24 juni 2024

Green, Greener, Greenest

We need to limit global warming to 1.5° C but what’s the best way of ensuring that a fixed income portfolio is aligned with this goal?

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21 juni 2024

French elections: an unexpected reaction to an expected outcome

At the beginning of June, the outcome of the European elections was more or less in line with expectations in terms of the distribution of seats. In the end, the centre held well, with both the European People’s Party and the Socialists and Democrats still gaining some seats on a net basis. The big losers of the elections were the liberal Renew party and the Greens. Both lost about a third of their seats to those more at the extreme right of the political spectrum.

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20 juni 2024

Fixed income—2024 mid-year outlook

Between the Great Financial Crisis and the Covid era, developed market central bank policy was dominated by forward guidance regarding their policy objectives. Not only were policy rates near zero, but the expectation of low future rates was also reinforced through quantitative easing (QE). This provided a reasonably reliable framework for bond pricing as it provided good visibility over the expected path of interest rates over the coming years. On this basis, one could start pricing an interest rate curve, leading to relatively low volatility in rates across the interest rate curve.

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