Fixed income strategy: 2024 outlook – pick your battles

  • Commencement of Fed cutting cycle should support EM assets but with risk that path is more hawkish than markets expect

  • Frontiers remain vulnerable but default wave is unlikely; risks from China slowdown, busy election cycle and geopolitics

  • BBB and CCC-rated EM credit likely to outperform B and BB-rated peers; local currency offers idiosyncratic opportunities

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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").

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