Peak Rates – finger on the trigger
The current business and interest-rate cycles have been idiosyncratic for a number of reasons, with COVID-19-related goods and labour shortages coinciding with unprecedented monetary and fiscal stimulus, driving the highest global inflation readings since the 1970s. In the same way that inflation exploded to the upside, certain readings are showing an equally rapid descent while other measures, most notably core inflation, are proving more sticky than desired.
Either way, global investors are currently sitting with one finger on the trigger, ready to get into fixed-rate bonds once again after a rather rough period. Has anybody been listening to the likes of Australian Super, UniSuper, or even Warren Buffett recently? Why is this the case?
Mostly it is related to the historical precedent that bonds tend to rally aggressively once a central bank concludes its rate hiking cycle. In more recent hiking endeavours, central banks have form in hiking too aggressively and then having to cut just as aggressively as the delayed impact of prior rate hikes rattles the system (usually in the form of USD shortages). This is despite the narrative currently building in markets - the Fed will be able to stop hiking rates and then hold them at an elevated level for an extended period of time.
Let’s have a look at the Federal Funds rate compared with US bond yields since 1985:
Figure 1: Fed Funds Rate vs. 2yr and 10yr UST's in % terms
![](data:image/png;base64,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)
Source: Bloomberg
Clearly, what the Fed does has a very important impact on bond yields. The shorter 2-year bond is impacted more directly (given its competition with repo and bank deposit rates), but the impact is also clearly felt on the 10-year bond.
It then follows that if the Fed was to start cutting rates, we should expect yields across the curve to fall and deliver positive capital returns to investors. One distinction worth noting is the differing impact of a given fall in yield, depending on the term of the bond. Longer-dated bonds are more sensitive to interest rate changes (to the upside and the downside) compared with shorter-dated bonds. If yields fell by 1 percentage point across the curve, 10-year bonds would deliver a capital gain of around 8%. Combined with the coupon of around 4%, that is a total return of 12%.
We are unlikely to see interest rate cuts in the near future. Market pricing (as of 28 August 2023) expects the Fed to start cutting rates by May 2024, with two standard-sized cuts (50bps) priced in by September 2024.
Even though headline inflation has fallen rather quickly, the employment market in the US remains very healthy with a low unemployment rate and still fairly elevated roles per applicant. However, the chart below indicates that the US unemployment rate has and can jump by up to 2% over a year or two (or quicker in the event of a crisis) and this is historically correlated with Fed Funds cuts of up to 5%:
Figure 2: US Unemployment Rate vs. CPI and Fed Funds Rate
![](data:image/png;base64,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)
Source: Bloomberg
Perhaps the late 1990s / early 2000s is the best historical analogue for the current environment. The unemployment rate had declined in a straight line to a trough of around 4% (currently 3.5% but some COVID-19-related worker shortages are persisting) and stocks were highly valued on account of internet stock mania (AI, anyone?). US consumer price inflation also peaked around 3.7% year-on-year, auspiciously similar to the last print having declined nearly as fast as it went up. As the cycle turned, the Fed Funds rate peaked at 6.5% before being cut to 1% over the ensuing few years.
The US 10-year Treasury yield fell from the mid 6% level to the mid 3% level. Using rough numbers and the duration discussed above, capital returns of 20% were in the offing (with coupon returns coming in on top of that). These are the sorts of returns that real money investors are preparing for in their long positions in duration. Anecdotal survey evidence suggests that real money investors (i.e. fund managers) are long bonds (anticipating the outcome detailed above) while hedge funds and other so-called ‘fast money’ are short bonds in aggregate. As their name suggests, ‘fast money’ tend to unwind losing positions in a hurry given the use of leverage in their strategies. They are also more likely to use trend-following strategies, and the recent trend has been bond price weakness.
The bonus for local investors is that here in Australia the yield curve is still shaped normally (i.e. upward sloping) so you are still getting paid to hold duration compared with many global developed markets where yield curves are inverted (long-end yields lower than short-end yields):
Figure 3: The spread between developed market 2-year bond yields and 10-year bond yields
![](data:image/png;base64,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)
Source: Bloomberg, pricing as of 28 August 2023 (we can debate the inclusion of Italy in a list of ‘developed markets’)
While the US economy keeps humming along, there will be heightened market commentary regarding de-globalisation (higher costs), greenification (higher investment), and higher levels of inflation volatility demanding a higher term premium on bonds. These arguments have, not coincidentally, become louder after a 4% surge in interest rates.
While these arguments certainly hold some weight, the jury is still out on whether they can negate structural issues such as demographics (ageing populations), increased debt loads (essentially bringing forward future growth at the expense of the medium to long-term), and the newfound funded status of global pension funds (on account of higher discount rates lowering the future value of liabilities – which ultimately incentivises duration immunisation via buying long bonds).
Conclusion
In AUD bonds, given the upward-sloping shape of the yield curve, investors are still being paid for lending for longer.
Therefore the risk of taking longer duration bonds vs. the US for example is somewhat mitigated by the higher coupons on offer for a particular tenor.
Gradually increasing portfolio allocations to duration on value reduces the timing risk associated with the next turn down in rates, and in AUD at least, still earns higher income than shorter-dated bonds.