Special Report

Highlights A Quick Primer: Convertible bonds have a risk/reward profile that falls somewhere between B-rated and Caa-rated high-yield bonds. The key difference is that convertible bonds are less exposed to credit spreads than junk…

Highlights Chart 1Fed Must Fall Behind The Curve  Jerome Powell will assume the Fed Chairmanship at a critical juncture for monetary policy. Core PCE inflation is still well below the Fed's 2% target, and yet, the slope of…

Special Report

Highlights Emerging Market (EM) hard currency debt, both sovereign and corporate, has consistently outperformed the broad global bond index. However, investors should steer clear of always maintaining maximum overweights to EM given…

Special Report

Highlights Emerging Market (EM) hard currency debt, both sovereign and corporate, has consistently outperformed the broad global bond index. However, investors should steer clear of always maintaining maximum overweights to EM given…

Please note that in addition to today's abbreviated Weekly Bulletin, we are also publishing a Special Report on Argentina. Feature Regarding recent financial market dynamics, it appears that the high-yielding EM currencies are…

Highlights High-Yield: High-Yield spreads are 149 bps away from being more expensive than they have ever been. But in the absence of inflation it is difficult to pinpoint a catalyst for sharp spread widening. We expect excess high-…

Highlights Year One Performance: The GFIS recommended model bond portfolio returned 1.1% (hedged into USD) in its first year of existence, slightly underperforming the custom benchmark index by -2bps. Our bearish duration tilts were…

Highlights Economic Outlook: Global growth will stay strong over the next 12 months, with the U.S. surprising on the upside. Unfortunately, the global economy will succumb to a recession in 2019. Stagflation will become a major problem…

Highlights Chart 1Tax Reform Is A Bear-Steepener  The federal government provided some details about its tax reform proposal last week. Markets reacted immediately, once again starting to price-in the possibility of lower tax…

Highlights Beige Book highlights disconnect between inflation words and inflation data. Peak in auto sales is not a harbinger of recession. Capital spending still trending higher. Inflation and inflation surprise will need to move…