A Statistical and Qualitative Review of Q3 2016 & Outlook for 2016

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LDI-Q3 2016 Review & Outlook

Andrew Catalan, CFA

Andrew Catalan, CFA - Managing Director & Senior Portfolio Manager of the Liability Driven Investing group

Key Q3 Takeaways:

  • The global search for yield continues unabated with over $11 trillion in debt carrying negative yields.
  • U.S. markets are the major beneficiary of this hunt. Long corporate bond spreads are still wider than levels two years and may still offer value.
  • Central banks across the globe are marching to different drummers. The Fed is likely to hike in December but longer rates remain subdued.
  • Both economic and corporate fundamentals remain weak.
  • Technical factors, namely strong inflows, dominate markets. Any reversal in central bank policies may stymie the rally.

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