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How Does the Fed’s Recent Action Compare to EM Central Banks?
In an interview on Bloomberg Radio with Tom Keene and Ken Prewitt, I shared my thoughts on the Fed’s recent announcement that it would continue its QE efforts for the time being. If you missed the...
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The Damage Potential of Rising Rates
The initial goals of the Federal Reserve’s “Great Monetary Experiment”— to keep rates low, create negative real yields, spur consumption and cushion the budgetary consequences of fiscal stimulus — have...
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Four Interest Rate Scenarios We Could Face
I’ve written a lot lately on the subject of “duration” and its potential impact on investor portfolios, now that the initial goals of the Federal Reserve’s “Great Monetary Experiment” appear largely...
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The Next Big Challenge to Investors: Rising Rates
Many investors were conditioned to accept that the economy would be in the rehabilitation ward for the foreseeable future, rates would remain low, and monetary stimulus would continue unabated. It was...
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Will Europe’s Improving Economy Push Interest Rates Higher?
In a recent conversation, my colleague, Tanguy Le Saout, Head of European Fixed Income, offered these thoughts on the outlook of the European economy. What brought renewed confidence in the Eurozone’s...
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Bubbles Detector
Summer is time for vacation, and getting ready for a trip has become almost a ritual for me: pack bags for my large family, load the car, don’t forget the GPS and check weather conditions. The last two...
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The 2015 Global Risk Map: Hedging Geopolitical Challenges
Central Banks are likely to continue to dominate the global economy as well as financial markets again in 2015. Asset prices will likely benefit from abundant liquidity. However, divergent monetary...
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Dovish Fed Resets Outlook For Risk Assets
The market’s initial reaction to Wednesday’s FOMC meeting was consistent with a dovish interpretation. U.S. Treasury yields declined and the dollar underperformed. However, as market participants...
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Chinese Rates – What’s Next?
A View from the Emerging Markets Desk Following several months of disappointing inflation data, the Chinese Central Bank moved to cut rates on Sunday. The People’s Bank of China (PBoC) cut the...
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Fixed Income Market Liquidity: Cause for Crisis Concerns?
Fixed income market liquidity has declined in the face of more restrictive banking regulations, including increased charges for risk-based capital. This has caused greater concern among investors about...
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3 Things the European Investment-Grade Fixed Income Team Talked About Last Week
1. ECB – When Doves Talk It appears likely that the U.S. Federal reserve will increase the Fed Funds rate for the first time in almost a decade at their forthcoming December meeting. This has led to...
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