Emerging market (EM) assets sold off sharply last year after the former Chairman of the US central bank hinted that unconventional policy stimulus was on borrowed time. But another rout is by no means...

The persistently low level of Japanese government bond (JGB) yields is not necessarily a sign that“Abenomics” is failing. Indeed, a premature surge in borrowing costs could put the whole project...

Ignoring term premiums, the yield of a “risk-free” government bond is a reflection of the short-term rates that are expected until it matures. So if the Fed raises the federal funds rate, there ought...

The US stock market has tended to fare quite well during previous Fed tightening cycles. Although we think its performance in the next cycle will be below average, we still expect it to creep higher.