Following in Central Bank Footsteps
Flows and positioning into central bank-supported segments of the fixed income universe have been stellar. Flows into the largest credit ETFs pushed total assets 85% higher than at the end of 2019 (excluding market effects) in US credit, and 27% in Europe. Moreover, speculative positioning is now at multi-year highs in both credit and treasury futures and the average exposure to duration of macro managers remains well above long-term averages.
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