Michele: Lessons learnt from three decades in bond markets

JPMAM manager reveals concerns for high yield and the future of the central bank model

Bob Michele is the global chief investment officer of J.P. Morgan’s fixed income and currency group. He oversees $140bn for the firm and also manages the £204m JPM Strategic Bond fund with Nick Gartside, which has returned 3.9% in the year to 15 September, ranking it in the top quartile of the £ Strategic Bond sector, according to Morningstar. Here he describes the lessons he has learnt from three decades investing in bond markets, why the dollar is set for a strong run, and why the high-yield market is giving him cause for concern.   When we look back, how significant will this per...