Lagarde in the July-hike camp causing some volatility – but should not shock markets. This follows the trend that Central Banks front-load rate hikes as long as long-term inflation expectations are still anchored at “relatively low” levels.
If front-loading is the price for credibility, which is difficult to negotiate at this stage, lower rated and growth-sensitive credit segments may underperform while IG may be at an inflection point.
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