Global Fixed Income & Currency Strategy

Global Fixed Income & Currency Strategy is spearheaded by Harvinder Kalirai. The focus is on analyzing macroeconomic and political trends for the purpose of identifying actionable investment and trading opportunities in G10 bonds and currencies. 

Harvinder Kalirai
Chief Fixed Income & Currency Strategist
Full Bio >

Global Fixed Income & Currency Strategy Deliverables
Weekly Report

Published three times per month, the Weekly Report assesses the major global macro and political themes impacting G10 bond and currency markets. The reports provide continuous updates on our market views and investment strategy.

Fixed Income & Currency Indicators

A chartbook consisting of our proprietary indicators is published 10-12 times per year. Our bond models provide a quantitative assessment of the cycle, value, and momentum. For FX, we focus on technical indicators as currencies are prone to momentum trading and trends.

Special Reports

These are ad hoc in-depth reports that delve into key topics. Some examples include focus reports on Bank of Japan policy, gold, and long-term dollar cycles.

Previous Global Fixed Income & Currency Strategy Research

Towards A Brave New Fed – February 28, 2020

The immediate focus of investors is clearly on the coronavirus and its negative impact on the global economy. The attention will gradually shift to the coming policy responses; first from China and then from the Fed. The Fed is already conducting a review of its monetary policy strategy. The coronavirus could hasten the shift to a new and more accommodative regime, such as average inflation targeting. What will this mean for global fixed income and currency markets?


Fixed Income & FX Indicators – March 6, 2020

The recent plunge in yields has worsened the risk profile of several bond markets, including U.S. Treasuries. Ultimately, we expect the Fed to cut rates close to zero, which will pull bond yields even lower. But for now, we recommend keeping duration near benchmark as our subjective outlook is tempered by our quantitative models.


CLOs: A Replay Of The Subprime Debacle? – December 6, 2019

There are increasing concerns over “systemic risk” that is associated with the proliferation of collateralized loan obligations (CLOs). Is the CLO market headed for a major debacle similar to the meltdown of the CDO market in 2008? How to assess and monitor the risk associated with CLOs and their underlying assets, leveraged loans? What should investors do with these debt instruments?

Global Fixed Income & Currency Strategy

Global Fixed Income & Currency Strategy is spearheaded by Harvinder Kalirai. The focus is on analyzing macroeconomic and political trends for the purpose of identifying actionable investment and trading opportunities in G10 bonds and currencies. 

Harvinder Kalirai
Chief Fixed Income & Currency Strategist
Full Bio >

Key Deliverables
Weekly Report

Published three times per month, the Weekly Report assesses the major global macro and political themes impacting G10 bond and currency markets. The reports provide continuous updates on our market views and investment strategy.

Fixed Income & Currency Indicators

A chartbook consisting of our proprietary indicators is published 10-12 times per year. Our bond models provide a quantitative assessment of the cycle, value, and momentum. For FX, we focus on technical indicators as currencies are prone to momentum trading and trends.

Special Reports

These are ad hoc in-depth reports that delve into key topics. Some examples include focus reports on Bank of Japan policy, gold, and long-term dollar cycles.

Previous Research

Towards A Brave New Fed – February 28, 2020

The immediate focus of investors is clearly on the coronavirus and its negative impact on the global economy. The attention will gradually shift to the coming policy responses; first from China and then from the Fed. The Fed is already conducting a review of its monetary policy strategy. The coronavirus could hasten the shift to a new and more accommodative regime, such as average inflation targeting. What will this mean for global fixed income and currency markets?


Fixed Income & FX Indicators – March 6, 2020

The recent plunge in yields has worsened the risk profile of several bond markets, including U.S. Treasuries. Ultimately, we expect the Fed to cut rates close to zero, which will pull bond yields even lower. But for now, we recommend keeping duration near benchmark as our subjective outlook is tempered by our quantitative models.


CLOs: A Replay Of The Subprime Debacle? – December 6, 2019

There are increasing concerns over “systemic risk” that is associated with the proliferation of collateralized loan obligations (CLOs). Is the CLO market headed for a major debacle similar to the meltdown of the CDO market in 2008? How to assess and monitor the risk associated with CLOs and their underlying assets, leveraged loans? What should investors do with these debt instruments?

“At Alpine Macro, we have brought together some of world’s brightest and most successful Strategists with decades of combined experience with global financial markets. Our clients can rest assured that our team is dedicated to producing the most insightful, relevant and provocative independent investment research you can find.”

– Chen Zhao, Co-founder & Chief Global Strategist