Author profile

Carlo Putti

Years in the bond markets: 5

Specialist subjects: Macroeconomics and IG credit

Likes: MotoGP, Football and Italian pizza

Heroes: Valentino Rossi, Steve Jobs and Donald Duck

European credit: divergence between the bond and credit derivatives markets

There is a general belief in markets that the economic cycle follows the US – and therefore that you can’t have a recession in a developed market without a US recession first.  Yes, the US economy is the biggest out there, and with general market sentiment being that we are late cycle it is understandable that everyone’s focus is on the US data and its flattening yield curve.

But what has reall…

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BVTV: Carry, valuations and fundamentals – the pillars of currency investing

Emerging market currencies have been back in the spotlight in recent weeks after significant repricing – so it seems like a good time to lift the lid on how we think about currency trading. While there are many different aspects to take into consideration, there are three key factors – carry, valuations and fundamentals – that we keep front of mind.

With lower returns from bonds in recent years…

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BVTV: The calm after the storm?

After a rollercoaster week for equity markets, which saw the VIX volatility index spike to one of its highest ever levels, I’m joined this morning by Craig Moran, fund manager in M&G’s multi asset team. Tune in as we discuss what drove the correction, whether it’s likely to prove a short term risk-off event or a longer-term market reversal, and how much further equities can potentially rally, g…

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BVTV: What a week that was. Powell, US tax reforms, and BoE hike

There was no shortage of topics up for consideration for today’s BVTV: Jerome Powell’s nomination as next Fed chair, further clarity around President Trump’s much touted US tax reform plans, and the UK’s first interest rate rise for 10 years.

With Powell’s nomination very much perceived as preserving the US monetary policy status quo, it’s the latter two developments that I have focused on this…

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This week on BVTV

It was just about 3 years ago the market was getting very relaxed about the global economy, asset prices were rich and volatility was very low…then the market sold off. Today it feels like we are back to that situation: a recession seems very unlikely, but can we experience another market correction? In this episode of BVTV we highlight 3 things that could potentially lead to a correction in th…

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This week on Bond Vigilantes TV

We used to have bear and bull markets, now we have a “chameleon market” to keep us on our toes.

In this week’s edition we will be joined by Richard Woolnough, Fund Manager.

Tune in and listen to our latest thoughts:

  1. Is the Fed already behind the curve?
  2. The never ending saga of the Eurozone…
  3. Special edition: Richard Woolnough’s insight into the credit markets

 

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