Capital Markets Coaching Clinic: Fixed Income Market Update

Listen to the Delaware Investments Fixed Income team discuss Economics, Fundamentals, and Technicals: Fixed Income Market Update.

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good afternoon good afternoon income product management on Market Street Market the current state of corporate credit rating high heels I'm Sean and write out wedding credible forecasters we are so we can win your confidence will root Thursday that's tomorrow guaranteed interest rate economics almost an hour here's my general feeling about where the fat and the fact that even today I don't believe they know over the next reminds me of a story about Yogi Berra driving the family to Cooperstown that's where we are with the fed the Central Bank maybe just a quick update on what are we saying move next week but I do believe we are meeting in June where is the camp that says no more than 2 moves by the fed this year put the over-under line at 2 we be more likely to I'm guessing it doesn't include are relatively low what's really been going on with fed policy over the last several years the Blue Line towards the end of the line represents an increase in December but the green light Shadow fed funds rate workout by numbers of the University of Chicago University California what's a program and QE to Infinity on the way near the end of 2000 how long before of weapon race race around the green line if you will I guess I wouldn't I wouldn't going out two things one is that Huey if you studied find treasury. Was the stock market correlation money to a significant degree Listen to I do think one important Point Heroes cuz we look forward and we do need to address Federal Reserve reaction intermediate longer treasury the flattening has occurred really since the summer of 2015 this really begin to increase short-term rate and almost immediately the first increasing short-term rates by the FED could be closer to the end so I do believe one of the keys behind the interaction globally sitting here today around the world cross-country lines in the US with our currency currency banks around the world that will continue tomorrow we can meet next week on the 15th be prepared to see some impact on the US dollar relative as I go back over all the Kiwi story could be made today in Europe and Japan very stimulant I think we should be careful about that we don't think these policy when you walk not to us Central Bank central banks in the emerging markets that have been removed printing of money in the bank money market we as a manager for a long time worried about don't want to get in front of central banks if they're pretty money asset prices can be elevated spend a minute maybe the last one on the right hand side on the lower level we got a picture of focus on the EMS because you know the value of the Dollar Tree last point on the next slide Global monetary policy Market volatility so with that I will move forward to the next the economy we have wheat prices for the general decline might be very important that we have Global nominal GDP was about 8% Global nominal GDP right now it is running at 4% so we have a change in World 3 relative to the Man pictures of probably our relationship the other reality is the replacement bar where for some of those private borrowers that have you ever thought regarding we usually put the work in what productive ways to see if you ask we are likely to continue to see if find a rose as we seen in the recent years the variances for weaker economically seems to be much higher than a much stronger out your where are we in the cycle what's the chance of some type of downturn I was simply pointing out that you should open your mind in my lifetime everybody in this lifetime and that version is generally but that's the way it worked the last time we had deflationary conditions for any length of time in the US economy anyway and so we we model along at 2% growth but if there's an outlier here keep your eyes open for the possibility I think what we would do is turn to the next page and look at ingredients, conditions in the US market companies that export have been also highlights on us one of the factors that determine the right and Below non-farm lower energy prices I would only highlight one of the teachers at one p...

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