First Quarter 2024
Fixed-Income Sector Views
Table of Contents Portfolio Management Outlook..................................................... 2
Municipal Bonds ..............................................................................8
Macroeconomic Update................................................................. 3
Asset-Backed Securities and CLOs..................................................9
Rates ................................................................................................4
Non-Agency Residential Mortgage-Backed Securities (RMBS).... 10
Investment-Grade Corporate Bonds ............................................. 5
Commercial Mortgage-Backed Securities (CMBS) ........................ 11
High-Yield Corporate Bonds ...........................................................6
Agency Mortgage-Backed Securities (MBS) ..................................12
Bank Loans ..................................................................................... 7
Commercial Real Estate (CRE)........................................................13