NDR Fixed Income Allocation Strategy May 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 Floating Rate Notes and non-U.S. Investment Grade.

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

Full strategy commentary: NDRFIAS202205051

Other posts

Thoughts From the Divide: Pandora’s Box

BY JON WEBB

While the Whitehouse may have successfully avoided putting its foot in its mouth on inflation this year (We hope everyone stateside had a good Independence day), the topic remains at top of mind for more than just the bean counters, as policymakers and consumers alike grapple with a new version of Whitney Houston’s question, “How will I know if inflation is over?”. The last few weeks haven’t offered very clear guidance. CPI was cooler than expected, but PPI was above expectations. Both the ISM Manufacturing and Services reports saw strong price readings, but there were other signs of a retreat in demand. Read more →

Thoughts From The Divide: Natural Disasters?

BY JON WEBB

One might have expected yesterday’s CPI data to be of significance for asset prices. As it happened the figures were interesting, with the inflation data surprising to the high side: marginally, but still a miss, while core CPI actually increased for the 2nd month. Hardly proof of resurgent inflation but notable in the context of a series which has been trending lower since Sep 2022. But asset prices didn’t seem to notice the miss. Perhaps that’s because policymakers hardly noticed it either. The quote above came from the NY Fed Williams yesterday, and seems to be representative of policymakers’ focus shifting from inflation to the labor market. So perhaps markets took that cue and paid more attention to the rather striking weekly claims figure (258k). Read more →

MI2 Partners: Thoughts From The Divide: Rules and Guidelines

BY JON WEBB

In our note from April of 2020, which now feels like half a lifetime ago rather than less than 5 years (it’s not the years but the miles?), we wrote about how COVID and the related crises had “made it clear that in many ways, reality is more like Calvinball” than an orderly system: one where “the rules of the game around the world appear to be in flux”. This week has provided yet more evidence, if any more was needed, for this view. Read more →

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