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| Manager Comments | Spectrum believe the bond market has adopted a 'wait and see' attitude with regards to the prospect of a Fed rate cut. This, they say, explains why bonds are trading in a tight range both domestically and internationally. Spectrum add that markets are reacting to dovish central banks, persistently low inflation, negative interest rates in Europe and the legacy of QE. Their view is that in this environment anything that provides a yield looks attractive and therefore it's these factors which are driving both equity and bond market rallies. Spectrum say the outlook and demand for credit remain resilient, especially so if equity markets continue to rally. They noted it's hard to say what could change this view, however a geopolitical event such as a conflict between the US and Iran could lead to a surge of bond buying. They don't believe this is likely. |
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