23 Feb 2018 TwentyFour Blog Which foot will the Italians’ political boot end up on? Last Friday saw the publication of the last electoral poll before the Italian elections that will be held on the 4th of March. Read more
22 Feb 2018 TwentyFour Blog Fed Minutes and Potential Changes to Mandate Yesterday the Fed published the minutes of their January FOMC meeting and the message regarding the economy and labour markets continues to be one of strength. Read more
20 Feb 2018 TwentyFour Blog Make Way For Supply Today marks the start of a very busy week for participants in the US Treasury market. Read more
16 Feb 2018 TwentyFour Blog Silence is Golden After a volatile fortnight in the market, we appear to be closing this week in a relatively calm manner. Read more
8 Feb 2018 TwentyFour Blog 6 Reasons Government Bonds Yields To Rise Further Our base case for rates markets is a gradual shift higher, but there are reasons to consider why even our forecast is too constructive and the move higher could be more substantial. Read more
7 Feb 2018 TwentyFour Blog All change for the markets, or maybe not Following Monday’s volatility in the rates market and the subsequent “meltdown” in US equities, which saw the Dow Jones falling by more than 1,500 points intraday; yesterday had a more orderly feel to markets, and ultimately the 3 major indices in the US, the Dow Jones, S&P 500 and Nasdaq, are all still in positive territory for the year to date. Read more
2 Feb 2018 TwentyFour Blog Rising Rates Creating Mini Taper Tantrum To understand this breakdown in correlation we need look no further than the source of the risk: the answer, just like in May 2013 when Bernanke gave us his taper tantrum, lies in rising rates. Read more
1 Feb 2018 TwentyFour Blog Are Gilts in a Bear Market Yesterday, 10yr Gilts closed at 1.510%. Whilst that individual yield level does not sound particularly significant, in a historical context it is possibly one of the most important month end closing levels I have witnessed in more than 25 years in the markets. Read more
23 Jan 2018 TwentyFour Blog Global Housing Update As we provide lots of commentary on the maturing economic cycles and monetary policy across the globe, we thought it was worth highlighting some points from Fitch’s recently published Global Housing Update and its useful insights into how the global housing markets are faring. Read more
23 Jan 2018 TwentyFour Blog Be Aware Of Policy Change at the Fed Our forecasts for longer dated government bonds were for yields to gradually rise during 2018, but not in an uncontrolled manner. Read more
18 Jan 2018 TwentyFour Blog Should We Worry About Consumer Credit? As the credit cycle develops across different economies, our asset allocation changes to reflect that, and if it looks to be at a mature stage in a specific country then our natural focus on credit quality becomes more important; we are always trying to avoid next year’s problem credits, whether in the financial, corporate or securitised markets. Read more
15 Jan 2018 TwentyFour Blog If rates were to rise like 1994, would IG credit produce a positive return? 1994 was my first full year in the markets, and what a baptism of fire it was. Read more