Papers

Amundi Smith Breeden produces a variety of research material on monthly, quarterly, and annual cycles, some of which can include ad hoc research pieces or commentary on current economic or market conditions as they warrant.

Amundi Pioneer Investment Talks:

Fed Prepares for Balance Sheet Normalization– July 27, 2017

Didier Borowski, Amundi’s Head of Macro Economics and Charles Melchreit, Amundi Pioneer’s Director of Investment Grade share their takeaways from the Federal Open Market Committee and their outlook for the U.S. economy and markets.

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Insight Newsletter:

Amundi Smith Breeden believes the appropriate sharing of research insights benefits the entire investment community. To that end, we produce a monthly newsletter, titled Insight. It includes detailed commentary from the firm’s strategists, featuring varying rotating topics, which have included the macro-economy, the yield curve, asset allocation, the MBS market, and the credit market. 

Click the link to download the latest Amundi Smith Breeden Monthly Newsletter - Insight.

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Fixed Income Minute Newsletter:

John Sprow, Client Portfolio Manager for Securitized Assets and Investment Grade Corporates, has developed deep investment and research experience over his 30 year career at the firm. In this series he shares brief educational pieces driven by specific client inquiries.

Click to download the latest Fixed Income Minute Newsletter.

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Latest Research:

Professor Douglas T. Breeden, Duke University, shares his findings and most recent views in an article entitled, "Interest Rate Insurance Prices Implicit in Option Prices".  

“European economies showed increasing strength in the past 2 months. ECB President Draghi said deflation is no longer a risk, given solid growth, though he wishes to maintain “low for long” rates. The US Fed raised rates ¼ in June, crossing the 1.0% barrier on T-bill rates for the first time in 9 years. US growth is solid, as is growth in Asia. Brazil and Russia showed weakness, given corruption scandals and prior recessions. While the Bank of Japan remains intransigent, Japan is also doing fine and markets are expecting less of the massive easing attempted there. Normalization is beginning all over the world. It’s about time!”

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The Reincarnation of Diversification

Co-authored by Pascal Blanqué, Chief Investment Officer, Amundi Group
"We explore the new environment, and suggest four sources of diversification beyond the traditional asset class approach– risk factors, currency, liquidity and time horizon." 

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