TO SAY this has been an interesting year in financial markets is an understatement. Equities have been stronger than most expected, and the 10-year US Treasury yield is up 40 basis points (bps) as of Sep 13.
So where are we now, as we head into the home stretch of 2023? I believe we are on the cusp of a major transition, during which long-term investors can find attractive income opportunities as central banks pivot from restrictive monetary policy to something that looks much more benign.
Last year was shocking to many in the investment community: It marked the first time in at least 45 years that stocks and bonds both posted negative returns in a calendar year.
Battling high inflation, the US...
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