Beyond Bulls & Bears

Global Economic Perspective: November
Fixed Income

Global Economic Perspective: November

We do not believe a Trump presidency will materially alter the course of the US economy in the near term. Fundamentals ultimately drive longer-term performance in the fixed income markets, and in our view, these remain broadly supportive of a slow but steady rate of expansion.

Global Economic Perspective: October
Fixed Income

Global Economic Perspective: October

While heartened by the bounce in oil prices after the multi-decade lows reached early in the year, any significant further rally in energy prices would seem to us to require a far more vibrant global economy. As the IMF’s (and the Fed’s) relatively subdued outlooks make clear, it is hard to anticipate such a scenario occurring anytime soon.

Global Economic Perspective: September
Fixed Income

Global Economic Perspective: September

The BOJ provides perhaps one of the most extreme examples of the repression of interest rates by central banks. At some point, Japan—along with other countries that have embarked on such untested monetary policies—may be forced to address the distortions it has imposed upon its markets.

Snapshot View: Fed Remains on Hold
Fixed Income

Snapshot View: Fed Remains on Hold

If the United States is actually experiencing a 'new normal' where growth remains lower long term, then the Fed risks fueling real or asset-price inflation by being too lax with monetary policy going forward.