Credit markets have been steadily expanding through the last decade as part of a global hunt for yield. At the same time, banks—having learned the lessons of the global financial crisis—have invested in conservative residential mortgages and 30-year government bonds. Both strategies are showing significant cracks, though, after a year of the Fed's most aggressive monetary tightening in decades has caused those securities to fall in value. Credit markets have never been more dubious for investors in the face of the ripple effects of rising interest rates. What is the credit outlook for the short and medium term, and where are we in the longer-term credit cycle? Can we find a new normal in a higher interest rate environment, and if so, what will be the right set of investment strategies for savvy investors? What will be the broader macroeconomic implications of this, and how can investors position themselves for both the best and the worst possible worlds?

Moderator

Staci Warden

CEO, Algorand Foundation

Speakers

Michael Buchanan

Deputy Chief Investment Officer, Western Asset Management Company

Richard Hunter

Chief Credit Officer, Fitch Ratings

Purnima Puri

Governing Partner, HPS Investment Partners

Christian Stracke

Global Head, Credit Research, PIMCO

John Vibert

Managing Director and President, PGIM Fixed Income