Monetary policy

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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
The Fed wants to crush inflation, but at what cost?
Following a higher-than-expected inflation print and the Fed's latest rate hike, Global Investment Strategist Nanette Abuhoff Jacobson considers potential implications for fixed income and equities.
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Quick Take
2022-12-31
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Will the Fed send the US economy into a recession?
Multi-Asset Strategist Adam Berger and US Macro Strategist Juhi Dhawan consider the broad impact of Fed rate hikes and how asset allocators should respond.
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Article
2023-07-31
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Credit investing against a slower-growth, higher-inflation backdrop
The significant flattening of the US Treasury yield curve in recent months has some prognosticators calling for an impending US recession. Not so fast, says Fixed Income Portfolio Manager Rob Burn.
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Quick Take
2022-07-31
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Timely musings on Fed policy and inflation
With rising inflation and interest rates dominating the financial headlines in recent weeks, I have been fielding a flurry of colleague and client questions about the likely future trajectory of US monetary policy. While I don’t claim to have all the answers, especially with so many “known unknowns” as of this writing, here are my latest thoughts.
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Quick Take
2023-05-31
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
US inflation risk, angry bondholders, and silver linings
Here are quick thoughts on some common questions I’ve been asked recently about Fed policy, yields, the US dollar, and financial markets.
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Quick Take
2023-05-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Global convertibles: Poised to benefit from five structural tailwinds
Fixed Income Portfolio Manager Michael Barry and Investment Specialist Raina Dunkelberger believe global convertible bonds are likely to outperform other fixed income sectors over an investment time horizon of approximately two to three years. Learn why.
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Quick Take
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Bank loans: Resiliency amid volatility
In the face of ongoing geopolitical and macroeconomic uncertainty, including the prospect of steadily rising interest rates, our floating-rate bank loan team maintains a bullish outlook for the sector. Emboldened by a strong US economy and mounting inflationary pressures, the US Federal Reserve (Fed) enacted its first 25 basis-point (bp) increase in interest rates since 2018. Additionally, Fed Chair Jerome Powell’s recent rhetoric has become more hawkish, including suggesting the possibility of a 50 bp rate hike in the coming months. The market is now pricing in the fed funds rate to rise to around 2.5% by the end of 2022 (from its current target of 25-50 bps).
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Quick Take
2022-07-31
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
EM inflation has arrived, but will it stick around?
Emerging markets inflation has been top of mind for many investors lately. Macro Strategist Gillian Edgeworth, Equity Portfolio Manager Jamie Rice, and Fixed Income Portfolio Manager Michael Henry consider the outlook going forward and potential market implications.
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Article
2022-07-29
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.