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Results: 217 Articles found.

WHAT DO BONDS SAY ABOUT GREECE

Bond market’s reaction to Greek events has been muted so far and justifiably so. Key safety nets put in place by the European Central Bank and policymakers in recent years support limited bond market impacts. The growth trend continues to dominate long-term bond prices and yields despite unfolding Greek events.

GREECE PLAYBOOK

The referendum result this weekend throws Greece’s future in the currency union firmly in doubt. Here we address the question of whether the heightened risk of a Greek exit from the Eurozone might lead to contagion for global markets. We do not believe Greece is another “Lehman moment” and it may present an attractive buying opportunity for European equities.

THE FED AFTER THE “NO”

Our view remains that the Fed is on track to hike rates for the first time in this cycle in late 2015. The longer the uncertainty around Greece lingers, the greater the odds that the Fed doesn’t hike rates until early 2016. A decisive upturn in wage inflation remains key to moving inflation and inflation expectations higher.

STATE OF THE STATES

Municipal supply has been a headwind for much of 2015 but appears to be tapering off ahead of a typical summer slowdown. Over the longer term, still tight state budgets may keep broader municipal supply restrained and limit growth of the overall municipal bond market, which could become a tailwind. Despite the constant flow of negative headlines, primarily from Puerto Rico, the overall credit quality of the municipal market appears to be on solid footing.

CLASSIC DRIVERS OF BOND YIELDS PUSH HIGHER

Better economic growth and higher inflation expectations are driving confidence in the trajectory of the global economy. Lower yields and lingering price pressures still point to a very low-return environment for high-quality bonds in 2015. The combination of corporate and Treasury supply may keep headwinds on bond investors.

 
Results: 217 Articles found.
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