FYI: The fixed income era now ending could be summed up this way: much lower rates, but much greater size and complexity. A flood of issuance in credit and emerging market debt has greatly expanded the market. New cross-currents created by historic injections of central bank liquidity – as well as by demographics, technology, and regulation – have made it more complex. A transition is under way as monetary policy normalizes, liquidity ebbs, and bouts of volatility are roiling the market. The implications for fixed income investors are significant.
Regards,
Ted
https://www.institutionalinvestor.com/article/b1bhwt7rktfkcc/A-Time-of-Transition-for-Fixed-Income
