Almost back to normal

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.

How the Fed failed to alleviate market fears

The Fed cuts interest rates to almost zero. Markets seem to interpret this as an act of monetary helplessness. It looks like some policy responses are as scary as the virus itself.