Unlike in equity markets, the largest price movements in bond markets can be attributed to readily identifiable information events. These events are the scheduled arrival of macroeconomic announcements, such as the non-farm payroll number in the United States and the Purchasing Managers’ Index in many other countries. There are many such scheduled announcements around the world. This course will explain which announcements are the most important ones and how the whole yield curve reacts to them. It will also explain how these reactions spill over into the currency markets. Finally, the course will explain why the yield curve reacts the way it does.
- Understand the most important information events in the bond market
- Understand how markets watch for and react to certain announcements
Prof. Eli Remolona sits on the Board of Directors of the Bank of the Philippine Islands and is an Adviser to the Academy of Finance in Hong Kong. Prior to joining ASB, he had long careers at the Bank for International Settlements and the Federal Reserve Bank of New York. He has taught at Williams College, Columbia University and New York University and has been an Associate Editor of the International Journal of Central Banking since 2005. Eli holds a Ph. D in Economics from Stanford University.
ELI REMOLONA Professor of Finance Director of Central Banking
Gabriele Ciminelli is Assistant Professor at the Asia School of Business (ASB) and Research Affiliate at MIT Sloan. His key expertise is in macroeconomics, international finance and political economy. His scholarly work touches a variety of topics. He has analysed issues ranging from the distributional consequences of labor market deregulation reforms to the response of global investors to central bank unconventional policies. Gabriele’s work is very applied. He has contributed to various policy reports. He is also a regular writer of blog posts and op-eds. Gabriele joined ASB in August 2019. Prior to joining ASB, he worked for three years at the International Monetary Fund, where he was Projects Officer at the Research Department Gabriele obtained a Ph.D. in Economics from Tinbergen Institute and University of Amsterdam (the Netherlands) in 2018. Before engaging with economics, he also studied politics. He holds a M.A. in International Relations from Bologna University (Italy).
GABRIELE CIMINELLI Assistant Professor of Finance and Economics
Investors in bond markets, treasurers of financial institutions