One development that may have contributed to the rally in US Treasuries, and which seems likely to persist, is demand from overseas in response to rock-bottom bond yields elsewhere in the developed...

Investors’ retreat from emerging markets over the past month has reflected growing concerns about the implications of the collapse in the price of oil. Admittedly, most countries (and the world as a...

We think the Fed has been instrumental in the collapse of term premiums on long-dated Treasuries and that the effect of its actions will not be unwound soon. If we are right, and other depressing...

The SNB’s decision to abandon its exchange rate ceiling of 1.20 francs per euro sent shockwaves through the financial markets today. This Update provides some of our initial reactions.