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1 minutes to read by  BlueBay Fixed Income team, A.Skiba, CFA Apr 22, 2024

Many investors held high hopes for a Goldilocks scenario of slowing inflation, a soft-landing and economic growth supported by lower rates.  But sticky inflation and a robust economy have frustrated those market participants looking for easier monetary policy.  Despite valuations looking less appealing than they once were, active investors can still find attractive opportunities, says Andrzej Skiba, Head of U.S. Fixed Income and BlueBay Senior Portfolio Manager at RBC GAM.

Key points:

  • Quite a lot has changed in terms of rate expectations since the beginning of the year.

  • The reality in the data is that there is no evidence that the US economy needs lower rates any time soon.

  • We continue to be more cautious on the outlook for longer-dated bonds.

  • Commercial real estate is a sector that has created market volatility and may suffer in a  “higher for longer” scenario.

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