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Fund manager projects Fed will cut interest rates more slowly than other central banks
...Foreign fund managers have bought about $2bn in lira-denominated Turkish government bonds since the start of June, central bank data shows....
...Amundi, Europe’s largest asset manager, said in a report published this week that over the next 10 years bonds have the potential to “regain the role as a key performance engine in asset allocation”....
...To adjust to the shift, many fund managers are setting up teams to finalise deals late at night in European or Asian time zones....
...“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...
...“In today’s Budget and the new gilt remit there should not be anything to scare the horses too much,” said James Lynch, a portfolio manager at Aegon Asset Management....
...Orenthal James Simpson had a successful football career that led to acting roles and advertising contracts....
...That’s really picked up over the last month or so,” said Evan Brown, portfolio manager and head of multi-asset strategy at UBS Asset Management....
...But after US inflation this week beat forecasts for the third month in a row, traders and fund managers are being forced to look hard at their assumptions....
...The S&P Global UK manufacturing purchasing managers’ index rose to 50.3 in March, up from 47.5 in February and above the flash reading of 49.9, pushing 10 year gilts yields up 0.15 percentage points to 4.09...
...Asset managers have also turned more optimistic....
...“Growth in the US has been shown to be more resilient than in Europe,” said David Rogal, a portfolio manager at BlackRock....
...“The ones who would be doing this would be a big hedge fund or asset manager” using derivatives....
...In practice, however, it’s all a bit more complicated . . . those who know more about this than me, any thoughts to mary.mcdougall@ft.com will be warmly received....
...On Friday, the ISM Manufacturing Purchasing Managers’ index indicated a far larger than expected contraction in US manufacturing activity in January....
...However, advisers warn that it could lead to a concentration of business among the largest LDI managers, as they each negotiate eligible collateral....
...State Street’s data showed that since November asset managers had been buying sterling at the fastest pace for seven months, but still remained “the biggest outright ‘underweight’ position asset managers...
...Mary Ellen O’Connell, a law professor at the University of Notre Dame who supports a ban on LAWS, says that realists tend to favour the projection of power over the protection of the rule of law....
...Phil Smith, head of Emea LDI research at BlackRock, the world’s largest asset manager, said demand should remain robust, with sterling-denominated corporate bonds tending to make up “the majority” of these...
...weak and diverging from the US over the past couple of quarters but, with the exception of German manufacturing, we think that’s starting to bottom and pick up,” said William Vaughan, associate portfolio manager...
...“Sub-4 per cent deals will be off the cards temporarily, but once some positive data feeds back into the market, pricing will slowly edge back down,” said Nicholas Mendes, technical mortgage manager at brokerage...
...He said asset managers had been “heavy sellers” of the currency between October’s payroll report and the middle of January, but since then flows into dollar assets had resumed....
...“Now you’ve got the ECB saying April is on the cards for a cut and if not definitely by June,” said William Vaughan, associate portfolio manager at Brandywine Global....
...“The UK gilt market moved too far, too fast last quarter with significant short covering being one of the key drivers of the rally” said William Vaughan, associate portfolio manager at Brandywine Global,...
...Mike Riddell, a bond fund portfolio manager at Allianz Global Investors, said “supply dynamics are set to increasingly appear on investors’ radar in the lead up to the US election, not least because of the...
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