Fixed Income and Currency Strategist

Gautam Jain, PhD, CFA

Gautam Jain has over 25 years of experience covering global emerging fixed income and currency markets, both as a strategist and a portfolio manager. He has worked in buy-side and sell-side firms, including The Rohatyn Group (TRG Management), Barclays Capital, and Millennium Partners. He has helped manage emerging markets local-currency and hard-currency debt funds. The assets that he covers include currencies, interest rates, sovereign credits, and related derivatives. He specializes in portfolio construction, smart-beta index creation, and asset allocation. Mr. Jain holds a Ph.D. in Operations Research from Columbia University and is a CFA charter holder.

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FX & Rates

<ul>
<li>Long-End rates in Central European (CE) countries are close to the highest in five years due to inflationary pressures arising from overheating economies and highly negative real rates.</li>
<li>The spread between CE and the eurozone is close to its widest in at least a decade because, unlike the eurozone, these countries have been hiking rates aggressively.</li>
<li>The spread is a function of the inflation differential between the regions. With inflation peaking in the coming months and the eurozone yet to start hiking, the spread should narrow.</li>
</ul>


Long-End rates in Central European (CE) countries are close to the highest in five years due to inflationary pressures arising from overheating economies and highly negative real rates.
The spread between CE and the eurozone is close to its widest in at least a decade because, unlike the eurozone, these countries have been hiking rates aggressively.
The spread is a function of the inflation differential between the regions. With inflation peaking in the coming months and the eurozone yet to start hiking, the spread should narrow.


Alpha Bites: Receive Poland 10y Vs Pay Eurozone 10y Local Rate

PLN 10Y

Alpha Bites: Receive Poland 10y Vs Pay Eurozone 10y Local Rate