Bond Market Observations

“One lesson is that we should get used to periods of higher volatility. At very low levels of interest rates, asset prices tend to show higher volatility …”

-Mario Draghi, President, European Central Bank

Opportunities in the Midst of Varying Policies

  • Global central bank policies continue to surprise with explicit expansion of monetary policies in China, Japan and Europe.
  • Meanwhile, the Federal Reserve continues towards tightening, but lowers expectations.
  • Near-term, we see opportunities to capitalize on positive market sentiment.
  • We are cautious medium-term as fundamentals remain challenged.

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