Fixed Income Strategist
Chris has quietly slipped into premature middle age - when not strategising about bonds, he has an enthusiasm for running, golf and (inexplicably) gardening. He has just finished his first marathon: a 26.2-mile triumph of determination over common sense.
By Christopher Jeffery - August 08, 2017 5 mins
The filibuster is an important procedural device in the US Senate that makes it significantly harder to break the gridlock between Republicans and Democrats. President Trump argues that the "very outdated filibuster must go". But what is it? Why is it important? And what are the investment implications of throwing it on the Congressional scrapheap?
By Christopher Jeffery - July 06, 2017 4 mins
Low interest rates can be considered both a blessing and a curse. The blessing is that the government yield curve impacts discount rates used across almost all financial assets. The curse is that they incentivise changes in economic structures (e.g. higher debt) which, in turn, make low interest rates more entrenched. The blessing and curse of low interest rates is therefore that they are (probably) here to stay.
By Christopher Jeffery - May 17, 2017 4 mins
First it was Cristiano Ronaldo at the Euros, now it is Salvador Sobral at Eurovision. Portugal sits proudly on top of the sporting and cultural pile in Europe. Less obvious victories have been apparent in the rapid improvement in its fiscal arithmetic, and the significant outperformance of its bond market.
By Christopher Jeffery - May 10, 2017 4 mins
President Trump's approval ratings after his first 100 days in office make for grim reading. As markets question the ability of the White House to get its own way, we've seen a significant retracement in the "Trump trade" in both equities and fixed income. The President needs to become the cajoler, not just the commander, in chief to revive hopes of a large fiscal stimulus.
By Christopher Jeffery - April 19, 2017 4 mins
In an unscheduled announcement, Theresa May has declared her intention to call a general election on 8 June. This snap election will be almost three years ahead of schedule. Below we address the five most pertinent questions likely to be on investors’ minds.
By Christopher Jeffery - March 15, 2017 3 mins
The Scottish independence referendum in September 2014 was billed as a “once in a generation” event. Two and half years later, and we are now faced with a possible second vote. The politics of the case for independence may have been shaken up by the UK’s decision to leave the European Union, but the economics have also been shaken up by the collapse in oil prices.
By Christopher Jeffery - March 02, 2017 3 mins
The French people go to the polls for two rounds of voting in the spring. Markets have belatedly noticed that there is a significant risk associated with this event. In particular, they fear the French people being caught "entre le marteau et l'enclume" (between the hammer and anvil) in the second round of voting in early May.
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