After enduring the post-global financial crisis environment of historically low interest rates and unattractive relative returns, investors have since seen a major shift in the interest rate complex as yields have reset higher following a period of strong growth and high inflation. When combined with unusually high macro and geopolitical uncertainty, it's no surprise that investors resorted to the comfort of higher yielding cash.
However, as central banks seek to tame inflation, opportunities exist for investors to move out of their cash investments and into fixed income where they'll find higher yields without the need to take on excessive risk.
PGIM Fixed Income's webcast discusses these relative asset class valuation shifts and why we believe fixed income—and spread products in particular—could benefit from such asset class rotations.
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