Discover and read the best of Twitter Threads about #yielding
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As we continue detailing our key themes for the year, we’d note that in our view: 5) #fiscal policy is a right-tail #risk (not left-tail) in 2020; and 6) the negative #bond yields in #Europe and Japan may well turn to negative returns by year end.
While a thoroughly divided #government in the U.S. during an #election year is quite likely to limit the possibility of additional #fiscal spend here, the story in #Europe is a bit different.
With my colleagues Russ Brownback and Trevor Slaven, we contend that eight major #market influences are likely to dominate the #investment environment in the year ahead and that a proper #portfolio mix is instrumental to delivering a successful outcome: bit.ly/2U4sn3J
Over the next week we’ll be looking at these eight themes in more detail, beginning with the first two today: 1) The importance of aggregate global #liquidity and 2) the yawning supply/demand imbalance in #yielding global #assets.
In our view, changes to the level of aggregate global #liquidity is one of the most dominant, yet still underappreciated, influences in contemporary #macro analysis. Central #banks allowed liquidity to contract in 2018 and early-2019 but have pivoted sharply since then. 
My colleagues and I are very pleased to be meeting with many of our institutional clients today, at the inaugural @blackrock Fixed Income Summit!
We’ll discuss how the fixed #income universe has dramatically changed in recent years, where we think it’s heading in the years to come, and how best to structure more #resilient-portfolios for the period ahead; some thoughts, in preview:
Due to the #demographic revolution underway across the globe, as well as massive growth in pension, insurance and central bank assets, there is roughly 3X as much capital that needs to be #invested today as was the case in the early-2000s.
