- 環球投資及多元資產策略師
香港, 個人投資者
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本刊所載見解反映作者於撰文時的觀點，其他團隊可能觀點各異，或會作出不同的投資決策。閣下投資的價值可能高於或低於初始投資時的水平。本刊所載第三方數據被視為可靠，惟概不保證其準確性。
僅提供英文版本
Fixed income investors have experienced a "once-in-a-career" market correction: an 11% decline in the Bloomberg Barclays US Aggregate Bond Index (the "Agg") through the first eight months of 2022, in combination with an 18% US equity market sell-off. In the current inflationary environment, fixed income has clearly not played its traditional protective role.
Rising interest rates, triggered largely by higher and "stickier" inflation than expected, and a scramble by the US Federal Reserve (Fed) to rein in inflation before a vicious cycle of surging wages and even higher prices takes hold, have been the drivers of the rout. What now? Ultimately, inflation will determine the path of rates going forward. However, here are three considerations that could support a contrarian view in favor of fixed income:
1. How much monetary policy tightening is already priced in? A lot. As Figure 1 illustrates, according to futures markets, many investors anticipate that the fed funds rate will reach 4.6% by mid-2023, some 200 basis points (bps) higher than its current range of 3.00% – 3.25%.
2. Is the economy responding to higher interest rates? To a degree. A bellwether index of US financial conditions has already dropped in response to this year's spike in rates. The housing sector has cooled, supply-chain pressures have begun to ease, and the strong US dollar is disinflationary. Wages and shelter costs have continued to rise, though.
3. What will it take for the Fed to step back from tightening? Weaker demand and lower inflation. Fed Chair Jerome Powell has said it would likely take several months of lower core inflation for the Fed to consider retreating from hiking rates. A pattern of rising unemployment and below-trend growth might cause the Fed to pause on rate hikes.
What could go wrong from here?
The Fed is in uncharted territory, given the gap between current inflation (over 8%) and the Fed's 2% target. Moreover, the Fed's use of quantitative tightening to pare back its balance sheet, simultaneously with outright rate hikes, is untested. While the Fed is hoping its rate hikes will bring down inflation with only "some pain to households and businesses", a deeper recession is a possibility. On the other hand, if the Fed pulls back and the market doesn't believe inflation is under control, the Fed's credibility would be at risk. In that scenario, inflation expectations could become "de-anchored", pushing the 10-year US Treasury yield higher still.
Figure 1
Investment implications
- Don’t abandon fixed income at these levels. In an environment where the Fed is trying to crush inflation, even at the expense of below-trend growth, I think 10-year US Treasuries sporting around a 3.5% – 4.0% yield represent decent value for investors and should provide some portfolio diversification if the economy slows, especially given the longer-term structural impediments to growth.
- Consider diversifying fixed income exposure. Given the uncertain inflation outlook, committing too much capital to long-duration US fixed income may be risky. Diversifying across global bond markets and currencies with flexibility to tweak portfolio duration as needed may be a better strategy. High-quality corporate bonds look relatively attractive as of this writing, as do short-term bond yields at today's levels.
- Quality is key for equities. Defensive sectors and dividend payers look likely to outperform the market amid elevated volatility as the Fed removes liquidity in the months ahead. Longer term, many investors are finding opportunities in high-quality companies with solid balance sheets and growing revenues and profits at potentially attractive entry points — including in less-favored sectors like technology and consumer discretionary.
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在未有威靈頓投資管理明確書面批准的情況下，概不可複製或轉載本刊全部或任何部分內容。本文件僅供參考之用，並非任何人士要約或邀請認購威靈頓投資管理（盧森堡）SICAV基金III系列的股份。本文件所載資料不應被視為投資建議，亦非買賣任何股份之推介。基金投資不一定適合所有投資者。所載見解反映作者於撰文時的觀點，可予更改而不作另行通知。投資者於作出投資決定前，務請細閱基金及子基金的產品資料概要、基金招股章程及香港說明文件，以了解詳情（包括風險因素），其他有關文件包括年度及半年度財務報告。
由威靈頓管理香港有限公司刊發。投資涉及風險。過去業績並不代表將來表現。本文件未經香港證券及期貨事務監察委員會審閱。
