Despite a rollercoaster year, emerging markets (EM) credit was relatively resilient, ending 2020 with positive returns for all three major EM bond indexes: The J.P. Morgan Emerging Markets Bond Index Global Diversified (U.S. dollar-denominated EM sovereigns) posted returns of 5.26%, … Read More

For every action, there is an equal and opposite reaction. In the case of international trade and global payments, the U.S. made aggressive use of sanctions and tariffs. With some merit, Washington has argued that these actions level the playing … Read More

The Bloomberg Barclays US Aggregate Bond Index (the Agg) returned 0.67% in the fourth quarter, led by the investment grade (IG) corporate bond return of 3.05%, as measured by the Bloomberg Barclays US Corporate Bond Index. For the year, the … Read More

Fixed Income Returns and Yields – December 2020

2020, for better or worse, will be a year to remember. The COVID-19 pandemic brought unprecedented changes across global markets through extremely accommodative monetary policies and fiscal support that dwarfed relief packages enacted during the Global Financial Crisis, likely having … Read More

Investors can diversify their traditional long-duration corporate credit exposure by allocating to long-duration securitized assets including Agency MBS, Agency collateralized mortgage obligations (CMOs) and Agency commercial mortgagebacked securities. These asset classes have historically exhibited spread over U.S. Treasuries, favorable liquidity … Read More

Popular ERISA safe harbor features expose DC participants to increased levels of risk and retirement income insecurity.

DoubleLine’s investment team follows a mandate that tries to avoid taking risks that historically have led to catastrophic principal losses. In fact, the name … Read More

The year 2020, and the decade leading up to it, have led to some interesting reversals in U.S. corporate credit, including irregularities across the investment grade (IG), high yield and bank loan markets. What is the state of play? Investment … Read More

If launched, central bank digital currencies (CBDCs), as I have recently warned, will put at risk the independence of monetary policy and what little is left of fiscal discipline within their borders of circulation. Central banks are not stopping at … Read More

Fixed Income Returns and Yields – through September 2020