Why these fund managers think the hiking cycle is done (and what it means for your investments)

Cast your mind back to December 2022 when the consensus among analysts was that 2023 would see an extension of the large falls in markets. The 40-year rally in government bonds which preceded last year's crash was ancient history and central bank rate hikes would keep equities down and yields higher for longer. 

Well, that hasn't panned out. Far from it. 

It's equities that are off to the races and bonds are comparatively lagging. In fact, the BlackRock investment returns map is showing that developed market government debt (ie US, Australian etc bonds) have returned just 1.2% for the year so far.

So where did it all go so flat for bond markets and what place do fixed income investments have in the modern, everyday investor's portfolio?

We're answering all those questions (and more) in the Signal or Noise fixed income show. And for the first time, the show comes to you from downtown Melbourne. Moderator Hans Lee has made the trip south and is joined by three market veterans. Between them, they possess over 70 years of experience in financial markets across a range of firms. 

• Charlie Jamieson, Co-Founder of Jamieson Coote Bonds and former co-head of rates trading at Bank of America Merrill Lynch
• Andrew Canobi, Director of Fixed Income at Franklin Templeton Australia and former PM at Deutsche Bank
• Tim Toohey, Head of Macro and Strategy at Yarra Capital Management and former Chief Economist at Goldman Sachs Australia/NZ

Note: This episode was taped on Wednesday 2 August 2023 at Franklin Templeton headquarters in Melbourne.