As uncertainty around U.S. trade policy continues to shape the landscape for risk assets, a complex picture emerges for investment grade credit in 2025—but what does the future hold?

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After a volatile start to the year, we see opportunities as markets focus on President Trump’s deregulatory agenda, tech’s unrelenting rise, and Europe’s defense surge.

As investors wait for additional clarity on trade and fiscal policy, we offer six themes we think will drive fixed income markets in the second half of the year.

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The economy’s impressive resilience has helped markets shake off fiscal and geopolitical uncertainties. But while it’s business as usual for some sectors, others are facing a panoply of new challenges, compounded by the accelerating AI revolution. Our experts take a look at how to play this complex new landscape.

Markets are holding steady despite mounting uncertainty, as investors, the Fed, and corporate America wait for clarity on fiscal policy and the direction of the economy.

Value investing is often synonymous with finding ‘cheap’ stocks. But cheap doesn’t always mean a bargain. We go beyond traditional valuation measures using a more expansive framework to target attractively valued companies through both a value-creation and quality lens.

We are closely monitoring developments, but our base case is a minimal economic impact, especially with the Fed able to support growth with rate cuts.

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