Andromeda Capital Management | Credit Webcast | August 2024 скачать в хорошем качестве

Andromeda Capital Management | Credit Webcast | August 2024

Overblown Recession Fears = Investor Opportunities Risk assets are having their first substantial sell-off this year, as a weak US jobs report stoked recession fears and the BoJ's rate hike triggered an unwind of carry trades. Are we getting close to a recession? The short answer is no, not yet. The US economy is slowing, but Fed rate cuts and fiscal stimulus are enough to keep growth going. Most of the July jobs report softness came from temporary layoffs, while job openings remain strong, signalling good labour demand. Overall household finances remain healthy, with smaller buffers and pockets of weakness restricted to the bottom income groups. The weakness around small firms and weaker income groups remains due to the Fed's high front-end rates and limited QT policy, which has favoured large firms and long-end borrowers, as we discussed earlier. We have been positioning for higher volatility in the second half of the year. This selloff is opening up opportunities in credit markets, which are repricing from record tights to wider levels. Speakers Alberto Gallo, CIO & Co-founder Aditya Aney, PM & Co-founder