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The COVID pandemic was a natural disaster, yet the two-pronged stimulus response of monetary and fiscal policies was designed for an economic crisis worse than the GFC. The combination of the pandemic and the policy response resulted in a surge in economic and inflation volatility from 2020 to 2023. We are now entering a new phase where this economic cycle will mean revert to a traditional business cycle - a cycle that may not exactly repeat but will rhyme with prior inflation cycles. Opportunities exist in global bonds in 2024 and 2025 no matter hard or soft landing outcomes – including US Treasuries, US Agency MBS passthroughs and select local currency emerging market bonds in Latin America.