Quarterly Outlook
Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges
Althea Spinozzi
Head of Fixed Income Strategy
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Temporary relief as dark clouds are gathering
Saxo Market Call
Summary: Ahead of today's Thanksgiving holiday, the US equity market led by technology and bubble stocks saw a relief rally in response to a lower than feared PCE core inflation. However, as we note today a big change has happened inside the Fed with their focus switching from employment to combatting inflation in order to protect US households. The market is adjusting its expectations for rate hikes next year to almost three suggesting 2022 will be a very different year from the previous two years. On commodities we discuss the upcoming OPEC+ reaction to the recent Biden administration release of strategic oil reserves to ease the pain from higher oil prices. Today's pod features Ole Hansen on commodities, Althea Spinozzi on fixed income, and Peter Garnry hosting and on equities.
Listen to today’s podcast and have a look at today’s slide deck.
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We invite you to send any questions and comments you might have for the podcast team. Whether feedback on the show's content, questions about specific topics, or requests for more focus on a given market area in an upcoming podcast, please get in touch at marketcall@saxobank.com.
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