6:03 AM
admin
Disclosure: I am long SPY.
This is my fourth quarterly examination of various fixed income markets. I generally try and publish the article by the beginning of the second trading week following quarter-end, giving me time to analyze trailing results and synthesize my thoughts.
Given Friday's outsized rally in long Treasuries due to BOJ easing and a meaningful miss on the U.S. non-farm payrolls print, perhaps I need to shorten my timeline.
The recent market move notwithstanding, the first quarter of 2013 should be a microcosm of the market we will see over the next several years. Slowly rising Treasury yields produced anemic bond returns in the first quarter with most higher risk instruments outperforming due to modestly compressing credit spreads. The days of equity-like returns in domestic fixed income fueled by monetary accommodation are likely largely in the rearview. This article will discuss how to position your fixed income portfolio in a market where excess returns will be more scarce prospectively.
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