FLGV News and Press, Franklin Liberty U.S. Treasury Bond From 03/11/21

Without a doubt, the biggest story in bond-land, if not the financial markets in general, thus far in 2021 has been the spike in the U.S. Treasury 10-year yield. At this point, the federal government's financing needs reflect the baseline trillion-dollar deficit coming into this fisca...

Inflation has been gradually rising since 2Q20, but there will be a step change in March and April with the economy in a very different position to what it was 12 months before. Headline US inflation has risen from 0.2% year-on-year last May to 1.7% today, but it is barely halfway to ...

It should be no surprise that profit-maximizing speculators will seek the best risk-adjusted returns wherever and whenever they might perceive them. While the securities lending side of the financial world can be and most often is pliable, fungible, and, at times, horrifically forgivi...

As well as low correlation with G7 yields in recent years, the Chinese 10s/2s yield curve has been more stable than most G7 yield curves in recent years, despite the PBOC not pursuing QE or formal yield curve control (unlike the BoJ). Unlike the US, there are few signs of inflation ri...

US Treasury yields have dipped, but we doubt there is significant downside. The 5yr is on a cheapening trend, and there appears to be too much risk-on. We also highlight some technical drivers (US auctions, specialness and front-end debate) as we wind up for the ECB tomorrow again...

With no place to hide in fixed income, it is better to have more variable payouts on US oomph. Meanwhile, it is hard to read much into recent ECB purchase data. We see this as a confirmation that there is no consensus on further action against higher bond yields. Confidence in...

VanEck CEO Jan van Eck's latest investment outlook explores the recent bitcoin rally and the underlying trends supporting it. He discusses what economic growth looks like in 2021 after the worst year for the economy since World War II. He also discusses the impact of higher intere...

Sovereign borrowing will reach $12.6T in 2021, 20% lower than the historical surge in 2020 but still 50% higher than the pre-COVID multiyear average, S&P Global Rating estimates in its annual survey of global sovereign debt.Actual net issuance in 2020 exceeded the pre-COVID forecast by 2....

Amid ongoing debates about fiscal and monetary policy in February, global sovereign debt markets experienced a widespread sell-off for the second consecutive month. In Japan, the 10-year government bond yield climbed 11 basis points to finish at 0.16%, its highest closing point since ...

The money flowing from the central banks and governments has created the so-called "pent-up demand" and predictions of 5% or more GDP growth next year. But capacity utilization is down even while trillions of new dollars pour into the system. Inflation expectations are continuing to g...