Janus Henderson: Thoughts and bonds - dealing with divergence

Foto: Christopher Diaz, Head of Global Fundamental Fixed Income und Darrell Watters, Head of US Fundamental Fixed Income bei Janus Henderson Investors.
Fixed Income

​‘Thoughts and bonds’ provides a quarterly view and outlook for the fixed income markets from the Fundamental Fixed Income team at Janus Henderson, where they share their insights on potential investment risks and opportunities.

02.08.2018 | 13:25 Uhr

Key takeaways:

  • Our current thesis is threefold: the US Treasury curve will continue to flatten; divergence in credit markets will persist with high yield outperforming, and credit curves will continue to steepen.
  • US Federal Reserve (Fed) rate hikes, diminishing demand for Treasuries and increasing supply should drive US rates higher. The Fed’s stable long-term outlook will likely keep longer-dated yields range-bound, leading to a flatter curve.

Thoughts and Bonds

  • We expect the strength in corporate fundamentals to continue. However, merger and acquisition activity, rich valuations and rising rates amid the latter stages of the credit cycle warrant a cautious outlook on corporate credit.

For the Q3 2018 issue please click here: Dealing with divergence

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