Despite rising concerns over public debt, US Treasuries remain the cornerstone of global reserves because of their unmatched liquidity and depth.
Max Castelli, head of strategy for sovereign institutions, and Matthias Dettwiller, global head of fixed income at UBS Asset Management, join Yara Aziz, senior economist at OMFIF, to discuss the Treasury paradox facing reserve managers. They explore how larger fiscal deficits, higher term premia and greater rate volatility are creating a new environment in which reserve managers and investors must rethink fixed income portfolio construction.
