The Fed’s Swap Lines During the Crisis: Lender of Last Resort on a Global Scale
A decade after the worst of the Global Financial Crisis (GFC), Nathan Sheets, PhD, former director of the Division of International Finance for the Federal Reserve Board, looks back at the instability of the global financial system and details the role of the Federal Reserve as the international lender of last resort.
Argentina: Lingering Vulnerabilities in the Face of Uncertainty
The paper describes how the volatility in Argentine markets developed, the uncertainties that lie ahead, and PGIM Fixed Income’s positioning across hard currency bonds, local debt, and FX.
Free Falling Turkish Lira—What’s Next?
This paper by Jurgen Odenius, Economic Counsellor, Macroeconomic Team, PGIM Fixed Income, explores how, without comprehensive policy action, the free fall in the lira is likely to continue and risks unleashing a full-blown run on the banks and the $147 billion in resident dollar deposits. In principle, the policy options are clear but, as so often, all are politically costly, although to different degrees.
First Hand Perspective on Sub-Saharan Africa
As major central banks continue to withdraw policy accommodation, the sustainability of the external debt accumulated by frontier markets—particularly Sub-Saharan Africa—has come into question, prompting Giancarlo Perasso, Lead Economist, PGIM Fixed Income, to visit the region. In this video, Perasso provides his assessment of the fundamentals in Angola, Kenya, and Zambia and how our positioning aligns with these views.