Real Return XI: The Inflation-Linked Products Conference

On Wednesday 6 September, Euromoney Conferences returned to New York for the 11th Real Return: Inflation-Linked Products Conference. Welcoming over 150 inflation-linked investors, issuers and financial intermediaries, the one day conference continued to explore the key issues and opportunities in this fluctuating market.

This year, once again, we were extremely pleased to have the support of the US Treasury with Monique Rollins, Acting Assistant Secretary from the Office of Financial Markets delivering the opening keynote address at the conference, highlighting the Treasury’s TIPS issuance strategy for the year ahead. The morning continued with two further lively and interesting keynote addresses from Stephen Gallagher, Managing Director and Chief US Economist at Societe Generale and Michelle Meyer, Head of US Economics at Bank of America Merrill Lynch. Discussing the risks of China, geopolitics and commodities on US inflation and evaluating how close the US economy is to full capacity, the audience gained valuable insight into the macroeconomic factors that may influence their investment strategy.

Throughout the day, the conference hosted three panel discussions. The first of which covered macroeconomic shocks and the impact on inflation, the second looked at the role of inflation-linkers in asset allocation, and the third delved into the TIPS market and its alternatives. Inflation experts from APG Asset Management, Bank of America Merrill Lynch, Eurasia Group, GMO, Goldman Sachs, New Century Advisors, Societe Generale, UBS and Vanguard, shared their expertise and opinions with our high-level audience.

As the day continued Euromoney welcomed lead sponsors, Bank of America Merrill Lynch and Societe Generale, to the stage for their 45 minute workshops on trading the policy makers and the recent path of US inflation and the implications for the TIPS market respectively. After lunch, two further keynote addresses took place: Richard Clarida, Global Strategic Advisor from PIMCO discussed inflation expectations, Fed signals and investment outlook and David Mericle, Senior Economist, US Economics from co-sponsor Goldman Sachs, exploring technology, demographics and the impact on inflation models.

Like last year, participants also had the opportunity to join in with the discussions in our new target table format. Six tables, each with ten participants and hosted by our sponsors, discussed six different topics and highlighted their conclusions to the rest of the audience. Participants were also able to get more involved this year using the new conference app allowing delegates to vote in panel polls and ask questions to the moderator as the discussions took place live on stage.

The conference came to a close with our annual post conference drinks reception. With over 70 members of the audience in attendance, delegates chatted with new clients and reconnected with old friends in this yearly tradition at this event.

Euromoney would like to thank all our sponsors, speakers and delegates, without whom the event would not be possible. We look forward to returning to New York in 2018 for the 12th Real Return: Inflation-Linked Products Conference and seeing you all there.