Fundamentals are no longer driving currencies

Fundamentals and rate differentials aren’t driving currencies now. Instead their moves reflect the swings in sentiment in global markets.

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?

Corona and TALF 2.0 – new opportunities ahead

By: Thomas Sweeney

The Fed has expanded the TALF program in an effort to improve financing for households and small businesses.

What's up with Bunds?

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