NDR Fixed Income Allocation Strategy March 2022 Update

The NDR Fixed Income Allocation Strategy, Positioning Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy entered the month with elevated allocations to U.S. Treasurys, Floating Rate Notes, and International Investment Grade.

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

Full strategy commentary: NDRFIAS202203021

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MI2 for C8 – The FX Year Ahead – Turning Japanese – Feb 2024

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Japan is likely to come into increasing focus this year. With bond yields now being allowed to rise as the BoJ’s Yield Curve Control experiment comes to an end, the BoJ’s roadmap to ending NIRP (if things go to plan), the multi-decade underperformance of Japanese equities still fresh in asset allocators’ minds (despite some promising upside momentum) and a chronically weak currency, (especially on a real effective, inflation-adjusted trade-weighted basis), there is plenty of potential for disruption. Read more →

Thoughts From the Divide: Tremendous

BY JON WEBB

While there is likely some argument within the Administration as to whether supply chain shocks are both necessary and sufficient or simply necessary (mirrored by the Fed’s own divergence in views), it’s clear that Yellen and the White House are not too concerned about the Philips Curve, nor seem to put stock in John Cochrane’s “fiscal theory of the price level”. After all, Yellen is still quoted as saying that the US is on a responsible fiscal path, despite the deficit (which is, as Mosler notes, the public’s surplus). Or perhaps they think that with some proper cajoling, the greedflation genie can be put back in the bottle (at least temporarily) as CEO’s find a renewed sense of civic virtue and community? We wouldn’t hold our breath. Read more →

Trump: How You Like Me Know?

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ISM March Services PMI, March Employment Report and Powell on Deck Read more →

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