High Yield Flying at a Lower Altitude

U.S. High Yield was the best performing bond sector in Q1. Despite the recovery, high yield remains below its peaks relative to Treasurys and investment grade corporates. We favor the middle of the credit spectrum, as lower grade credits continue to underperform amid weak inflows and uncompelling valuations. But rising liquidity and low volatility create a great environment for carry. We remain neutral on high yield and credit generally.

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