Fixed Income Conversation Corner with Lindsay Rosner (GSAM) and Leslie Falconio (UBS CIO)

With AG yields near 5%+ and Fed hikes likely nearly done, both guests see an asymmetric, favorable setup for bond investors.

• AG posted -2.21% YTD: The Bloomberg US Aggregate (duration ~6 years) hit minus 2.21% through Q3 but has bounced back since September amid a sharp yields-higher move not seen since 2002.
• 5%+ yields historically favor bondholders: Rosner notes that when the AG's yield-to-worst has started near 5.5%, investors historically earned that yield or more over subsequent periods.

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