Janus Henderson: Thoughts and Bonds - uncharted territory

The team believes that developed world central banks will act prudently as they reverse accommodative monetary policy, but an unintentionally coordinated unwind could pose significant risks to bond holders.

The Fed's tightening cycle is expected to remain gradual, but the team believes the number of forthcoming interest rate increases is set to fall between market and Fed expectations.

The team does not believe this is the time to engage in aggressive portfolio positioning, given few catalysts to drive spreads significantly tighter, but numerous threats to the downside.

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