We do not believe that the recent jump in Treasury yields marks the start of a prolonged bear market. Provided, as we expect, the economic recovery ultimately disappoints and the Fed keeps short-term...

Aside from this week’s fiscal stimulus proposals, one explanation being provided for the sell-off in US government bonds is that they look expensive relative to US equities. We agree, but we don’t...

The unexpected scale of the fiscal stimulus agreed by the Obama administration and Republican leaders has caught the markets off guard. We think the rally in the dollar makes sense, and that investors...

The establishment of a market for euro-zone government bonds that are guaranteed by all Member States is seen by some as an important contribution to a resolution of the region’s fiscal crisis. We are...