• It is a truly global central bank easing cycle. All central banks, including emerging nations, are easing. And none more so than the Fed.
• We are not in a risk-on market, even though we have seen spreads retrace some of their widening. We won’t fight the Fed, but central banks provide liquidity, they don’t improve fundamentals in a recession.
• In Europe, we must have a resolution of the debt mutualisation question.
• The next steps come from rating agencies, who are acting more rapidly than in previous downturns, and EU governments, who must provide a growth path for 2021.

For all sectors of the fixed income markets, the key is Selection, Selection, Selection.

With our guests:

• Nicolas Forest, Global Head of Fixed Income
• Charudatta Shende, Head of Client Portfolio Management – Fixed Income