Market commentary

Amid the emergence of significant regional and global bank stress, fixed income volatility spiked in March as the MOVE Index rose to levels last seen in 2008.

In a remarkable turnaround from last year’s pervasive negativity, credit markets rallied strongly in January.

Credit market performance diverged in December. High yield bonds started the month higher on optimism that inflation may be cooling before hawkish Fed rhetoric weighed on the asset class over the latter half of December.

Markets broadly rallied once again in November on early signs inflation may be cooling and the Fed may soon slow its aggressive pace of rate hikes.

Credit rallied last month alongside broader markets. High yield rose 2.85% while floating rate senior secured loans gained 1.03%.

Markets were gripped with volatility once again in September. Stubbornly high inflation, hawkish Fed rhetoric and poor earnings results in certain economic bellwether stocks weighed on markets with little reprieve.