Five fixed income themes for the rest of the year

  1) What expectations do you have for markets from here until the end of the year? Valuations, particularly in the credit market, are very appealing. In the U.S. we are seeing spreads that imply we are heading towards a recession, something we do not see happening. Yes, we expect lower growth but no major accident. We see some growth in Europe and we see global industrial production holding up well. On top of these, there are the tailwinds of accommodative monetary policies from the European Central Bank (ECB) and a slower than anticipated pace of US rate hikes. So, if rate...