Amanda Lynam, Head of Macro Credit Research at BlackRock, and Sinjin Bowron, Senior Portfolio Manager at Beach Point Capital, dive into the complexities of credit markets in today’s uncertain environment. They discuss the implications of corporate credit spreads and the importance of risk assessment in volatile times. The duo also examines the influence of ETFs on investment strategies and economic indicators shaping the market landscape. Insights on adapting to bond yield changes in a weakening dollar provide valuable perspectives for investors navigating this challenging terrain.
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insights INSIGHT
Dollar Weakness Explained
Dollar's recent weakness reflects rebalancing from expensive levels, not loss of confidence.
Foreigners are adjusting asset allocations amid tariffs and sideways U.S. equity performance.
insights INSIGHT
Fixed Income Hedge Limitations
Bonds won't hedge equities as effectively due to yield curve changes and rebalancing.
Short duration bonds remain favorable as longer term yields face upward pressure.
insights INSIGHT
Navigating Market Dispersion
Market volatility arises from diverse economic forecasts and trade uncertainty.
Barbell strategy with shorter duration and selective high yield favored amid slowdown fears.
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Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 30th, 2025 Featuring: 1) Amanda Lynam, Head of Macro Credit Research at Blackrock, joins for an extended discussion on her weekly global credit report and discusses corporate credit spreads and signals from the bond market. Uncertainty continues to be the main theme across the investing world. Veteran emerging-markets investor Mark Mobius said he’s keeping 95% of his funds’ holdings in cash as he waits out the trade-related uncertainty. Hedge funds are reluctant to make major bets amid the turmoil, with the only significant shift in positioning in April being increased bets against US stocks, Bloomberg reported. 2) Jim Caron, CIO of Cross Asset Solutions at Morgan Stanley Investment Management, talks about whether the dollar and US treasuries are still safe havens and how he tries to contextualize that discussion. In a broader look at the economy, real GDP likely slowed to a standstill in the first quarter as President Trump’s policy shifts disrupted activity, according to Bloomberg economists. 3) George Goncalves, Head of US Macro Strategy at MUFG Securities Americas, joins to discuss economic fundamentals and incoming eco data and how that, possibly more than policy, will shape markets in the coming months. Stock drifted in early trading as investors await a busy day of earnings and macro data on the final session of an exhausting month. Mag 7 results, GDP and inflation numbers are potential catalysts for market direction. 4) Sinjin Bowron, High Yield Bond and Senior Bank Loan Portfolio Manager at Beach Point Capital, discusses leveraged credit markets, opportunities and challenges amid widening uncertainty, and other signals from the bond market. US Treasuries held recent gains as traders awaited data on inflation and economic growth, as well as the debt management team's plans for sales in the $29 trillion market. 5) Callie Cox, Chief Market Strategist at Ritholtz Wealth Management, brings us into the market open and talks about allocating and staying the course in a slowing economy. Economic data due this week includes inflation and gross-domestic-product data, which will provide a snapshot of US economic activity before President Trump's trade policy shifts.
Bloomberg Surveillance 
