Fixed Income
Clive Smith

Central bank policy within the developed world has been marked over the past decade by a systematic failure to achieve pre-set inflation targets. In response central banks globally are reviewing the way they approach the setting of monetary policy. Over the longer term this change in behaviour further clouds the... Show More

Clive Smith

Despite some claims that ‘home market biases’ are ‘irrational’, several theories have been put forward to explain the observed bias. For fixed income investors, one theory relating to the management of Real Exchange Rate (‘RER’) risk may assist investors to further optimise their investment outcomes. Show More

Clive Smith

One of the advantages claimed by investors in more credit-oriented portfolios is that credit returns often provide partial protection against rising interest rates. Though this relationship often holds true there are reasons for being cautious about its ability to provide protection as interest rates rise in this cycle. Show More

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