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Anna Stupnytska
Blog 2 min read

Near-zero rates expected through 2023 amid Fed concern about the economy

Fed offers forward guidance following shift in inflation targeting framework.

Anna Stupnytska | 16 September 2020

Monica Li
Blog 4 min read

Chinese banks are due for national service

As governments around the world exhaust their policy arsenals to save economies, China is reaching for a secret weapon unrivaled by most countries.

Monica Li + 2 others | 31 July 2020

Stuart Rumble
Blog 1 min read

A heavy outlook for the US Dollar

The relentless spread of Covid-19 across the US and improving risk sentiment elsewhere is crimping demand for the safe-haven reserve currency.

Stuart Rumble + 2 others | 30 July 2020

Anna Stupnytska
Blog 1 min read

Fed in a holding pattern, for now

Trajectory of the recovery remains uncertain despite better employment figures in May.

Anna Stupnytska | 10 June 2020

Alvin Cheng
Article 4 min read

A shelter from the storm, for now: China’s bond market set to open further

When global fixed income investors scrambled for cover last month, China’s onshore bond market was a rare haven with low volatility and no liquidity crunch.

Alvin Cheng + 5 others | 23 April 2020

Ming Gong
Blog 4 min read

Delayed demand making its return to China’s property market

New home sales are recovering faster than expected in China. This has big implications for domestic demand and the macroeconomic outlook.

Ming Gong + 2 others | 8 April 2020

Katsumi Ishibashi
Blog 4 min read

Bank of Japan’s coordinated easing signals more proactive asset purchases

Today’s move by the Bank of Japan to boost asset purchases underscores a globally coordinated effort by central banks to contain the coronavirus fallout.

Katsumi Ishibashi | 16 March 2020

Wen-Wen Lindroth
Blog 3 min read

The Fed reaches for the entire arsenal

The Fed reaches for the entire arsenal

Wen-Wen Lindroth | 15 March 2020

Timothy Foster
Blog 1 min read

Fed dusts off crisis playbook with massive liquidity injection

Ultra-low interest rates and asset purchases will be with us for a long time yet.

Timothy Foster | 12 March 2020

Anna Stupnytska
Blog 2 min read

ECB: Not another “whatever it takes” moment, but a smart move nonetheless

The ECB unveiled a targeted stimulus package but kept rates unchanged.

Anna Stupnytska | 12 March 2020

Anna Stupnytska
Blog 2 min read

UK Treasury and BOE unveil ‘comprehensive’ stimulus package to combat virus effects

BOE and Treasury action on the same day signals the policymakers’ preparedness to respond.

Anna Stupnytska | 11 March 2020

Anna Stupnytska
Blog 1 min read

Fed's emergency cut is a strong signal to markets

The US Federal Reserve has issued an emergency 50bps cut to allay coronavirus fears ahead of its monetary policy meeting in March.

Anna Stupnytska + 1 other | 3 March 2020

Lynda Zhou
Blog 4 min read

China’s financial support targets second-order fallout from coronavirus

China’s healthcare workers have been struggling to contain the spread of coronavirus. Now, policymakers are grappling with the second-order financial effects.

Lynda Zhou + 1 other | 4 February 2020

Wen-Wen Lindroth
Article 3 min read

Fed prolongs expansion for those left behind

Fed funds rate remains unchanged amid strong labour market.

Wen-Wen Lindroth + 1 other | 29 January 2020

Andrea Iannelli
Blog 3 min read

ECB’s Strategic Review gives investors plenty to think about

The ECB held interest rates steady, but the focus of the meeting was on the announcement of its new Strategic Review.

Andrea Iannelli | 23 January 2020

Andrea Iannelli
Blog 3 min read

Lagarde brings her “own style” to the ECB

Lagarde kept policy unchanged at the ECB

Andrea Iannelli + 1 other | 12 December 2019

Wen-Wen Lindroth
Blog 2 min read

Rates unchanged as Fed engineers soft landing

The Federal Reserve leaves rates unchanged as Chairman Jerome Powell says US economy is 'in a good place'

Wen-Wen Lindroth | 11 December 2019

Timothy Foster
Article 2 min read

Fed cuts again but stays mute on future path

The US Fed cut rates by 25 basis points, the third cut this year. This week's meeting was hotly anticipated for any clues as to the further path of rates.

Timothy Foster | 30 October 2019

Sajiv Vaid
Blog 2 min read

Low bond yields are here to stay, even if fiscal stimulus returns

Even if fiscal stimulus makes a return, we think low bond yields will stay because of central bank action and late-cycle effects

Sajiv Vaid | 30 October 2019

Fidelity International

Cool Heads: Another cut expected from the Federal Reserve

The Federal Reserve is expected to cut rates for the third consecutive time this year.

