ECB QE Monitor
The Fed announced an inflection of its long-term objectives by making the 2% inflation threshold not a high limit, but an average objective over time, i.e. it will not harden not its monetary policy in the event of one-off inflation
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Tag "FED"
Treasury yields increase slightly as the Fed keeps asset purchases steady
Most U.S. Treasury yields increased modestly last week, led by longer maturities. The Federal Reserve (Fed) disappointed investors, as it did not expand long-duration asset purchases as some had hoped. The …
Weekly Market Recap
Last week started off on a strong note, helped by news on Monday of Gilead Sciences’ USD 21 billion acquisition of Immunomedics and chipmaker Nvidia’s USD 40 billion purchase of ARM Holdings. Software giant Oracle reported on …
Central Banks Strive to Maintain Visbility
Market Flash All eyes were on central banks. As expected, the Fed left its rates unchanged. It even said they would not move until inflation rose above 2% and stayed there for some time, a situation it does not expect
What won’t be in the strategy review
Key points The divergence between a decisive Fed and a more hesitant ECB is an interesting debate but it hides the fact that on both sides of the Atlantic monetary policy through its traditional transmission channels is facing diminishing returns.
Asset Allocation and Alternatives – Top Five
#37 Next week, a lot of webinars are coming up. For example, on Tuesday Jupiter AM hosts a webinar about “The Great Inflation Debate“, on Wednesday UBP hosts a webinar on “Small Caps Specialties” and on Thursday Krane Shares hosts
Powell at Jackson Hole: Fed Doubles Up On 2% Inflation
The Federal Reserve today announced an important change in its framework for conducting monetary policy in order to achieve its “statutory mandate from the Congress of promoting maximum employment, stable prices, and moderate long-term interest rates.” One of the main
What could the Fed’s new policy mean for investors?
The Federal Reserve today announced an important change in its framework for conducting monetary policy in order to achieve its “statutory mandate from the Congress of promoting maximum employment, stable prices, and moderate long-term interest rates.” One of the main
Outlook for Fed Policy: Near- Term, Longer- Term
Global Fixed Income Strategy In November 2018, the US Federal Reserve (Fed) announced that it would conduct a broad review of its monetary policy framework. The new framework will likely shape monetary policy in …
Pushing with a longer string
The bad news on the pandemic front in Europe are offset to some extent by the recent experience on the other side of the Atlantic. There, in the late spring hotspots, the propagation of the virus has been curbed again
The Pandemic Stress Test
Examining the resiliency of US government securities repo and clearance settlement in Q1 2020 The volatility between late February and early April 2020 was the largest stress event international capital markets have witnessed since the 2007-2009 global financial crisis. Unlike
Big Numbers Alone Make No Proper Monetary Policy
Aggressive interest rate cuts, liquidity provisions and quantitative easing worked well. Buying facilities rather serve as a backstop. Based on a diminishing marginal effect from Large Scale Asset Purchases (LSAP), the Fed might do more for longer to support
An Improving Economy Favors High Yield
Fixed Income Asset Allocation Insights Rising from incredibly low levels, improving economic data that suggest the imminent start of a recovery drove a sustained rebound in most fixed income asset classes in June. Markets remain highly dependent on the …
Natural language processing – a new tool to decode the Fed
Research & Strategy Insights What is natural language processing, and how can we use it to analyse FOMC minutes and the Beige Book? Until recently, quantitative economic analysis has been mainly based on the study of hard data and survey
Nordea AM – Webinar – Morning Espresso
Webinar – Morning Espresso Join us for a lively discussion with Joseph Cantwell, Co-Head of the Global Fixed Income Group at MacKay Shields, PM of Nordea’s US Corporate Bond Strategy. He will discuss how the unprecedented move by the Fed to support
Road to Recovery
Credit Continuum Monetary stimulus measures and high levels of cash continue to support spread tightening between now and year end. The rally in credit markets has continued in May given Federal Reserve and European Central Bank support measures and the
Treasury yields end virtually unchanged despite an active week
Weekly Fixed Income Commentary U.S. Treasury yields ended the week only slightly lower, masking the week’s volatility.1 Rates rose early in the week, led by longer maturities, when the Federal Reserve (Fed) announced it would begin purchasing individual corporate bonds.
ECB QE Monitor
Central Banks: interest rates near zero The Fed kept its interest rates unchanged. The ECB kept its interest rates unchanged. No movement on BoJ interest rates since 2016.
Define ”Big”
Research & Strategy Insights The European Commission “doubled down” on the Franco-German initiative and came out with a bigger quantum for its “Next Generation” package and proposals for new “own resources”. This is politically important. While we are still very
Hamilton has not sung yet
Research & Strategy Insights While the market is understandably more sensitive to the newsflow around a potential vaccine than to economic data, we still focus on the “background noise” which is likely to accompany the mechanical rebound …
Powell take center stage
The week before the Memorial Day holiday began with two high profile appearances from Federal Reserve (Fed) Chairman Jerome Powell, starting off with an interview on CBS’ 60 Minutes and followed up with testimony on Tuesday before the Senate Banking,
Digging deeper into emerging market debt
Investment Insights – Q&A In this Q&A, Capital Group fixed income investment director James Blair discusses the characteristics of emerging market debt, how investors could approach investing in the asset class and the US Federal Reserve (Fed)’s policy response to
Introducing “Stressed Performing Credit”
White Paper Rising Stars in a New (Fed) World Recent unprecedented action by central banks, notably the Federal Reserve on April 9th, has helped markets recover meaningfully. This has caused many investors to wonder, “What do we do next?” or,
Bitcoins, central banks and inflation expectations: a variety of topics in our Top Five
#20 – Top Five Best Read Research on OpinioPro And it’s Saturday again: the day for us to publish our Top Five Best Read on OpinioPro this last week. Populair tags were ‘asset allocation‘ and ‘equities‘, furthermore our event calendar
Hans Rosling and ‘Scary Statistics’ made it into our Top Five!
#19 – Top Five Best Read Research on OpinioPro What research was read the most on OpinioPro this past week? Hereby a top five overview: On the fifth place: the CIO View by DWS: “Corona and Talf 2.0 – New
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