Yet another scaling back of investors’ expectations about Fed policy has breathed new life into the rally in emerging market (EM) “junk” bonds. But we suspect that the best days are now behind them...

Overly pessimistic projections for earnings of emerging market (EM) corporations mean that the price/12month forward earnings ratios of equity markets appear to be artificially high. Admittedly, EM...

With monetary stimulus approaching its limits, fiscal stimulus could soon become more fashionable. What would be the effect of such a shift in the policy mix on bonds, currencies and equities?

The low level of the VIX index has led some to conclude that investors are being complacent about the risk of a major correction in the S&P 500. However, the fact that expected volatility is low by...