Fundamentals are no longer driving currencies

Almost back to normal

By: Joern Wasmund

We do not expect much from government bonds for the time being. Our focus remains on corporate and emerging-market bonds.

The U.S. yield curve is steepening again – so what?

The U.S. yield curve inverted last August, foretelling the current recession. But its recent steepening does not necessarily indicate that the recession will end soon.

No sign of a credit crunch

Covid-19 did not put an end to the sectoral imbalances in equities. Late-cycle favorites remain popular. Clearly, this is no regular upswing. Can it last?

What's up with Bunds?

The pattern observed for European government bonds in 2020 is unusual.

Coronavirus reshuffles the bond markets

By: Joern Wasmund

The pandemic is putting pressure on government bonds and making corporate bonds interesting again.

Responses to the pandemic

Covid-19 uncertainty cuts both ways. We remain cautiously optimistic that catastrophic outcomes can be avoided, partly due to swift fiscal and monetary-policy responses.