The Future of Bonds in the US

I think the timing could be right to at least move parts of your portfolio in a defensive direction, which also means adding to bonds. We can also see how bonds perform again today with all of the turmoil surrounding regional banks. And let's see whether PacWest can cope with this sell-off on the back of the deal being struck between JB Bogan and the FDIC to buy the remaining of the first Republic bank. So to sum up, before we move to the Q&A session, we've moved from a scenario with benign liquidity trends in the US to a scenario where the conditions now favor a higher risk of shrinking liquidity consequently.