Bottom-up credit research within a flexible, laddered municipal bond strategy can tame interest-rate risk and capitalize on market volatility to protect capital and grow income.
Thornburg’s investment team keeps an eye on the macro but focuses squarely on the fundamentals and portfolio fit of each stock and bond selected. This July 17 macro overview is a sample of an internal weekly note to our distribution team that features big-picture highlights from the week that was.
After seven years of massive amounts of QE and nearly four of yield curve control, the BoJ has yet to sustainably keep inflation at its 2% target or revive GDP growth meaningfully.
