Investment insights from Capital Group
Pause, skip or pivot? Investors expect interest rates to decline
Sources: Capital Group, Bloomberg Index Services Ltd., Refinitiv Datastream, U.S. Federal Reserve. Fed funds target rate reflects the upper bound of the Federal Open Markets Committee’s (FOMC) target range for overnight lending among U.S. banks. The market-implied rate is based on price activity in the fed funds futures market, where investors can speculate on where they think rates will be at a future point in time. As of 14 June, 2023.
Strong income may persist as bond yields stabilise at elevated levels
Sources: Bloomberg Index Services Ltd., RIMES. As of 31 May, 2023. Sector yields above include Bloomberg Global Aggregate Index, Bloomberg Global Corporate Investment Grade Index, Bloomberg Global Corporate High Yield Index, and 50% J.P. Morgan EMBI Global Diversified Index/50% J.P. Morgan GBI-EM Global Diversified Index blend. Yields shown are yield to worst. Yield to worst is a measure of the lowest possible yield that can be received on a bond that fully operates within the terms of its contract without defaulting. Past results are not predictive of results in future periods.
Recession risks present opportunities in yield curve positioning
Sources: Capital Group, Bloomberg Index Services Ltd., National Bureau of Economic Research, Refinitiv Datastream. As of 31 May, 2023.
Improved quality may lead to fewer defaults in high-yield bonds
Sources: Bloomberg Index Services Ltd. As of 31 December, 2022.
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