Episode 45: JP Morgan’s Bob Michele

Yield inversion, Gold and Cryptocurrencies

Bob Michele is Chief Investment Officer and Head of the Global Fixed Income, Currency & Commodities Group at JP Morgan. At the end of every year, Bob writes a tongue-in-cheek blog post, handing out awards to various fixed income asset classes and events. In this podcast, we discuss his post and we talk about yield inversion, gold, cryptocurrencies, MMT and more.

* Please note that this recording was made before the coronavirus became a pandemic.

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Overview of Bob Michele Podcast:

1:30 How did you get into fixed income investing?
2:30 Annual bond awards blog post; heroes and villains
3:30 Last year’s yield curve inversion; what does it mean?
6:00 Should we tier the official deposit rate to combat inversion?
8:30 How creative do you want your central banker to be?
10:00 Inflation, disinflation, how concerned should we be?
13:30 Emerging market bonds, China bonds and fixed income indices
16:30 Will China bonds remain niche in the foreseeable future?
22:30 Covenant light bonds; are lending standards dropping?
27:30 You named gold the currency of the year. Isn’t gold just speculation?
30:00 “No yield is a pick up from negative yields”
32:30 Talking cryptocurrencies
35:00 View on MMT

About the [i3] Podcast

The [i3] Podcast is a conversation with some of the leading institutional investors around the world, discussing their philosophy towards investing, in particular towards portfolio construction and investment strategy. The [i3] podcast is available on iTunes, Google Podcast, Spotify, Stitcher or your favourite podcast platform.