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Bond Wrap-up 23.10.2017

23 Oct 2017

Bond Wrap-up

Every week we give you our summary of happenings in the bond market.

From a bond market perspective, it’s really all about the Medium Term Budget Policy Statement this week. Our long held view is that the fiscal situation has worsened significantly and to the extent that it would become hard for us to buy into more promises of fiscal consolidation at some date in future. Raising taxes to plug gaping holes will simply serve to undermine economic growth and play into the hands of our investment theme: “When sustained low economic growth becomes bond negative.”