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...“The US is its own special case with very loose fiscal policy and now tight monetary policy, which is a recipe for a stronger dollar,” said Quentin Fitzsimmons, a senior portfolio manager at T Rowe Price...
...Reporting by Mary McDougall, Moira O’Neill, Chris Flood, James Pickford, and Stefan Wagstyl...
...UBS’s base case is still for two cuts this year, because of Powell’s comments....
...‘Real money’ asset managers buying on behalf of pension schemes (or, in some cases, pension schemes themselves) are the preferred buyers as they tend to have liability matching need for the bonds, so they...
...“If the Fed was the only game in town that’s when the dollar would be weakening quite a bit but that’s not the case,” Chandan said....
...Christian Kopf, head of fixed income at Union Investment, Germany’s third largest asset manager, said he had profited “handsomely” from buying the debt of Greece and Portugal, adding that their public debt...
...“unravelling some of the very tight [bullish] case for US equities”....
...The world’s largest asset manager sees benchmark US borrowing costs hovering around 5.5 per cent for the next five years as investors grapple with inflationary pressures....
...The finance ministry said the outcome of the case should not be prejudged....
...“The buzzword that is going through markets at the moment is divergence,” said Quentin Fitzsimmons, a senior portfolio manager at T Rowe Price. Read more, from the ever-industrious Mary McDougall....
...Marc Filippino That was Mary McDougall, who covers foreign exchange markets for the FT. Thanks, Mary. Mary McDougallThanks, Marc....
...“In politics, when you straddle a fence, it does not end well,” said Mary Anne Marsh, a Democratic strategist. “[Trump] wants it both ways....
...There are plenty of case studies and warnings about specific pitfalls, such as the pipeline problem when it comes to building a diverse workforce and the tendency for managers to go it alone....
...“It feels like we’re making a case for a real market break from the post-financial crisis period when rates were kept low for so long,” said Alan Ruskin, strategist at Deutsche Bank....
...More generally, Timperio advises managers and borrowers in a variety of fund financing structures....
...“[But] you get enough use cases and more and more participants are comfortable and then it really takes off.”...
...He added that this is the base case of many economists, who forecast a lowering of inflation and return to economic growth and lower interest rates....
...“With every month that passes the real yield is getting bigger and bigger,” said Paul Greer, emerging markets debt and FX portfolio manager at Fidelity....
...Here’s the FT’s bonds and currencies reporter Mary McDougall. Mary McDougall I think it’s really a story of central bank discipline....
...“Whether a fund is trading or investing depends on the facts of each case....
...“Local markets are far outperforming external debt,” said Paul Greer, emerging markets debt portfolio manager at Fidelity International....
...And these funds are run by a manager called Oliver Kelton....
...Christian Kopf, head of fixed income at Union Investment, Germany’s third-largest asset manager, expects the euro to weaken further against sterling from its current level of £0.87 to £0.83 by the summer...
...Under SJP’s proposals, clients who invested before 2025 would still face early-withdrawal charges, which start at 1 per cent and in some cases can be applicable for the first 11 years....
...“HMRC should be investigating each private equity buyout fund on a case-by-case basis before accepting that carried interest is taxed as capital,” he noted....
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