Entering July, the fixed income allocation strategy’s positioning is mixed. U.S. High Yield, U.S. Investment Grade Corporate, U.S. Mortgage-Backed Securities, and U.S. Treasury Inflation-Protected Securities are above benchmark weight. Emerging Market bonds, International Investment Grade, and U.S. Floating Rate Notes are below benchmark weight.

Click the link below to read more about the strategy’s positioning.

Full strategy commentary: NDRFIAS202407021

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MI2 PartnersThoughts From The Divide: No Soup for Lu!

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Subscribers will not have been surprised by the return of the tariff monster. In our June Research Dossier, “When Fiscal Dominance Met De-Globalization” we wrote, In essence, Trump’s team decided that the correct sequencing involved getting the Big Beautiful Bill (BBB) deal across the line before subsequently circling back to tariffs. Doing it in this order prevents Congress from tying support for the budget to tariff special pleading, giving the Trump team much more freedom of manoeuvre. Moreover, the massive fiscal stimulus (CBO) implicit in the BBB presents an implicit case for budget hawks to reverse some of the fiscal damage with tariffs.” Read more →

Thoughts From the Divide: Pandora’s Box

BY JON WEBB
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C8 Weekly Bulletin: US Debt Limit Dynamics

BY SCOTT DOUGLASS
Gauging the Impact of US Debt Limit Dynamics Read more →
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