Global fixed income markets are facing fresh turbulence as 30-year US Treasury yields spike to 5.2% – their highest level since before the global financial crisis – amid policy uncertainty under Fed Chairman Kevin Warsh. At the same time, FX markets are on high alert following coordinated intervention by US and Japanese authorities to support the yen after it breached 162. With rate volatility climbing while corporate fundamentals remain largely intact, how can credit investors find value amid tight spreads and negative net debt issuance across Asia?
Monica Hsiao, founder and chief investment officer of Triada Capital, joins John Lee on the Asia Centric podcast. She looks at how Fed communication is driving up risk premiums, the mechanics behind US-Japan FX coordination, and why carry remains the primary strategy in global credit markets.
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