4 Feb 2025 TwentyFour Blog Tracking Trump’s tariffs Markets had their first taste of Trump Tariffs 2.0 on Monday after levies on Mexican, Canadian and Chinese exports were announced over the weekend. Read more
31 Jan 2025 TwentyFour Blog Fed and ECB meetings point to divergence in paths Federal Reserve (Fed) chair Jerome Powell had the honour of kicking off the 2025 season for the major central banks this week, swiftly followed by the chore of having to plead the fifth every time he was asked about a President Trump policy. Read more
28 Jan 2025 TwentyFour Blog CLO popularity growing but secondary could offer better value It has been two weeks since the primary market for collateralised loan obligations (CLOs) re-opened and 2025 has already proven to be quite a year from multiple angles. Read more
24 Jan 2025 TwentyFour Blog Tariffs are the noise. Housing is the signal. Much of the discussion around inflation over the past few months has centred on the potential for US tariffs, a focus that has only intensified following Donald Trump’s inauguration. Read more
16 Jan 2025 TwentyFour Blog Q1 2024 déjà vu as inflation data soothes rates sell-off Global rates markets rallied sharply on Wednesday after fixed income investors received some long-awaited good news in the shape of Consumer Price Index (CPI) data for December, which came in below consensus in both the US and the UK. Read more
14 Jan 2025 TwentyFour Blog The slightest of cracks in the US labour market The latest non-farm payrolls (NFP) data on Friday showed ongoing resilience in the US labour market. To quote the president of the Federal Reserve Bank of Chicago, Austan Goolsbee, “the labor market seems to be stabilizing at something close to a full employment rate.” Is he right? Read more
13 Jan 2025 TwentyFour Blog Trump dunks on the NZBA with Wall Street exodus The Net Zero Banking Alliance (NZBA) has been the flagship climate initiative for banks to advertise their commitment to aligning their investment and lending portfolios with net-zero targets by 2050 or sooner. However, in recent weeks the NZBA has been hit with the withdrawal of all its major Wall Street banks. Read more
8 Jan 2025 TwentyFour Blog Busy primary shows fixed income’s strong technical backdrop It has been a busy start to 2025 in fixed income markets. After the Federal Reserve’s (Fed) hawkish December dot plot, which added fuel to a sell-off in rates last month, you might have thought primary market activity would be more cautious than both issuers and investors would have anticipated a month ago. Read more
18 Dec 2024 TwentyFour Blog Macro data and central banks miss the year-end memo Primary market and trading activity may be declining as is typical in late December, but macro data doesn’t sleep, and central banks haven’t got the memo on the wind-down into year-end either with policy meetings at the Federal Reserve (Fed) and the Bank of England (BoE) scheduled for Wednesday and Thursday respectively. Read more
10 Dec 2024 TwentyFour Blog Fixed Income 2025: Yields trump possibility of spread correction With a macro backdrop of falling rates and solid global growth, TwentyFour Asset Management's Eoin Walsh says fixed income investors can expect healthy total returns in 2025. Read more
9 Dec 2024 TwentyFour Blog A difference of opinion in US and European CLOs Last week, members of TwentyFour’s asset-backed securities (ABS) portfolio management team were in Dana Point, California for the Opal Group CLO Summit, an annual event with over 2,000 participants made up of investors, bankers, CLO managers, service providers and lawyers. Read more
5 Dec 2024 Market Update Rates uncertainty prolongs ABS buying opportunity With fresh uncertainty surrounding the path for interest rate cuts, we believe the high current income and typically lower volatility offered by European asset-backed securities (ABS) and Collateralised Loan Obligations (CLOs) make them an attractive allocation option for this stage of the cycle. Read more