latest bout of weakness comes on the back of speculation that the Bank of Japan will keep policy unchanged at its Friday meeting. On the one hand, both…
Daily Insights
Will Chinese Policymakers Arrest The RMB’s Depreciation?
The Chinese yuan was among the best performing currencies on Thursday after authorities implemented measures to support the yuan. Specifically, the People’s Bank of China (PBoC) set its daily fixing at a stronger-than-anticipated rate and allowed more…
Daily Insights
Take Some Money Off The Table In Munis

While excellent state & local government balance sheet health will remain a tailwind for muni returns, poor valuation prompts us to downgrade the sector from overweight to neutral.

US Bond Strategy by Ryan Swift

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