The Weekly Fix

There may be a sense of déjà vu among investors as September’s soft markets mirror the start of last month, notes Tim Leary, Senior Portfolio Manager on the BlueBay U.S. Fixed Income Team. Although market direction remains data dependent, rate cuts are a forgone conclusion. And despite any market volatility from events like tonight’s Presidential debate, the path of rates will likely remain lower.

The time has come. With inflation under control, Jerome Powell signaled rate cuts are on the way, leading to markets rallying. The question now turns to how much and when. Eric Hathaway, Senior Portfolio Manager on the BlueBay U.S. Fixed Income Team, examines this question and the Fed’s new enemy: the labor market.

Tim Leary, Senior Portfolio Manager on the BlueBay U.S. Fixed Income Team, discusses how the high yield bond market has returned to its previous levels after the recent volatility.

Stephen Fitzsimmons, Institutional Portfolio Manager on the BlueBay U.S. Fixed Income Team, examines how the market recovered from an extremely volatile week and shares how we took advantage of that volatility to readjust our portfolios before markets calmed down.

Everyone. Remain. Calm. Andrzej Skiba, Head of BlueBay U.S. Fixed Income, discusses why the market may be overreacting to the most recent labor market data in this episode of The Weekly Fix.

In today's Weekly Fix, Stephen Fitzsimmons, Institutional Portfolio Manager on the BlueBay U.S. Fixed Income Team, discusses our expectations around the upcoming FOMC meeting, highlighting rate cut likelihood, and shares our observances around recent market activity.

Tim Leary, Senior Portfolio Manager on the BlueBay U.S. Fixed Income Team, tunes out the political noise and focuses on the future of the market in this episode of The Weekly Fix.

In this episode of The Weekly Fix, Stephen Fitzsimmons, Institutional Portfolio Manager on the BlueBay U.S. Fixed Income Team, discusses what the recent inflation measures and the attack on former President Trump mean for markets.

In this episode of The Weekly Fix, Stephen Fitzsimmons, Institutional Portfolio Manager on the BlueBay U.S. Fixed Income Team, discusses the current state of the markets at the half-way point of 2024, and reflects on the changes and consistencies in the market since last year.

In this episode of The Weekly Fix, Ajeet Atwal, Portfolio Manager on the BlueBay U.S. Fixed Income Team, examines the supply and demand factors that are driving the ongoing strength of the leveraged loan market in the U.S. Lower Credit Quality Securities. CLO portfolios and interest could be deemed by rating agencies to have substantial vulnerability to default in payment of interest and/or princi...

BlueBay Head of US Fixed Income Andrzej Skiba discusses why slowing inflation may lead the way to rate cuts later this year and into 2025.     Current projections are for one rate cut expected this year and four in 2025. Before rate cuts commence, incoming data needs to further validate recent easing of inflationary pressures. Looking at the fixed income universe, we continue t...

On today’s episode of The Weekly Fix, Stephen Fitzsimmons, Institutional Portfolio Manager on the BlueBay U.S. Fixed Income Team, discusses how each data release has been causing volatile price movements in fixed income markets. And he notes that this price movement opens opportunities to adjust portfolio strategy tactically.

In today’s episode of The Weekly Fix, Tim Leary, Senior Portfolio Manager on the BlueBay U.S. Fixed Income Team, reviews the “haves” and the “have-nots” in today’s high-yield market and explains why investors should find the right balance between safe, income-generating bonds and investments in unloved areas of the market.

In this week’s episode of The Weekly Fix, Stephen Fitzsimmons, Institutional Portfolio Manager on the BlueBay U.S. Fixed Income team, discusses how risk assets and rates were bolstered by the latest release of inflation data.

In this episode of The Weekly Fix, Tim Leary, Senior Portfolio Manager on the BlueBay U.S. Fixed Income Team, discusses how disappointing CPI data have pushed yields higher so far this year, while lack of new supply has squeezed the market.

In this episode of The Weekly Fix, Stephen Fitzsimmons, Institutional Portfolio Manager on the BlueBay U.S. Fixed Income Team, discusses how different data readings over the past week moved markets, as investors seek clues to future Fed moves.

In the latest episode of The Weekly Fix, hear from Andrzej Skiba, Head of BlueBay U.S. Fixed Income at RBC GAM, on why this week’s FOMC meeting will likely see the Fed on hold, and what investors can expect if the April CPI Core released mid-month lets us down again and the “higher for longer” narrative takes hold.

Corporate earnings may be in focus this week, but macro questions continue to weigh on bond markets. Tim Leary, Senior Portfolio Manager on the BlueBay U.S. Fixed Income Team, shares his insights in this episode of The Weekly Fix.

In this episode of The Weekly Fix, Stephen Fitzsimmons, BlueBay Institutional Portfolio Manager, discusses how the reality of the data shows there is no evidence that the US economy needs lower rates any time soon.

Have prospects for strong fixed income returns this year been diminished by robust U.S economic data? Listen in as Andrzej Skiba, BlueBay Head of U.S. Fixed Income, discusses why this week’s release of CPI data will give us insight into the future decision making of the Fed.

Tim Leary, Senior Portfolio Manager on the BlueBay U.S. Fixed Income team discusses how the strong but not too strong economic conditions have led to a positive environment for fixed income markets. Key points: Broadly speaking, the underlying technicals are very positive for corporate credit. Idiosyncratic risk in a few areas of the market have generated volatility. We experienced a higher defaul...

BlueBay Institutional Portfolio Manager Stephen Fitzsimmons discusses how investors are eagerly buying up new debt issuance.  While many investors appreciated the dovish commentary last week, not all data are cooperating.   The past months have certainly been a sustained busy period for the new issue market. Strong investor demand has helped drive credit spreads tighter. Chairman Po...

Stephen Fitzsimmons, Institutional Portfolio Manager on the BlueBay U.S. Fixed Income team discusses how investors were largely disappointed with the recent CPI reading, what we’re looking for in some key economic data releases this week, and how it might affect our positioning.  CPI came in hotter than market participants hoped and this drove yields higher across the US Treasury curve. The s...

BlueBay Head of US Fixed Income Andrzej Skiba discusses why investors will have to wait for additional evidence regarding a moderating inflation trend before the Fed acts to cut rates.  Strong growth, labor markets and inflation running hot are not a combination desired by the Fed. In terms of jobs, growth remained robust, but we’ve added fewer jobs than expected. Inflation remains sticky, wi...

BlueBay Senior Portfolio Manager Tim Leary discusses the factors that have led to higher yields this year and why we’re looking for the market to keep grinding. Key points: Spreads may be tighter, but yields are higher on the year. This may peak investor interest and we have seen high fund flows. This is likely a function of the market coming back towards the Fed’s path.