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2014 Global Market Outlook - Fixed Inome

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发表于 2014-1-28 22:56:09 | 显示全部楼层 |阅读模式
本帖最后由 理财投资Aurora 于 2014-2-5 15:05 编辑

Fixed Income
Low policy rates are the norm among developed countries, but central banks have different agenda for their monetary policies. US has been signalling QE taper for a while, and taper is expected to happen sometime this year. Canada always lags behind US in raising interest rate, thus Canadian government fixed income will underperform less than US. ECB continued to cut policy rate to combat disinflationary pressure. UK came out of recession earlier than Eurozone; central bank indicated rate is going to stay the same.

As developed countries raising interest rates, in order to ease capital outflow, particularly those emerging market countries suffered the most from current account deficit are also going to raise rates. The other emerging market countries are likely to continue stimulus to further boost the economy.

Overall, global government fixed income is going to continue underperforming. Corporate bonds yield spread is also narrowing close to lowest, which means a reversal is coming, thus cautions need to be placed to corporate bonds. This year fixed income will be tricky, equity will be tricky too. However, there are still substantial gains to be made, ask an investment advisor for help.

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