45: JP Morgan's Bob Michele - Yield inversion, Gold and Cryptocurrencies

Bob Michele is Chief Investment Officer and Head of the Global Fixed Income, Currency & Commodities Group at JP Morgan. At the end of every year, Bob writes a tongue-in-cheek blog post, handing out awards to various fixed income asset classes and events. We discuss yield inversion, gold, cryptocurrencies, MMT and more. * Please note that this recording was made before the coronavirus became a pandemic. Overview of Bob Michele Podcast: 1:30 How did you get into fixed income investing? 2:30 Annual bond awards blog post; heroes and villains 3:30 Last year's yield curve inversion; what does it mean? 6:00 Should we tier the official deposit rate to combat inversion? 8:30 How creative do you want your central banker to be? 10:00 Inflation, disinflation, how concerned should we be? 13:30 Emerging market bonds, China bonds and fixed income indices 16:30 Will China bonds remain niche in the foreseeable future? 22:30 Covenant light bonds; are lending standards dropping? 27:30 You named gold the currency of the year. Isn't gold just speculation? 30:00 "No yield is a pick up from negative yields" 32:30 Talking cryptocurrencies 35:00 View on MMT