Beyond Bulls & Bears

Global Economic Perspective: October
Fixed Income

Global Economic Perspective: October

In this month’s Global Economic Perspective, our Fixed Income Group discusses whether optimism about the US economy is justified, and whether Italy’s budget talks could lead to looser fiscal policy elsewhere in the eurozone.

Global Economic Perspective: September
Fixed Income

Global Economic Perspective: September

In this month’s Global Economic Perspective, our Fixed Income Group discusses the spread of populism in Sweden, whether US economic momentum appears sustainable and what’s behind recent emerging-market woes.

Global Economic Perspective: August
Fixed Income

Global Economic Perspective: August

“We think the ECB is wise to retain some flexibility over the timing of its transition to more conventional monetary policies. The central bank has voiced concerns over the impact of the Turkish crisis on some European lenders. Additionally, volatility can be exaggerated at this time of year.” – Franklin Templeton Fixed Income Group

Global Economic Perspective: July
Fixed Income

Global Economic Perspective: July

In this month’s Global Economic Perspective, Franklin Templeton Fixed Income Group examines the potential market impact of ongoing trade issues. Could it derail global growth?

Global Economic Perspective: June
Fixed Income

Global Economic Perspective: June

In this month’s Global Economic Perspective, our Fixed Income Group sees the broad outlook for the global economy as remaining positive but expects more patches of financial market volatility ahead.

ECB Meeting: Fresh Clarity, But Let’s Not Get Ahead of Ourselves
Fixed Income

ECB Meeting: Fresh Clarity, But Let’s Not Get Ahead of Ourselves

David Zahn, Franklin Templeton’s head of European Fixed Income, gives his take on the ECB meeting and explains why he’s still not expecting a eurozone interest-rate hike before 2020.

ECB Preview: Will Recent Italian Developments Influence Europe’s Tapering Timeline?
Fixed Income

ECB Preview: Will Recent Italian Developments Influence Europe’s Tapering Timeline?

“With eurozone growth data softer recently and inflation also relatively muted, we think it would be premature for the ECB to embark on a tightening cycle.” – David Zahn, Franklin Templeton Fixed Income Group

Cautious European Fixed Income Investors May be Sacrificing Yield
Fixed Income

Cautious European Fixed Income Investors May be Sacrificing Yield

Our “Fixed Income Investor Attitudes, Concerns and Actions 2018” survey shows European fixed income investors are still a cautious bunch a decade out from the global financial crisis. Franklin Templeton Fixed Income Group’s David Zahn explores why he thinks it might be time to put fears about market volatility aside.

Italian Election Outlook and Why We Don’t See an ECB Rate Hike Before 2020
Fixed Income

Italian Election Outlook and Why We Don’t See an ECB Rate Hike Before 2020

The upcoming Italian election is not attracting the same sort of attention among investors as votes last year in France and Germany. For that very reason, David Zahn, Franklin Templeton’s Head of European Fixed Income, believes an unexpected result might provoke an outsized market reaction. And while investors seem more preoccupied with the trajectory of eurozone monetary policy, Zahn believes there are good reasons to think the European Central Bank will hold off until 2020 before pushing interest rates up.

Global Economic Perspective: December
Fixed Income

Global Economic Perspective: December

“The pattern of a strong cyclical upturn in the global economy combined with subdued inflation looks set to continue for some time, in our view. Nevertheless, we believe increasing demand and a diminishing pool of labor are likely to create meaningful pricing pressures at some point.” - Franklin Templeton Fixed Income Group

Global Economic Perspective: November
Fixed Income

Global Economic Perspective: November

"Investors’ perceptions about the intentions of central banks, rather than economic fundamentals, are likely to remain the central driver of fixed income markets. Uncertainty created by factors such as geopolitics may only serve to convince policymakers to maintain a looser monetary stance than might otherwise be expected by economic conditions." - Franklin Templeton Fixed Income Group

Do Markets Fully Understand the Implications of ECB Tapering?
Fixed Income

Do Markets Fully Understand the Implications of ECB Tapering?

"The [tapering] decision should set the ECB on the path to monetary policy normalisation, but we don’t expect it to be a quick journey. We expect the eurozone to maintain an accommodative approach and low interest rates for some time to come." - David Zahn, Franklin Templeton Fixed Income Group