Fixed Income Asset Allocation Insights - Volatility May Persist, But Don’t Discount Opportunities

Credit spreads came under pressure in November from issues plaguing markets throughout the year — geopolitical worries about Italy and Brexit, expectations of slower growth and inflation, US-China trade tensions, and a hawkish Fed.

While we see potential for additional volatility in coming months, valuations have reset wider and we continue to find attractively priced credits in investment grade, high yield, and emerging markets debt in the context of a benign default backdrop, strong corporate earnings, and a possible midcycle Fed pause.

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