New Zealand government bonds rallied, and the NZD was the worst performing major currency on Wednesday following the Reserve Bank of New Zealand’s (RBNZ) policy announcement. Although the central bank’s decision to…
We present the performance review of the Global Fixed Income Strategy Model Bond Portfolio for 2023. We also discuss the outlook for 2024 performance based on our Key Views for the year. The portfolio is positioned to benefit from a…
Multiple major DM central banks are scheduled to decide on monetary policy this week. The US Fed will meet on Wednesday, followed by the ECB, BoE, and Norges Bank on Thursday. It comes after the BoC and RBA both opted to keep…
In this Insight, we discuss the outlook for monetary policy in New Zealand after this week’s RBNZ policy meeting, and introduce related fixed income and currency trade ideas.
The Reserve Bank of New Zealand (RBNZ) held its key interest rate steady at 5.5% at the November policy meeting yesterday. That decision was as expected, but the messaging surrounding the announcement was surprisingly…
In this Insight, we review the performance and rationale for our current set of tactical fixed income trade recommendations. Our highest conviction positions also happen to be our most successful trades: positioning for a narrowing…
Labor markets are softening in most developed economies, as is usually the case in the lead-up to recessions. Our base case is that the global recession will begin in the second half of 2024, but we will be monitoring our MacroQuant…
As expected, the Reserve Bank of New Zealand held the official cash rate at 5.5% on Wednesday, keeping policy unchanged for the third consecutive meeting. The press release underscored that while monetary policy is weighing on…
The DXY will continue to have near-term upside, as economic growth holds up in the US, while it deteriorates in other parts of the world. Remain constructive on the DXY at current levels, but pivot to a short position on evidence US…