The pause before the pivot: positioning bond portfolios for an evolving policy landscape

Key takeaways

  • The dramatic reversal in central bank policy over the past year and a half has created plentiful opportunities in many segments of the bond market, as well as meaningfully higher yields.
  • With a pause from many of those same central banks either imminent or under way, now could be an opportune time for investors to revisit their fixed-income allocations—especially those riskier positions that seemed necessary in a lower for longer environment.
  • Time may be of the essence: While there may be more runway than markets currently anticipate, by the end of the year we could see a meaningful slowdown in developed economies, a shift to easing policies from central banks, and falling yields across the bond market.
Manulife Investment Management
Manulife Investment Management

Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto and Boston, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 19 countries and territories. Our private markets strategies include private equity and credit, real estate, infrastructure, timber, and agriculture. Responsible stewardship is integral to our business and culture, and we seek to be a global leader in creating long-term, sustainable, value for our stakeholders.

Amy Theuninck
Managing Director, Insurance Solutions
197 Clarendon St, Boston, MA 02116
United States

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