Bond Giants Lay Out Their Top Trades for 2018
Bob Michele
“Europe just looks healthy ” said Bob Michele  who oversees $483 billion as head of global fixed income  currency and commodities at JPMorgan Asset Management.
Bob Michele Photographer: Kholood Eid/Bloomberg
The biggest risk “is that inflation picks up  the Fed does four hikes  not three  and without QE suddenly you get some steepening of the curve ”  Michele  said in an interview.  He  expects that to play out.
 Michele  hedges away much of the interest-rate risk in  his  portfolio with futures. Credit spreads  though they’ve tightened  still have room to absorb broad interest-rate increases  in  his  view.
What doesn’t  he  like? Anything the European Central Bank bought.
“Europe just looks healthy ” said [TGT]who oversees $483 billion as head of global fixed income  currency and commodities at JPMorgan Asset Management.
Bob Michele Photographer: Kholood Eid/Bloomberg
The biggest risk “is that inflation picks up  the Fed does four hikes  not three  and without QE suddenly you get some steepening of the curve ”  [TGT]said in an interview.  [TGT]  expects that to play out.
 [TGT]hedges away much of the interest-rate risk in  [TGT]  portfolio with futures. Credit spreads  though they’ve tightened  still have room to absorb broad interest-rate increases  in  his  view.
What doesn’t  he  like? Anything the European Central Bank bought.