Recent developments have global reach and could create more enduring market impacts.

A potential default in China and shifting policy in Europe have been key developments in an environment of volatility and higher yields that is likely to persist into the fourth quarter. The Neuberger Berman Global Fixed Income team believes that investors should focus on reorienting portfolios in light of the “two-way” investment environment that will likely emerge in 2022. This report provides details on their views.