Fixed Income and Currency Strategist

Gautam Jain, PhD, CFA

Gautam Jain has over 25 years of experience covering global emerging fixed income and currency markets, both as a strategist and a portfolio manager. He has worked in buy-side and sell-side firms, including The Rohatyn Group (TRG Management), Barclays Capital, and Millennium Partners. He has helped manage emerging markets local-currency and hard-currency debt funds. The assets that he covers include currencies, interest rates, sovereign credits, and related derivatives. He specializes in portfolio construction, smart-beta index creation, and asset allocation. Mr. Jain holds a Ph.D. in Operations Research from Columbia University and is a CFA charter holder.

Alpha Bites: Take Profits on Long Indian Rupee Vs Short Korean Won

FX Dashboard: US Dollar, Commodities, and EM Currencies

FX Dashboard: South African Rand’s Recent Underperformance to Continue

FX Dashboard: Does the Indian Rupee Have More Room to Run?

Alpha Bites: Long Indian Rupee Vs Short Korean Won

India: Brace For A Sharp Snapback In Activity

India Inflation: More To It Than Meets The Eye

FX & Rates

<p>In this week’s Alpha Bites, we recommend receiving the 5-year rate vs paying the 2-year rate in India. India’s 2s5s curve slope is close to its steepest in a decade and among the steepest in EM. The Reserve Bank of India (RBI) continues to emphasize growth uncertainty over high inflation, leading the curve to push out rate hikes and keeping it steep. We expect the RBI to tighten earlier than currently priced in and given the steepness of the curve, recommend a flattener. We recommend keeping a receiving bias though because of RBI's dovish leaning.</p>

In this week’s Alpha Bites, we recommend receiving the 5-year rate vs paying the 2-year rate in India. India’s 2s5s curve slope is close to its steepest in a decade and among the steepest in EM. The Reserve Bank of India (RBI) continues to emphasize growth uncertainty over high inflation, leading the curve to push out rate hikes and keeping it steep. We expect the RBI to tighten earlier than currently priced in and given the steepness of the curve, recommend a flattener. We recommend keeping a receiving bias though because of RBI's dovish leaning.

Alpha Bites: A 2s5s Flattener in India with Receiving Bias

INR 2Y

Alpha Bites: A 2s5s Flattener in India with Receiving Bias