FICC
| Bonds
Bond market analysis on where to position across government bonds, credit, and inflation-linked debt.
A brief recap of the July FOMC meeting and its investment implications.
This week we preview the July FOMC meeting, provide an update on the Fed’s balance sheet and recommend a new TIPS trade.
In this report, we present our performance review of the BCA Research Global Fixed Income Strategy (GFIS) model bond portfolio for the Q2/2023, and the outlook and scenario analysis for the next six months. The portfolio return exactly matched that of the benchmark index during the quarter, as modest gains on government bond allocations in the US, UK and core Europe completely offset losses on spread product underweights. Looking ahead, the portfolio is positioned to capitalize on an expected slowing of global growth over the rest of the year through an overweight stance on government bonds versus spread product and above-benchmark duration tilts in the US and core Europe.
In this Insight, we review the latest Bank of Canada and Reserve Bank of New Zealand meetings, and suggest the appropriate bond and currency strategies.
An outlook for inflation and Fed policy following this morning’s CPI report.
A perspective on the recent increase in US bond yields and this morning’s employment report.
A look at how US bond yields responded to yesterday’s strong economic data and this morning’s soft inflation print.
