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The Long View: China—The Indispensable Nation?
by Douglas J. Peebles, Eric Winograd of AllianceBernstein, 2/28/19

A generation ago, China had little influence beyond its borders. Today, its importance to the world economy rivals the United States’. China’s role in markets is growing, too: in April, it will join a major global bond index. The future may bring a freely traded Chinese yuan and a challenge to the US dollar.

Imbalance of Trade: What Trade Wars Mean for Market Stability
by Douglas J. Peebles of AllianceBernstein, 8/28/18

Reduced global trade may have the unintended consequence of strengthening the US dollar, raising interest rates and pushing down stock prices. Together with tighter Federal Reserve policy, these developments may increase market turbulence.

How to Keep Your Balance If Volatility Returns in 2018
by Douglas J. Peebles, Matthew Sheridan of AllianceBernstein, 12/13/17

The volatility bond investors expected when 2017 began never showed up. We suspect it will come out of hiding in 2018. With valuations stretched and monetary policy turning, investors will want to think carefully about which risks they take.

Dear Mr. Greenspan: A Bond Bubble? Really?
by Douglas J. Peebles of AllianceBernstein, 8/15/17

Reading the signs in markets can be tough. When he headed the Federal Reserve, Alan Greenspan missed early signs of a housing bubble. Now he’s warning of a bond bubble that’s about to burst. We disagree.

Two Approaches to Managing Volatility in High Yield
by Gershon Distenfeld, Douglas J. Peebles of AllianceBernstein, 2/15/17

These are uncertain times in markets, and that creates a dilemma for investors who need high levels of income but can’t stomach a high level of risk. We have a solution. Actually, we have two.

What Did We Learn About Bonds in 2014?
by Douglas J. Peebles of AllianceBernstein, 1/17/15
After a less-than-stellar 2013 for bonds, many investors were ready to turn their backs on the asset class. But many didn?t?and were rewarded for their long-term perspective.

Five Ways to Keep Out of the Bond Liquidity Trap
by Douglas J. Peebles of AllianceBernstein, 10/13/14
The good news is that liquidity risk is manageableand can even offer attractive opportunities, given the right time horizon. When liquidity dries up in one sector, it can be plentiful in another. If managed properly, it can be an additional source of returns. Here are five things investors can do to stay afloat.

What Weve Learned from Municipal Distress
by Douglas J. Peebles of AllianceBernstein, 5/22/12
Is the municipal bond market on the verge of collapse? You might think so, given the blaring headlines about a few big disasters in the last year. But as my colleague Joe Rosenblum explains below, poor decision making, not systemic issues, has caused the most serious problems. There is no question that state and local governments are facing financial hardship as a result of the weak economic recovery and its impact on tax receipts. But this is not the first time local governments have been challenged or have defaulted on their debt or filed for bankruptcy protection.

Rules of the Game Have Changed for Euro High-Yield Investors
by Douglas J. Peebles of AllianceBernstein, 5/17/12
Although we think financials will be a potential driver of volatility of high-yield returns in the coming year, were not suggesting that investors should shun the sector altogether. Its true that, in some cases, the expected returns may be outweighed by both systemic and idiosyncratic risks. For example, we might have a negative outlook on both a financial institution and the country in which it is domiciled. But in many cases, levels of country and idiosyncratic risk may be acceptable.
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