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A Third Mandate
- Since the financial crisis, there has been a greater focus on financial stability by global central banks.
- The third mandate of central banks--financial stability--will be sacrificed at times for better economic performance.
- Once the economic healing is completed, monetary policy has to play a different role where the third mandate has to strike a balance.
Terming Out The Premium
Thu, Mar. 27 • 1 Comment
- Term premium is the extra compensation an investor seeks when holding longer maturity bonds. Term premium can be driven by many factors like inflation expectations, short-term interest rates and volatility.
- Investors should look at term premium across fixed income assets. The reward is mainly the return from carry—the excess return for accepting some term premium in bonds.
- In today's steep upward sloping environment there are globally carry return opportunities.
- A Not So Neutral Rate
- The Real Bills Doctrine
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