Fidelity International | 30 October 2019

Andrea Iannelli
Article 3 min read

European Central Bank: Goodbye Mario, good luck Christine

ECB leaves rates unchanged at Draghi's final meeting.

Andrea Iannelli | 24 October 2019

Paul Greer
Blog 2 min read

Hunting for yield in frontier markets: Egypt

When smaller frontier markets mature into benchmark names, early investors can earn attractive returns in these relatively niche, often overlooked places.

Paul Greer + 3 others | 15 October 2019

Romain Boscher
Blog 2 min read

Negative interest rates: a bold but dangerous experiment

In an environment of negative interest rates, it could be growth companies not negative yielding bonds, which are the 'safe' investment choice.

Romain Boscher | 14 October 2019

Alvin Cheng
Blog 3 min read

China tiptoes down easing street with rate reform

While the Fed and ECB are signaling more rate cuts and quantitative easing to come, China’s central bank has been taking a more cautious approach.

Alvin Cheng + 2 others | 2 October 2019

Sajiv Vaid
Blog 2 min read

BOE holds steady but case for rate cut is compelling

The Bank of England (BoE) left rates unchanged but the case for an 'insurance cut' is compelling in the face of weak growth and Brexit uncertainty.

Sajiv Vaid | 19 September 2019

Paras Anand
Blog 3 min read

Fed’s broken policy dial could benefit Asia investors

Political pressure on the Fed to cut rates is only likely to increase.

Paras Anand | 19 August 2019

Andrea Iannelli
Blog 1 min read

US yield curve inverts for first time since 2008, but recession not imminent

While our fixed income team does not expect an imminent recession, the case for further rate cuts in the US is getting stronger and weighing on US yields.

Andrea Iannelli | 14 August 2019

Sajiv Vaid
Blog 1 min read

BoE: Holds rates steady amid Brexit uncertainty

We expect the Bank of England to cut rates by 25 bps by year-end

Sajiv Vaid | 1 August 2019

Tom Ackermans
Blog 1 min read

Fed opens the door to a further reduction as it makes 25 bps 'insurance' cut

After hiking nine times in the past four years, the Fed has reversed course

Tom Ackermans | 31 July 2019

Oscar Hutchinson
Blog 2 min read

Gold still has space to shine on

We see more upside for gold, thanks to a potent cocktail of falling interest rates, rising long term inflation expectations and heightening recession concerns.

Oscar Hutchinson | 17 July 2019

Bill McQuaker
Blog 2 min read

Central banks keep the show on the road, for now

Equity and bond markets don’t agree on what we should expect for the second half of the year. How should investors position in light of these mixed signals?

Bill McQuaker | 26 June 2019

Kristian Atkinson
Blog 3 min read

Draghi’s dovish speech signals further central bank easing

The case for immediate easing by the Fed is however weak.

Kristian Atkinson | 19 June 2019

Anna Stupnytska
Blog 1 min read

The Fed remains firmly on hold

The overall message at the US Federal Reserve’s May meeting was clear and simple - it is firmly on hold for now.

Anna Stupnytska + 1 other | 1 May 2019

Ian Samson
Blog 2 min read

EM outlook: For China and the Fed, old habits die hard

China and the US Federal Reserve are falling back on old habits, which should provide some desperately-needed comfort to emerging markets.

Ian Samson | 30 April 2019

Anna Stupnytska
Article 1 min read

The ECB plays ‘wait and see’

The European Central Bank kept policy unchanged at its April meeting, and reverted back to 'wait and see' mode

Anna Stupnytska | 10 April 2019

Anna Stupnytska
Article 3 min read

Why the Fed pivoted and what happens next

The Fed's dovish tone might not last for long.

Anna Stupnytska | 29 March 2019

Anna Stupnytska
Article 1 min read

The Fed's message is solidly dovish; for now

The Fed stuck to its solidly dovish message in March, in line with market expectations. However, it risks leaving itself little room for manoeuvre.

Anna Stupnytska | 20 March 2019

Bryan Collins
Blog 3 min read

A Goldilocks moment for China’s monetary policy, but watch for more easing and bond index inclusion

Two events are driving the outlook for China fixed income- easing monetary conditions and the expected inclusion of Chinese bonds in benchmark indexes.

Bryan Collins + 4 others | 14 March 2019

Anna Stupnytska
Blog 2 min read

ECB startles with dovish move

The central bank kept rates on hold and unveiled new cheap funding measures to boost the faltering Eurozone economy.

