Bond Outlook [by bridport & cie, October 5th 2005]
For many weeks we have been struggling with the likely development of the US yield curve, and consequently with our recommendation for maturities for USD fixed-income portfolios. Since the end of April 2005, our recommendation has been to “barbell” between floaters and 10 year maturities. This has proven a sound strategy, but, as regular readers will have noted, we have become increasingly uneasy about how long the strategy can remain appropriate. |
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