The European Central Bank and Federal Reserve have shifted toward more dovish stances. Scott examines the implications for our bond views. A clear message from European Central Bank (ECB) President Mario Draghi last week kicked off a dovish shift by major central banks–from patience to inching toward more stimulus. We see the ECB and the Federal Reserve likely to ease soon. Yet while market expectations for ECB easing appear reasonable, expectations for the Fed seem excessive. We believe government bonds still are key stabilizers in strategic portfolios amid rising macro uncertainty, but we are turning cautious on ... (full story)