Anna Stupnytska | 7 March 2019

Eugene Philalithis
Blog 2 min read

Income and yield are not the same thing

Although higher rates imply higher income generation as yields rise, we have not seen income from coupons keep up with the rise in rates.

Eugene Philalithis | 17 January 2019

Martin Dropkin
Article 7 min read

The next recession: zombie killer

Zombie companies have grown in number since the financial crisis. The next recession should kill them off.

Martin Dropkin + 1 other | 11 January 2019

Anna Stupnytska
Blog 2 min read

Challenging consensus: market fears of a US recession may be overdone

Markets may be overly pessimistic over an imminent US recession given the recent uptick in real wages.

Anna Stupnytska | 4 January 2019

Anna Stupnytska
Blog 2 min read

Fed delivers a hawkish surprise, with dovish elements

Fed delivers a hawkish surprise, with dovish elements

Anna Stupnytska | 19 December 2018

Bryan Collins
Blog 4 min read

China's easing has not been easy

China’s deleveraging drive has softened, but credit to private companies remains weak. Bigger banks could be pushed to step in.

Bryan Collins + 4 others | 20 November 2018

Paras Anand
Blog 1 min read

Midterms could be good for the US economy

Midterms could be good for the US economy

Paras Anand | 7 November 2018

Stuart Rumble
Blog 2 min read

As the BOJ stealthily normalises, the yen will follow

The BOJ appears to be stealthily normalising while keeping rates extremely low. But small steps for Japan’s central bank could be big steps for its currency.

Stuart Rumble + 2 others | 31 October 2018

David Buckle
Blog 3 min read

The Fed offers anniversary gift 10 years after global financial crisis

Fed offers anniversary gift 10 years after global financial crisis

David Buckle | 26 September 2018

Anna Stupnytska
Blog 1 min read

Further Fed tightening could prove too much for the rest of the world

The Fed will have to strike a more cautious tone, slowing the pace of tightening next year - but we are not there yet.

Anna Stupnytska | 26 September 2018

Anna Stupnytska
Article 3 min read

Global growth: running out of steam

Global growth, which has been led by the US, is losing momentum, while China is also cooling.

Anna Stupnytska | 3 September 2018

Paul Greer
Blog 3 min read

As global liquidity tightens, Argentina’s troubles will continue

Argentina markets will remain vulnerable because of specific challenges, but all emerging markets are suffering from tightening global liquidity.

Paul Greer | 30 August 2018

Katsumi Ishibashi
Blog 3 min read

No exit: Japanese banks continue to feel pain from BOJ’s easy policy

Japan’s banks need to innovate to thrive in the low interest environment rather than wait for the eventual end of the Bank of Japan’s easy monetary policies.

Katsumi Ishibashi | 29 August 2018

Anna Stupnytska
Blog 1 min read

No surprises as the Fed sticks to the plan, for now

There were no surprises as the Fed stuck to the plan, and for good reason: data is strong and inflation on track.

Anna Stupnytska | 1 August 2018

Katsumi Ishibashi
Blog 2 min read

The Bank of Japan fine-tunes monetary policy but sticks to aggressive easing

The Bank of Japan kept its easy monetary policy while tweaking its framework to give itself more flexibility, emphasising that normalisation is nowhere near.

Katsumi Ishibashi | 31 July 2018

Sajiv Vaid
Blog 3 min read

A BoE rate hike is an unnecessary risk

This August, we expect the Bank of England (BoE) to stand and deliver only their second interest rate rise in the past ten years.

Sajiv Vaid | 27 July 2018

Anna Stupnytska
Blog 1 min read

The ECB’s monetary policy is needlessly loose

The European Central Bank’s (ECB) unnecessarily loose monetary policy may leave it out of options when the next downturn comes.

Anna Stupnytska | 27 July 2018

Paul Greer
Blog 2 min read

Turkey’s interest rate hold is a policy mistake

Turkey’s inaction on the benchmark interest rate is a major policy mistake, undoing much of the good of the rate rises in Q2.

Paul Greer | 24 July 2018

Curtis Evans
Video 4 min watch

Curtis Evans | 14 December 2017

David Buckle
Blog 6 min read

Buckle opinion: Fed raises rates; can't be many in 2018

David Buckle's opinion on the Fed reserve rates decision

David Buckle | 14 December 2017

David Buckle
Article 9 min read

Easy days could soon be over: central bank policy normalisation

Easy monetary policy could soon be over, with huge consequences for debt, asset prices, inflation and much else.

David Buckle + 2 others | 11 December 2017

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