Highlights Chart 1Still Close To Fair Value Treasury yields fell significantly in July, particularly at the long end of the curve. We continue to view this move as an overreaction to mediocre economic data that will be reversed…
Dear Client, I will be on vacation next week. In lieu of our regular report, we will be sending you a Special Report written by my colleague Arthur Budaghyan, BCA Research’s Chief Emerging Markets Strategist. Arthur’s…
Highlights Global Yields: Falling global bond yields, led by US Treasuries, are an oversized response to some modest cooling of growth momentum. Global growth will remain above-trend over the next year, which will keep global inflation…
GFIS Model Bond Portfolio Q2/2021 Performance Review & Current Allocations: Hitting A Few Roadblocks
Highlights Q2/2021 Performance Breakdown: Our recommended model bond portfolio underperformed the custom benchmark index by -6bps during the second quarter of the year. Winners & Losers: The government bond side of the portfolio…
Highlights Chart 1Employment Growth June’s employment report revealed that 850 thousand jobs were added to nonfarm payrolls during the month. This is well above the 416k to 505k threshold that is required to hit the…
Highlights Fed: The Fed’s interest rate projections moved up sharply in June but its verbal forward guidance on interest rates and asset purchases didn’t change in any meaningful way. Investors should ignore the Fed’s…
Dear Client, Next week, instead of our regular report, we will be sending you a Special Report from BCA Research’s MacroQuant tactical global asset allocation team. Titled “MacroQuant: A Quantitative Solution For Forecasting…
Highlights Chart 1Tracking Nonfarm Payrolls With 12-month PCE inflation already above the Fed’s 2% target, it is progress toward the Fed’s “maximum employment” goal that will determine both the timing…