-
Does Macro Matter?
Indexing and passive investment have little to learn from macro. At the start of April, the Bloomberg Barclay bond index included mainland Chinese bonds for the first time. A macro strategist could have explained how China's 10-year yield had been falling since reaching above 4% in May-June 2018 was near 3.40% in late-March, and why it might not go down much further. The government was committed to supporting the economy. New stimulus was being delivered, and more were in the pipeline. The yuan had appreciated by nearly 2.5% in Q1. It was the third strongest currency behind the Russian rouble (~6.2%) and Thai Baht ... (full story)