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White Papers

A Goldilocks Economic Backdrop Demands Caution, Not Complacency, From Bond Investors

The economic backdrop for bond investors is a bit of a mixed picture, with continued economic growth, low unemployment and subdued inflation, but also tepid wage growth, growing budget deficits, increasing leverage and a slowing housing market. And that’s just in the United States. These are the headwinds and tailwinds that fixed-income managers are navigating as plan sponsors and other institutional investors ask whether now is the time to adjust their allocations both to equities, where valuations are steep, and fixed income. In this round table, Thomas C. Goggins, senior managing director and senior portfolio manager on the global multisector fixed-income team at Manulife Asset Management, Marty Margolis, chief investment officer at PFM Asset Management LLC, and Don Sheridan, a director on the fixed-income research team at Segal Marco Advisors, discuss the trends shaping fixed-income markets, including inflation and the flattening yield curve, opportunities around the globe and risks that investors need to keep an eye on.

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