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Quarterly Economic Report, Q2 2022
Key takeaways
The SVB Asset Management Economic Report is a quarterly review and outlook on economic and market factors that impact global markets and business health.
01
Interest rates are rising, and monetary policy has shifted
Strong employment data and inflation concerns has led to the Fed’s tightening of monetary policy.
02
Geopolitical concerns affect global markets
The Russia-Ukraine conflict has added uncertainty and further inflationary pressures.
03
Inflation concerns and supply/demand imbalances remain
Inflation continues to hit multiyear highs and could remain elevated in the medium-term.
Inflation
Inflation continues to run hot with the March 2022 CPI YoY reaching 8.5%, and Core PCE rising to 5.2% on a YoY basis.
Global Central Bank Expectations & OIS* Forwards
US markets expect seven or more rate hikes in 2022. Global central banks are hawkish in an effort to slow inflation.
US Corporate Bond Index Spreads to Treasury
The credit risk premium between US Treasuries and corporate bonds has widened since the start of the Russia-Ukraine war.
Global and Domestic Short-Duration Bond Yields
Global bonds were affected by the conflict in Ukraine, while short-duration yields are pricing in multiple rate hikes.
Written and researched by SVB experts
Jason Graveley
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Senior Manager, Fixed Income Trading
Jason Graveley and his team are responsible for carrying out investment strategies for numerous separately managed portfolios.
Jeff Probst
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Portfolio Manager
Jeff Probst and his team are responsible for the overall strategy, security selection and risk management of client portfolios.
Jon Schwartz
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Senior Portfolio Manager
Jon Schwartz and his team are responsible for the development and execution of the strategy, security selection and risk management of client portfolios.
Jose Sevilla
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Senior Portfolio Manager
Jose Sevilla calls on more than two decades of experience in financial services to analyze, structure and monitor fixed-income portfolios for his clients.
Timothy Lee, CFA
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Senior Credit Analyst
Tim Lee researches and recommends fixed-income investments in the corporate, municipal, sovereign and securitized product sectors.
Thomas O'Keefe, CFA, CAIA
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Head of Investment Strategy
Thomas O’Keefe is the Head of Investment Strategy for Silicon Valley Bank’s Wealth Advisory Group, responsible for portfolio construction, manager due diligence and market insights.
Ivan Asensio, Ph.D.
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Head of FX Risk Advisory
Ivan Asensio is responsible for delivering strategic risk management advice to clients through direct and iterative dialogue and tailored consulting engagements.
Kyle Lojek
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Fixed Income Trader
Darrell Leong
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Managing Director, Head of Investment Research
Darrell Leong leads a team of analysts and oversees the research process that includes the corporate bond, asset-backed securities, and sovereign debt sectors.
Steve Johnson
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Portfolio Manager
Steve Johnson and his team are responsible for the overall strategy, security selection and risk management of client portfolios.
Christi Fletcher
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Senior Portfolio Manager
Christi Fletcher and her team are responsible for the overall strategy, security selection and risk management of client portfolios.