27 Aug 2024 TwentyFour Blog Powell’s Masterplan allows for earlier intervention In his headlining speech at the Jackson Hole Economic Symposium, Federal Reserve (Fed) chair Jerome Powell’s message to the market was clear. Read more
14 Aug 2024 TwentyFour Blog US inflation makes case for (small) September rate cut Recent US Consumer Price Index (CPI) inflation data brought good news for investors and central banks. Read more
6 Aug 2024 TwentyFour Blog A couple of non-recessionary surveys With US economic data driving very large moves in the last few days, we think it is worth highlighting two data releases that were published yesterday. The Institute of Supply Management (ISM) Services and the Senior Loan Officer Survey spoke of an economy that is stronger than some of the recent price action might suggest. Read more
5 Aug 2024 TwentyFour Blog Labour market dents soft landing sentiment If you were on vacation last week, your holiday blues wouldn’t have been helped when you looked at your screens this morning, given how quickly sentiment has changed, mainly on the back of one data point. Read more
2 Aug 2024 Market Update Opportunities within European credit Positioning and fixed income markets have remained quite tricky this year, however credit markets have continued to perform very strongly. TwentyFour Asset Management's Eoin Walsh, discusses why he thinks there is opportunity within European credit despite the rate headwinds and pull back on some of the aggressive rate cutting expectations markets had at the start of the year. Watch now
2 Aug 2024 Market Update The duration deliberation TwentyFour Asset Management's Chris Bowie discusses the underweight duration across all of our outcome driven strategies, how this phase is now coming to an end, and why we are beginning to increase our interest rate duration in all of our funds. Watch now
30 Jul 2024 TwentyFour Blog BoE: Lender of (not so) last resort Last week, the Bank of England (BoE) published a speech by its Executive Director for Markets, Victoria Saporta, in which she laid out the central bank’s evolving role as a lender to the UK banking system. More specifically, the speech highlighted how the BoE expects to see UK banks having a greater reliance on its funding facilities going forward. Read more
25 Jul 2024 TwentyFour Blog Strong UK savings bode well for bonds Excess savings have been at the centre of heated debates among economists and market participants ever since the pandemic. Read more
19 Jul 2024 TwentyFour Blog Politics won’t trump data for the Fed The last few weeks have seen former President Donald Trump establish a lead over current President Joe Biden across polls in the run-up to November’s US election. Even though it is early days and a lot can change before November (including the Democrat candidate), it is worth considering what a second Trump term might mean for the world economy and for fixed income markets. Read more
16 Jul 2024 TwentyFour Blog Wages continue to rein in pace of ECB rate cuts Last month saw the European Central Bank (ECB) get their cutting cycle underway with a 25bp cut in the deposit rate to 3.75%. However, any expectations for a rapid series of reductions after the first move were tempered by President Christine Lagarde, who at the subsequent press conference was clear that the ECB could move in phases in which they left interest rates unchanged. Read more
15 Jul 2024 Market Update Investment Grade Quarterly Update – July 2024 Johnathan Owen, Portfolio Management, defines the second quarter of 2024 as another interesting period for financial markets, marked by the first rate cut from the European Central Bank (ECB) in June and President Macron's snap election announcement in France. He outlines what these meant for the Investment Grade (IG) team. Watch now
15 Jul 2024 Market Update Asset-Backed Securities Quarterly Update – July 2024 Elena Rinaldi, Portfolio Management, wraps up the second quarter of 2024 for the Asset-Backed Securities (ABS) team. She notes that while financial markets experienced mixed performance and broader volatility, the ABS market remained relatively resilient and delivered strong performance. Watch now