Approfondimenti
Flexibility Will Be Key for U.S. Multisector Income
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2022 Outlook
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gennaio 18, 2022
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gennaio 18, 2022
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Flexibility Will Be Key for U.S. Multisector Income |
Boston – We believe 2022 will be a year of policy transition for U.S. bond markets, and that investors should prepare for higher volatility and higher interest rates. Below, we discuss several themes that support this outlook and the implications for U.S. fixed-income strategy.
Investment Themes
Lower, But Still Elevated, Inflation
The debate over whether high inflation will prove temporary or persistent has dominated the macro conversation for some time. We expect inflation to moderate from the late-2021 spike, as we believe global supply disruptions and durable goods demand — the two dominant factors leading the spike — may continue to ease. A new COVID-19 variant has clouded the picture, but nonetheless, we believe inflation will remain above long-term averages in 2022. Wages have been growing at their fastest pace in decades, and rents have increased over 10% nationally since October 2020. Both wage and rent inflation tend to be persistent components.
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Vishal Khanduja
Director of Investment Grade Fixed-Income Portfolio Management and Trading, Portoflio Manager - Eaton Vance Management
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