CRE: In A Sweet Spot

Commercial real estate (CRE) is in an expansion phase, backed by favorable global economic trends. One of the main factors that will support CRE markets globally is the return of growth. The major economies are expanding in a synchronized, if … [More.]

Resilience In The Face Of Uncertainty

The U.S. bond market has proven surprisingly resilient. Our baseline expectation continues to be a growth-sponsored rebound in real yields later this year, although a number of factors challenge our conviction in this outlook: Our cyclical … [More.]

Gold: No Reward For Being Early

There is no compelling reward/risk tradeoff in either direction for gold prices. Gold and silver market positioning reveals no major extremes and plenty of mixed signals: Gold: The spot price is hovering around the 200-day moving average, … [More.]

U.S. High-Yield: Maximum Overweight

U.S. high-yield bonds remain one of the most favored sectors of our U.S. bond strategists. Our model predicts that the default rate for speculative grade bonds will average near 3.0% during the next year. Moody's latest estimate for the … [More.]

Chinese Growth: What Went Wrong?

At 7.4%, China’s annual GDP growth rate in the past quarter matched some of the lowest growth numbers in China’s recent history. According to our China strategists, the slowdown is due to a combination of both global and domestic factors. … [More.]