Fixed Income We thought that the U.S. Treasury yield curve would steepen this year. It has done so on the short end but on the long end it has flattened. So the positions we took for clients in 7-10 Treasuries, designed to be a hedge to moderate portfolio losses during risk-off moments, has instead been […]

Macro Views Next week: the highlights Sunday 10. Turkey: Presidential election (first round). Current prime minister Recep Tayyip Erdogan is widely expected to win the presidency, perhaps already in this first round. Folks worry that he has been in power too long: he has been prime minister since 2003 and is planning to concentrate power […]