May 2013: Multimedia - ING US Fixed Income Credit Markets Review and Outlook
The market has remained remarkably resilient in the face of weaker macro data. With earnings season coming to a close, there is a risk that investors focus more closely on macro and geopolitical headlines but we are inclined for now to give the market the benefit of the doubt again given the muted volatility in spreads this year.
May 2013: Multimedia - ING US Fixed Income Review and Outlook
Despite uneven economic growth and the occasional headline risks, global central bank accommodation should continue to support the northward climb of equity and fixed income markets for the balance of 2013. For global investors searching for attractive currency-hedged yields, our bias is to ride the liquidity wave in favor of global credit risk, favoring such sectors investment grade corporates, U.S. non-agency RMBS and CMBS.