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Alternative Market Briefing

Despite fed denials, fiscal policy may be nearing an inflection point

Wednesday, July 03, 2013

Bailey McCann, Opalesque New York:

Letters out today from two funds indicate that fiscal policy, at least in the US may be at an inflection point despite recent denials from the Federal Reserve. The newest GAM Insight letter, highlights the rapid June sell off that followed the first indications of tapering from the Fed. Those comments have since been denied from other Fed leaders, as a misinterpretation, but as the GAM letter notes - June was the first negative performance month for the year for aggregate hedge funds. This viewpoint was echoed by quant fund Chahine Capital, in their strategy outlook. As Opalesque reported earlier today, the HFRX Global Hedge Fund index finished June 1.4% lower, bringing year-to-date performance to 3.1%.

"We are about to enter an unknown, post-QE world. The market has digested only the start of the QE tailing-off process, but the mini-crash that hit bond prices has already ended a year-long slide in yields. Bonds with maturities of 10 years or more have lost more value than equities on a 12-month view. Mr Bernanke has effectively reminded the world that financial markets are risky, something that many investors had forgotten in the midst of this year's stock market rally," writes Jacques Chahine, Chairman, C......................

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