Investors face a world in which market volatility has eased but structural uncertainties remain, defined by shifting currency dynamics, evolving inflation paths, and a macro environment that is steady on the surface yet fragile underneath. This environment resembles an unstable equilibrium – stable enough to function, but likely sensitive to changes in global growth, policy direction, and geopolitical forces. Against this backdrop, fixed income markets offer potential for compelling value across credit, rates, and diversified strategies. At the same time, risk management remains essential, including with regard to liability-driven investment, while investors focusing on a responsible approach demand pragmatic persistence.
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