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.

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FX & Rates

<ul>
<li>Rates in Asia have sold off as rates globally have risen due to increasing inflationary pressures. However, rates in Asia have risen by less in comparison with the US.</li>
<li>The main reason behind the better performance of rates in Asia is the outperformance of Indonesia and China with both countries benefiting from high real rates.</li>
<li>Looking ahead, a continued rise in rates in the US makes Indonesian local bonds vulnerable to a correction, but rates in China may continue to outperform in my view.</li>
</ul>


Rates in Asia have sold off as rates globally have risen due to increasing inflationary pressures. However, rates in Asia have risen by less in comparison with the US.
The main reason behind the better performance of rates in Asia is the outperformance of Indonesia and China with both countries benefiting from high real rates.
Looking ahead, a continued rise in rates in the US makes Indonesian local bonds vulnerable to a correction, but rates in China may continue to outperform in my view.


How Are Rates in Asia Reacting to the Rise in US Yields?

China Treasury

How Are Rates in Asia Reacting to the Rise in US Yields?