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Posts from the ‘Principal Global Fixed Income’ category

Watch Out for the TLAC Attack!



“Banks have to issue over a trillion U.S. dollars worth of bonds to satisfy TLAC requirements?!” exclaims a fixed income portfolio manager. “Stay calm. It’s not as bad as it seems,” says a fixed income analyst in his composed and distinct sounding British accent. “We need to sell our…

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Coming Soon: Inflating Wages and Higher Interest Rates



In October 2015, hourly earnings of all private employees increased at the quickest rate in over six years, rising at a 2.5% rate year-over-year. As the unemployment rate fell over the past two years, nearing the consensus, fully-employed 5% level, many economists and analysts (including myself)…

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