NNIP: A look at the Fed of the future

Asset Allocation

On greed and fear

The fundamentals for risky assets remain strong despite persistent political risks. Equities have entered technically overbought territory, based on short-term momentum indicators. We downgrade equities from a medium to a small overweight. Read more

Economic Outlook

A look at future Fed policy

Economist Willem Verhagen explores the possible contours of the Fed’s policy in the longer term. Read more

Equity Strategy

Eurozone profit margins have most room to improve

A recovery in profit margins as a result of better productivity and pricing power is helping drive global earnings growth. The improvement in the Eurozone, where margins are still depressed, could be stronger than elsewhere. Read more

Fixed Income

Political risk pushes euro yield spreads up

Spread levels of government bonds and credit default swaps show that political risks have particularly driven French spreads higher and to a lesser degree in Germany and the Netherlands. However, the overall stress priced into the market remains relatively limited. Read more