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Duration Remains Unattractive, Says Veteran High Yield Bond Investor
Forward Guidance
Observations on the Recent Market Drawdown and Interest Rate Environment
The speaker reflects on the current market drawdown, attributing it to the shift from very low interest rates to higher rates, a change not seen since the mid-80s. They emphasize the importance of being cautious in this new environment and express skepticism about predicting market tops. The Federal Reserve's clear intention to hike rates until data signals a change is noted, with the expectation that they will communicate any plans to bring rates down. The speaker advocates for staying short in the market to avoid losses and plans to consider extending duration once the Fed signals a rate decrease.
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