Fixed Income: Swimming Against the Flood of Global Liquidity

The long, slow process of US interest rate normalization will support fixed income assets but result in very low return outcomes for a prolonged period. Defaults are rising but should be limited, concentrated in the commodity segment. Emerging markets will become more attractive, and we expect a rebound in investor sentiment later in 2016. In Europe and Japan, earnings are benefitting from weaker currencies against the dollar. However, low yields are pushing investors toward the US market.

Read the 2016 Fixed Income Outlook to learn more about how global monetary policy will affect markets next year and where we seek incremental alpha.

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