Market consensus beliefs are rooted in sustained policy support and vaccine effectiveness. However, with valuations now higher, small disappointments to this scenario can affect markets. With this “hyper-sensitivity”, we now need to take a nimble approach to backing the recovery trade.
In addition, US bond yields have recently moved higher, driven by a rational re-pricing of inflation risks. It will be important to monitor US Treasury yields closely. Amid this background, what are the opportunities for investors looking for exposure to fixed income?
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