A look back on 2016
Last year was a volatile environment for both safe haven and risk assets. Deflation and risk-off dominated the first half damaging credit markets that led to new lower lows in global sovereign bond yields. Since mid-summer, indicators of U.S. and global growth and inflation have been in an uptrend lifting bond yields. This note lays out our fixed income outlook1.
The environment – We focus on cyclical developments in the economy