22 NOV 2021
Macro uncertainty with the fifth wave COVID resurgence in Europe, sentiment deteriorated for risky assets and re-opening themes
Lagarde emphasized on subdued pricing pressure once supply chain bottlenecks ease; rates retraced from earlier CPI overshoot; long end rates volatility less reactive to inflation print
Muted investor activities amid looming low liquidity holiday season and many outstanding downside macro risks; appetite for high beta new issue bonds less than usual
Most 2022 outlook publications calling for cautious positioning in credit, our portfolio waits patiently in the same camp
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