The Unconstrained Team - Is There a Recession?

Kelsey: I think a lot of people get mixed up and they don't recognize that leverage looks better today. So we have an allocation to credit, but we prefer to have it in investment grade over high yield. And tying it back to this view that the Fed is going to be concluding its rate hiking cycle soon and yields are likely to peak around that same time. We're trying to increase the duration of our portfolios and buy bonds to help us do that.