Old-Fashioned Bond Math for a New-Fashioned Fed
Explore the Best Ideas from Our Global Investment Team
Macro Signposts highlights takeaways from the data analysis conducted by our team of economists and other experts.
Higher yields have created a stronger foundation for bond investors. Andrew Balls, CIO Global Fixed Income, discusses why actively managed global bonds may offer compelling opportunities for income, diversification and resilience as regional growth, inflation and policy trends continue to diverge.
Leverage and complexity are gaining ground in today’s late-cycle markets, signaling caution – not crisis – and underscoring the value of diversification and risk management.
Macro Signposts highlights takeaways from the data analysis conducted by our team of economists and other experts.
The evolution of credit spreads remains driven primarily by credit fundamentals, investor risk appetite, flows, and broader market technicals rather than relative value between Treasuries and swaps.
In the Warsh Fed's new era of two-way risk, bonds offer something rare: potential downside risk mitigation that investors get paid to hold.
Macro Signposts highlights takeaways from the data analysis conducted by our team of economists and other experts.
Commercial real estate is entering a new phase. Artificial intelligence and geopolitical volatility are reshaping how physical space is used and valued.
Higher earnings forecasts across corporate credit have raised the bar for second-quarter reporting, while AI hyperscaler capital spending is poised to continue to drive the narrative.
Higher rates, weaker underwriting, and software concentration are exposing vulnerabilities in direct lending and leveraged loans, while high yield bonds appear better positioned.
Macro Signposts highlights takeaways from the data analysis conducted by our team of economists and other experts.
A widening confidence gap in non-traded investment vehicles is testing private credit valuations, sharpening the case for manager selection and diversification beyond direct lending.