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What happens when the easing of QE is no longer easy? [CotM]
Markets found out in May when comments from Ben Bernanke, chairman of the US Federal Reserve (the Fed), suggested that the Fed may begin to reduce the USD 85 billion in monthly bond purchases sooner...
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Income investment review June 2013: Global fixed income
In June, market sentiment was driven by talks around the US Federal Reserve (the Fed) tapering its quantitative easing (QE) programme, followed by a perceived lack of action by both the European...
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Be liability aware
As we approach the end of 2013, central banks remain accommodative. The US Federal Reserve is not expected to taper until the first quarter of 2014 and we expect the European Central Bank and the Bank...
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Brave new world
Whisper it quietly but the European industrial is fighting back. It’s a story of rags to riches where a once unloved corner of the bond market is growing from strength to strength. Witness the...
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Global markets overview Q1 2014: Income investment review
Equity markets came close to finishing the quarter where they started the year, regaining much of the quarter’s earlier losses in the last few weeks of March. The MSCI World Index was up 1.2% over...
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Income investment review April 2014: Global fixed income
In Europe, the gradual economic recovery remains on track, as consumer and business confidence indicators continue to move higher despite the ongoing unrest in Ukraine. Improving confidence comes at a...
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Singing in the Rain: Investment grade corporate bonds have hit all the right...
Investment grade (IG) corporate bonds have had a stellar year. With returns running close to 5% in just the past five months, it’s a natural time for investors to ask the question, is something going...
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A few reasons to still like risk assets for income
For investors seeking the best global ideas for income investing, today’s market environment is supportive for risk assets, particularly compared to bonds. We remain pro-risk, but given how asset...
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Why unconstrained is not always absolute return
I am constantly surprised by how often the words ‘unconstrained’ and ‘absolute return’ are used interchangeably, as if to mean the same thing. Yet they have entirely different meanings. One is a style...
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Investment Insights: Emerging market debt outlook 2015
Despite the early focus on a busy electoral calendar and several idiosyncratic challenges, EM fixed income ended 2014 on a strong note. U.S. dollar-denominated assets, and EM sovereign credit in...
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