Fixed Income

Fixed Income Market Outlook

Navigating a World of Crowded Trades and Secular Change

April 2014

In our monthly fixed income market outlook, Rick Rieder, BlackRock's Chief Investment Officer of Fundamental Fixed Income, argues that one vital legacy of the unconventional monetary policy seen in recent years has been a rise in the degree of crowded trades, as investors have been forced to take on greater risk in search of elusive yield and return.

Furthermore, he contends that powerful demographic trends are at play globally that will help define financial market dynamics for decades to come, while U.S. monetary policy is likely to normalize sooner than many expect, which holds significant implications for interest rates and risk assets alike.

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By The Numbers: Perspectives on Capital Markets

April 2014

In this edition of our monthly fixed income research newsletter, Chad Meuse and Shawn Steel examine the investment opportunity set up and down the corporate capital structure. They contend that after a very solid performance last year, return prospects for both equity and debt appear more muted, and now idiosyncratic alpha opportunities in equities appear more robust than mere beta exposure.

In our second article, Adam Glossop and Gordon Ibrahim further our understanding of the European Central Bank’s policy toolkit, by following up on a previous publication examining the consequences of negative deposit rates, with a examination of what possible ECB quantitative easing might look like.

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Equity

Weekly Equity Investment Commentary

A weekly economic analysis focusing primarily on the US equity market.

Liquidity

Monthly Liquidity Commentary

A monthly summary of the liquidity market environment, including money markets and short-term fixed income.

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