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Fixed Income

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The Debt Reaper

Governments have traditionally argued that as long as debt remains manageable and serviceable without difficulty, there’s little cause for concern. While this notion holds some truth, the reality is that recent growth has largely been fueled by an insurmountable increase in debt.

Robert Burrows
M&G Investments,  Bond Vigilantes, 14 November 2023

High yield maturity walls are steep, but not unclimbable

We are now 18 months into the Fed’s tightening cycle and many market participants, including us, have been surprised by the resilience of credit spreads, particularly in the high yield (HY) market where the option-adjusted spread for the Global HY index has dipped to the low 400s (bps), one of the tightest levels of post Global Financial Crisis observations.

Ana Gil
M&G Investments,  Bond Vigilantes, 9 October 2023

Emerging Markets—Dancing to Their Own Beat

Central banks set to kick off easing cycles as inflation cools

Chris Kushlis
T. Rowe Price,  September 2023

The Rising Cost of Capital: Bond Implication

Time to rethink fixed income portfolio

Arif Husain, Head of International Fixed Income
T. Rowe Price,  August 2023

Central Banks Step Into Potential Policy Error Territory

Hawkish stances risk overtightening and causing recession

Arif Husain, Head of International Fixed Income and Chief Investment Officer, Fixed Income
T. Rowe Price,  July 2023

70 weeks in Tibet: thin air but frontier market resilience

During this Fed hiking cycle emerging markets have been split into two camps.

Gregory Smith
M&G Investments,  Bond Vigilantes, 23 June 2023

The return of the King: Cash makes a comeback

For a long time, it has made no sense to keep money under your mattress or invested in cash-like instruments (short dated, fixed return) such as money market funds, without facing an inflation-adjusted loss.

Eva Sun-Wai
M&G Investments,  Bond Vigilantes, 13 March 2023

Digital bonds – a new kid on the block

A brief press release recently from Europe’s largest and possibly oldest industrial manufacturer, announcing a short-dated, small-sized bond, seems hardly significant. In time however it may come to be seen as heralding a transformation of bond markets.

Guest contributor: Miriam B Hehir – Director, Credit Research
M&G Investments,  22 February 2023

Five Key Insights From 2022

Uncertainty persists, but yield is back and fundamentals matter

Timothy Murray, Capital Markets Strategist, Multi‑Asset Division
T. Rowe Price,  January 2023

The Return of Yield

Yields are appealing in select markets and buying opportunities exist, but investors will need to be mindful about volatility.

Andrew McCormick, Head of Fixed Income; Sebastien Page, Head of Global Multi-Asset; Justin Thomson, Head of International Equity
T. Rowe Price,  Market Outlook, December 2022
Articles: 1-10 / 25
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