Bloomberg Surveillance Tech Rebound Lifts Stocks Ahead of Shutdown Vote; 10 Years of Odd Lots
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Nov 12, 2025 In this engaging discussion, Russ Brownback, Deputy CIO of Global Fixed Income at BlackRock, highlights the nuances of fixed-income markets and the current affordability crisis in the U.S. He shares insights on credit quality and income-harvesting strategies. Rohit Chopra, an emerging markets equity portfolio manager at Lazard, captivates listeners with his analysis of the evolving economic landscapes in China and India. He underscores the compelling long-term investor opportunities in emerging markets and the structural innovations shaping their futures.
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Bond Bull Market Emerged In 2025
- Fixed income delivered equity-like returns in 2025 as rates fell and credit rallied.
- Russ Brownback says the year became an 'income harvesting' regime with tactical trading opportunities.
Shift Cash Into Longer Tenors
- Move cash into longer tenors as policy rates fall toward neutral and investors seek to lock in yields.
- Russ Brownback recommends harvesting income rather than chasing duration beta moves.
Credit Quality Good, But Highly Dispersed
- Systemic credit quality is strong but with meaningful dispersion across sectors and borrowers.
- Brownback says dispersion creates an ideal environment for picking individual winners and avoiding losers.