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Markets don’t always take a break during the festive season.
In the search for quality, we think focusing on corporate cash balances (too often overlooked by equity investors) is especially important in today’s late-cycle market.
Core goods inflation was softer outside of used cars, and evidence was mixed that the recent Chinese import duty hikes are affecting consumer price inflation.
We expect volatility, along with a potential rise in UK sovereign yields and strengthening of the pound.
Financial media and investors have been focusing on the BBB segment of the U.S. investment grade (IG) corporate bond market this year. Careful credit selection and active portfolio management are crucial to managing risks and seeking returns in this large market segment.