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Geopolitical tensions and higher oil prices increased dispersion across emerging markets debt, reinforcing the importance of selective, fundamentals-driven investing.

Geopolitical tensions drove a sharp reset in energy, rates, and credit. Yields rose as inflation and policy expectations turned more hawkish, while credit widened but stayed relatively resilient. The Broad Markets team believes markets are overpricing the inflation shock and central bank hawkishness while underpricing the growth shock.

The decarbonization push is entering a compelling global phase, but success is increasingly defined by selectivity rather than scale, says Morgan Stanley Infrastructure Partners’ Chris Ortega in a recent Infrastructure Investors interview.