2021 – System Health Check
8th January 2021
2020 began with an abundance of monetary support. The Fed’s U-turn on rates in late 2018, coupled with the resumption of QE in the wake of the Q4 ‘19 repo market problem, created a backdrop of loose financial conditions. Such extreme action, however, was not suggestive of a stable financial system. The situation on the […] more
Fleeting Euphoria or Enduring Optimism?
9th December 2020
How long can euphoria last? According to Wall St., quite some time, at least where financial markets are concerned. A combination of unbridled fiscal stimulus and the release of $1.4trln in pent-up savings is reason enough to be ecstatic, for the time being at least. Another way to answer the above question is to look […] more
Macro Update – Recovery Risks
18th November 2020
A notable November has so far given us a newUS president (we expect), a Republican Senate(we think), and a vaccine to end the pandemic(we hope). Market reactions have been suitablyvolatile as the stream of news flow is digested.The net reaction has been a positive one with‘value’ driven equity indices thus faroutperforming on hopes of an […] more
Political Risks Emerging
12th November 2020
Deteriorating global economic conditions have facilitated an environment of growing social and political unrest. We analyse the central role played by monetary policy in creating this environment and look ahead to some of the possible longer term outcomes. Click to read the full article. For more information please contact Rubrics Asset Management. info@rubricsam.com. more
Credit Market Update: Devil in the Detail
21st July 2020
“Following the Fed’s announcements of direct corporate bond and ETF purchases (high yield and investment grade), credit spreads have contracted sharply – over 500bps in the high yield space. With spreads now closer to their long-term average, and significant economic uncertainty remaining, we would posit that the scope for spread tightening is more challenging despite […] more
Macro Update – Crossing the Line
12th April 2020
For the full 15 April 2020 update please click the link below. CLICK HERE TO READ THE FULL ARTICLE For more information please contact Rubrics Asset Management. info@rubricsam.com. more
Macro Update – Bad Plumbing
22nd March 2020
The crisis in which we currently find ourselves is very different to that of 2008. Both the structure of the credit markets, or the plumbing as we like to call it, and the incentives of corporate CEOs issuing debt into those credit markets are very different, and not in a good way. For the last […] more
COVID-19: Implications and Market Outlook
28th February 2020
With fears over the Corona Virus having firmly taken hold, click below for Rubrics’ take on the developing situation as well as our view on the longer term fallout from a market, economic and political standpoint. In addition, included is a positioning summary for each of our strategies with a specific focus on our Global Credit […] more
Financial Markets’ Opioid Crisis
31st December 2019
In 2019, central banks once again managed to moderate recession concerns, allowing risk assets to make new highs as balance sheets resumed expansion. Moving into 2020, will questions about the effectiveness of monetary stimulus over the longer term come back to haunt markets as they did in 2018? Click here to read the full article […] more
Macro Update – Politics of Economics
18th October 2019
For the full Politics of Economics update, please click the link below. CLICK HERE TO READ THE FULL ARTICLE For more information please contact Rubrics Asset Management. info@rubricsam.com. more
