The vanishing yield cushion

The collapse in global bond yields has delivered large windfall capital gains however it has come at the cost of a vanishing yield cushion.

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A vicious cycle to a contagious virus

We’re normally circumspect about the “EM contagion” narrative as it usually ends up being more headline noise than substance, but this time we’re paying closer attention

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Markets Wake Up To Inflation Risk

Inflationary pressures have been building globally and particularly in the US. The rise in breakeven inflation rates over the past two months shows that markets have begun to price this in.

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