Global Fixed Income Bulletin
Jul 2018
The Macro Trends Which Matter

Global Fixed Income Bulletin

The Macro Trends Which Matter

Jul 2018


July 2018

The main trends in asset performance year-to-date have been generally weak risky asset returns, outperformance by U.S. assets and the USD, weakness in emerging markets (EM) and higher oil prices. Most of these have been driven by several macroeconomic trends (a) disappointment about a slowdown in some economic data and concerns about a trade war, (b) economic and monetary policy divergence between the U.S. and the rest of the world and (c) increased risks in EM. We think understanding these trends will be key for understanding asset price performance for the rest of the year.

The Global Fixed Income team follows a seamless process with a global outlook. They seek to identify and capture the potential value in situations where the market's implied forecasts are extreme.

The views and opinions are those of the author as of the date of publication and are subject to change at any time due to market or economic conditions and may not necessarily come to pass. The views expressed do not reflect the opinions of all investment personnel at Morgan Stanley Investment Management (MSIM) or the views of the firm as a whole, and may not be reflected in all the strategies and products that the Firm offers.

This general communication, which is not impartial, is for informational and educational purposes only, not a recommendation. Information does not address financial objectives, situation or specific needs of individual investors.

Any charts and graphs provided are for illustrative purposes only. Any performance quoted represents past performance. Past performance does not guarantee future results. All investments involve risks, including the possible loss of principal.

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