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

  
Donald Trump's Election: The First year in Review – November 8, 2017 

Donald Trump’s Contract with the American Voter highlighted his 100 day action plan. It's been a year since he was elected President. How has he done? 

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New Fed Chair: Positive for Banks and GDP - November 2, 2017

As expected, the Federal Open Market Committee (FOMC) stood firm on its forecast for rate hikes in its November statement. Over the next year, they foresee one hike in December and another three in 2018. While the overall statement contained no significant surprises, at the margin, the Fed adjusted its view of both growth and inflation.

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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. 

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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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