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Capital IdeasTM

Investment insights from Capital Group

Categories
Fixed Income
Fixed Income Perspectives Q4 2023
October 19, 2023

Quarterly macro and market insights from Capital Group’s fixed income team


Quarterly macro and market insights from Capital Group’s fixed income team

The statements expressed represent perspectives from Capital Fixed Income Investors, as at 30 September 2023. The views of individual portfolio managers and analysts may differ. © 2023 Capital Group. All rights reserved. Data as at 30 September 2023, and attributed to Capital Group / Bloomberg Index Services Ltd, unless otherwise stated.

Cautiously constructive amid divergent global economic trends

  • Central banks globally have largely been successful in reversing inflationary pressures, though inflation remains above target in most jurisdictions amid persistent wage pressures.
  • Central bankers have indicated that policy rates are at or near their peak. However, diverging trends may lead US economic growth to outpace that of Europe and China. This will likely result in interest rates moving at a different pace in economies globally.
  • China’s slowing growth has a dampening effect on emerging markets commodity exporters as well as the European industrial complex.
  • Excesses in the global economy are largely concentrated in government balance sheets. Consumers and corporations are in reasonably good shape.

 


Risk factors you should consider before investing:

  • This material is not intended to provide investment advice or be considered a personal recommendation.
  • The value of investments and income from them can go down as well as up and you may lose some or all of your initial investment.
  • Past results are not a guide to future results.
  • If the currency in which you invest strengthens against the currency in which the underlying investments of the fund are made, the value of your investment will decrease. Currency hedging seeks to limit this, but there is no guarantee that hedging will be totally successful.
  • Depending on the strategy, risks may be associated with investing in fixed income, derivatives, emerging markets and/or high-yield securities; emerging markets are volatile and may suffer from liquidity problems.

Learn more about
Fixed Income
Central Banks
Inflation
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Past results are not predictive of results in future periods. It is not possible to invest directly in an index, which is unmanaged. The value of investments and income from them can go down as well as up and you may lose some or all of your initial investment. This information is not intended to provide investment, tax or other advice, or to be a solicitation to buy or sell any securities.

Statements attributed to an individual represent the opinions of that individual as of the date published and do not necessarily reflect the opinions of Capital Group or its affiliates. All information is as at the date indicated unless otherwise stated. Some information may have been obtained from third parties, and as such the reliability of that information is not guaranteed.

Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.