Highlights Chart 1The 2003 SARS Roadmap The bond market impact from the coronavirus has already been substantial. The 10-year Treasury yield has fallen back to 1.51%, below the fed funds rate. Meanwhile, the investment grade…
It’s still early, but corporate bonds have so far not joined in with this year’s equity rally. Year-to-date, the investment grade corporate bond index is only up 8 bps versus Treasuries. High-yield bonds have fared…
Please note that next week’s US Bond Strategy Weekly Report will be replaced by a Special Report on Commercial Real Estate that was produced jointly with our US Investment Strategy team. That report will be published on Monday…
Highlights Duration: Despite recent setbacks, global growth looks set to improve and policy uncertainty set to ease during the next couple of months. Both will conspire to push bond yields higher. Investors should maintain below-…
Highlights Incoming economic data suggests that China’s economy is in the process of bottoming, but also that the intensity of a recovery is likely to be more muted than it has been during past economic cycles. Recent Chinese…
Highlights Chart 1Softer PMIs In December A bond bear market looked to be underway in December, with the 10-year Treasury yield reaching as high as 1.93% just before Christmas. But two developments during the past week drove…
Dear Client, In lieu of our regular report next week, I will be hosting a webcast on Wednesday, December 18th at 10:00 AM EST, where I will discuss the major investment themes and views I see playing out for 2020. This will be…