Bank Loans Can Play Both Offense and Defense in an Uncertain Environment

The US Federal Reserve re-embarked on unwinding its zero interest rate policy at the end of 2016, with additional rate increases expected for 2017 given steadily stronger key US economic indicators.

The US recovery, however, remains largely uneven, while markets such as Europe and China face mounting challenges. As such, we anticipate that rate changes will continue to be gradual with smaller, uneven increases over multiple years — unlike the rate hike cycle that started in 2004, when rates went up 425 basis points in just two years.

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