- The Fund’s USD Class was up 3.24%
- FOMC have run out of “patience” but are not “impatient”
- ECB kicked-off Q€ sending eurozone sovereign yields to near record lows
- China growth expected to be “around 7%”, plenty of room for policy easing
- Much of the world still facing deflationary risks
The Fund’s USD class gained 3.24% in a month that witnessed: the Fed running out of “patience”, the announcement of the ECB €1.1tn Q€ program and the rest of the world broadly easing. Geopolitical events in the Middle East caused some volatility in oil markets and the dollar continued its rally, despite dipping after the dovish comments from the Fed. The ten-year US Treasury fell seven basis points to end the month at 1.92%.