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When experienced results vary from consensus expectations

Episode one of the webinar series, Managing multi-tiered risks: Seeking resilience in uncertain times

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by BlueBay Fixed Income Team, A.Skiba, CFA® May 8, 2024

Quite a lot has changed this year in terms of market expectations. Strong macro-economic data has applied upward pressure on yields and market participants have continued to discount interest rate cuts. “Higher for longer” may become the new base case. Andrzej Skiba, Head of U.S. Fixed Income and BlueBay Senior Portfolio Manager at RBC GAM, discusses how investors will adjust.

Watch time: 52 minutes 41 seconds

Key Points

  • It’s difficult to sustain a narrative that inflation is headed back towards the Fed 2% target. The reality in the data is that there is no evidence that the US economy needs lower rates any time soon.
  • We continue to be more cautious on the outlook for longer-dated bonds, as investors have been reluctant to move out the yield curve.
  • As consensus thinking is challenged, the future can appear more uncertain, bringing volatility.
  • From our perspective, dislocation creates opportunity.
  • Active management where you manage the credit and rate risks in your portfolio separately is key.

Additional Resources:
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RBC GAM is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc. (RBC GAM Inc.), RBC Global Asset Management (U.S.) Inc. (RBC GAM-US), RBC Global Asset Management (UK) Limited (RBC GAM-UK), RBC Global Asset Management (Asia) Limited (RBC GAM-Asia) and RBC Indigo Asset Management Inc. (RBC Indigo), which are separate, but affiliated subsidiaries of RBC.

In Canada, this material is provided by RBC GAM Inc. (including PH&N Institutional) and/or RBC Indigo, each of which is regulated by each provincial and territorial securities commission with which it is registered. In the United States, this material is provided by RBC GAM-US, a federally registered investment adviser. In Europe this material is provided by RBC GAM-UK, which is authorised and regulated by the UK Financial Conduct Authority. In Asia, this material is provided by RBC GAM-Asia, which is registered with the Securities and Futures Commission (SFC) in Hong Kong.

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