Fixating on Fixed-Income

Fiscal restraint across key economies will set the stage for lower bond yields

Highlights

• Fiscal restraint across key economies will set the stage for lower bond yields

• Revenue declines emerge as a common thread across retailer earnings — not a good readthrough on demand

• Contracting bank credit demand to pave the way for a reduction in the price of credit

• Japan’s Topix rerating positively on an emerging equity culture taking hold