Shifting Gears - Moving to a Goals-Based Fixed Income Strategy
For traditional fixed income investors, much of the last 40 years have been a relatively enjoyable ride. This benefit has slowly evaporated over the past 10 years, as rates have plunged to near zero and now extreme market turmoil from the COVID-19 pandemic has put investors at a crossroads: high-quality, traditional fixed income will always be a crucial bedrock for investment portfolios but emerging from this crisis with extremely low – or even negative – government bond rates means this “insurance” might become more expensive. It’s no wonder, then, that many investors are viewing the fixed income implications of the COVID-19 crisis as existential.
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