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…
Highlights It is too early to conclude that the PBoC’s surprise rate cut last Friday to its reserve requirement ratio (RRR) marks the beginning of another policy easing cycle. Historically it took more than a single RRR…
One of the structural challenges Brazil faces is its public debt overhang. The authorities have responded by periodically embarking on fiscal and monetary austerity. Yet, such austerity depresses nominal growth and has in fact…
Chinese credit numbers came in rather higher than expected. Total Social Finance (TSF) grew by RMB3.7 trillion in June, compared to RMB1.9 trillion in May and expectations of RMB2.9 trillion. At the same time, outstanding loan…
Canadian employment growth in June was robust at 231,000, a big improvement over the losses incurred over the prior two months. The latest month’s growth was driven mainly by a 264,000 increase in part-time jobs: full-time…
In their Q2/2021 model bond portfolio performance review, BCA Research’s Global Fixed Income Strategy team updated their recommended positioning for the next six months. Firstly, the team changed its US Treasury curve…
The ECB unveiled the results of its strategic review yesterday, with some noteworthy tweaks to the policy framework. The central bank shifted to a symmetric inflation target of 2%, a change from the prior goal of aiming for…
The China State Council meeting on July 7, chaired by Premier Li Keqiang, sent a somewhat ambiguous message on the direction of China’s monetary policy. The press release from the meeting stated that the country will…
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…