News and Insights

Fixed Income Investment Outlook: A Winding, Downward Path

While inflation remains a stubborn issue, the softening economy suggests that developed-market monetary easing could start sometime this year.

Asset Allocation Committee Outlook: Flows and Fundamentals

"With cash rates priced to decline substantially, we think it is time to deploy liquidity, locking in bond yields and seeking out value in the equity market."

Fixed Income Investment Outlook: As Inflation Fades, Focus on Growth

Central bank actions could take a backseat to growth trends in pricing bonds

Asset Allocation Committee Outlook: Higher for Longer, Longer the Stronger

“Savings depletion and weakness among small-cap and regional bank stocks suggest that the U.S. economy may not be as strong as it seems.”

Fixed Income Investment Outlook: Staying Airborne

Slowing growth could still be enough to avoid a hard landing; look to yield for total return.

Asset Allocation Committee Outlook: Engine Running, Shifting to Neutral

In the face of conflicting signals from our short- and medium-term outlooks, our Asset Allocation Committee is adopting more neutral views.

Fixed Income Investment Outlook: Last Mile for Tightening

With tightening nearing an end but policy rates likely to remain elevated, we currently favor shorter durations, quality and attention to underwriting.

Asset Allocation Committee Outlook: Paid to Be Patient

It may be time to plan the journey back to risk, but not yet time to act—peak rates could still be disruptive, and they pay investors for proceeding carefully.

Fixed Income Investment Outlook: A Sharp Turn

Risk/reward for many fixed income sectors has been shifting.

Asset Allocation Committee Outlook: From Policy Risk to Recession Risk

Markets have rallied, but the Asset Allocation Committee expects volatility to persist amidst slowing growth and uncertain paths for inflation and central bank policy.

Fixed Income Investment Outlook: Reducing Altitude

As inflation recedes, focus on quality and security selection.

Solving for 2023

Our senior investment leaders discuss their market and investment themes for the coming year.

Asset Allocation Committee Outlook: Tighter Conditions Begin to Squeeze the Economy

As the economy slows, an epic climb in short-dated rates and bond yields appears to have shocked investors into accepting the prospect of stickier inflation, but they still seem reluctant to price for substantially lower earnings.

Fixed Income Investment Outlook: Policy Stays in the Crosshairs

Despite volatility, the basic storyline of inflation and the Federal Reserve should continue to drive market behavior.

Asset Allocation Committee Outlook: Into the Inflationary Slowdown

As inflation persists and recession risks rise, our Asset Allocation Committee sees more yield potential in fixed income and favors commodities for ongoing inflation exposure, but remains cautious in equities.

Fixed Income Investment Outlook: Building Value as Conditions Tighten

We anticipate resilient fundamentals, but also volatility tied to inflation and higher short rates.

Solving for 2022: Entering a New Age

Our senior investment leaders look to the coming year in the global economy and markets.

Non-IG News: Leisure & Entertainment Sector Update

(3:27) Non-IG Leisure and Entertainment Sectors Update

Non-IG News: Earnings Trends in Non-IG Credit

(3:47) During the early stages of the pandemic, most market participants and company managements were very concerned about the impact from mandated shutdowns and shelter-in-place orders on company revenues and bottom line results.

Non-IG News: Record High Yield New Issuance in a Pandemic?

(4:47) Despite the COVID-19 pandemic and a significant contraction in global GDP, the High Yield Market has seen record levels of new issuance in recent months.

Comfort and Distress

The extreme bifurcation between winners and losers in the post-pandemic world could set up two very different potential value opportunities in high yield.

Flexibility and Fundamentals

The new environment of zero rates and higher credit market volatility calls for a new approach to durable income investing—one that can go anywhere, but remains anchored in bottom-up conviction.

Global Corporate Credit ESG Engagement Report

Environmental, social and governance (ESG) factors continue to impact the global credit markets. This year, our Credit Research and ESG Investing teams explored engagement issues, labor relations, health and safety, climate change and long-term business strategy.

Fixed Income Update – September 2020

(4:22) In this brief update, Ashok Bhatia, Deputy CIO—Fixed Income, provides an overview of the developments within Fixed Income markets and the outlook for what’s ahead.

Global High Yield Market Update – March 2020

(4:14) In this video update from Senior Portfolio Manager Vivek Bommi, we review conditions across global non-investment grade bond markets and offer our outlook for the asset class.