Municipal bonds have rallied so far this year with the emergence of “normal” liquidity and favorable technical forces. Standish notes that after 10 straight months of fund outflows in 2013, retail investors are providing demand for municipals, mostly in short and intermediate maturities.
BNY Mellon Chief Economist Richard Hoey & Chief Global Markets Strategist Jack Malvey expect the lead engine for global growth in 2014 to be developed economies supported by easy monetary policy and continued post-financial crisis recovery.
Iain Stewart, who heads Newton's Real Return team, expects policymakers will continue to walk a tightrope between generating economic growth at almost any cost, and maintaining real interest rates at low enough levels to service liabilities that are unprecedented in peacetime
With bond investors concerned about the prospect of higher interest rates, David Leduc of Standish and Andrew Wickham of Insight Pareto discuss strategies to shield the value of fixed income portfolios.
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