A New Year rally in U.S. corporate bonds has started to lose some momentum, as some investors become skeptical of recent optimism about a 'Goldilocks' economic scenario of slowing inflation against a backdrop of moderate growth.
But this tightening spree may be nearing an end, said analysts and investors.
Behind the risk-on approach was optimism about the macroeconomic outlook: Easing inflation, accompanied by signs of a weakening but resilient economy, leading to a so-called soft landing where the Fed tames price pressures without pushing the economy into a recession. “There is a collision waiting to happen between market expectations of a Fed rate cut later in the year and the growing evidence of a global economic recovery that may keep inflation high so might not lead to a reversal in Fed policy,” said Bruce Clark, senior macro strategist at Informa Global Markets.
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