2020 has been an extraordinary year for many reasons. We expect (hope) 2021 to be more subdued as acute tail risk due to COVID-19 and the U.S. elections fade into history and global economies return to “normal.”
However, better economic fundamentals may prove a challenge for fixed- income investors if interest rates also normalize—meaning move higher. In short, we expect 2021 to be a year where we pursue “protecting capital and maximizing income” in fixed-income portfolios.
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