2023-10-08 09:30:19
A rise in yields that attracts attention
Fixed income markets have become the focus of investors and analysts. The reason ? A notable rise in sovereign debt yields. To illustrate this trend, the yield on the 10-year Spanish bond crossed the 4% threshold, a peak not seen since 2013.. At the same time, the 10-year American bond is flirting with 4.75%, a peak for this decade.
The 30-year American bond also created a surprise. It offered a return of 5% for a week, a first since 2007. These increases, observed on a global scale, are the result of a tightening of central banks and expectations of higher rates over a prolonged period. Result ? Stock markets suffered declines, with US indices down 2% on some days.
The reaction of professionals to this reality
Alberto Matellán, chief economist at “MAPFRE Inversión”, has a clear vision of the situation. Despite the volatility, he considers that these debt yields are in line with economic reality. Current inflation levels, price resistance and growth that is certainly timid, but more robust than expected, are proof of this. For Matellán, it is not yet time to reorient portfolio strategies. He advocates patience and reflection in determining whether these moves represent a real market shift.
The oil sector, for its part, experienced a notable decline, with a fall of 4% in a few days. Matellán highlights the volatility of this asset and the impact of its fluctuations on businesses. Faced with these market movements, the importance of entrusting your money to a trusted active manager is essential. These professionals, like Matellán, know how to distinguish simple corrections from real market changes. Their expertise is therefore essential to navigate these tumultuous waters.
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