Fast food for thought

Insights and research on global events shaping the markets

In November 2023, Global Aggregate bonds achieved their second-best performance in three decades, driven by lower growth expectations and reduced inflation. However, this outstanding performance is not without challenges, including persistent rate volatility, a deeply inverted yield curve, and a term premium in negative territory.

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01/12/2023

The past week in fixed income was marked by a notable reduction in volatility, attributed in part to the Thanksgiving break. While rates experienced a modest uptick, the high beta credit (including CoCo bonds) segment emerged as an outperformer.

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24/11/2023

Fixed income investments thrived this week, benefiting from the perfect cocktail of a larger-than-expected decline in US inflation and a significant deterioration in the job market, marked by higher-than-anticipated US initial jobless claims.

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17/11/2023

The US fixed income market witnessed some volatility this week, fueled by both supply factors and comments from the Fed. The US Treasuries yield curve concluded the week flatter by 15bps, indicating that the fight against inflation is still not ”close” to being done!

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10/11/2023

The reduction of short-term uncertainties—Fed decisions, the Quarterly US Treasury issuance program, and the BoJ—alongside worsening US economic and job data, has swiftly taken the edge off the October yield surge!

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03/11/2023

In Europe, the ECB has taken a pause in its rate-hiking spree for the first time since July 2022. All eyes are now on the upcoming monetary policy decisions from the Fed and the BoJ next week.

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27/10/2023

Alarm bells are ringing in the world of fixed income as the 10-year nominal US Treasury yield skyrockets to 5%. This level hasn't been seen since July 2007, setting off concerns and reactions across financial markets.

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21/10/2023

The escalation of geopolitical tensions has the potential to impact global inflation, while the current prevalence of restrictive monetary policies worldwide is anticipated to affect global growth in the coming months.

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13/10/2023

The current surge in long-term interest rates is predominantly propelled by real rates, strongly influenced by the synchronized reduction of balance sheets by most developed central banks.

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06/10/2023

The world of fixed income investments faced significant headwinds in Q3 2023, as reflected in a roughly 4% decline in the Bloomberg Global Aggregate Bond Index, a prominent benchmark in the global fixed income market.

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29/09/2023

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