Peak opportunity in the toughest of times

Marathon Asset Management's Bruce Richards shares his expectations for the 2023-24 credit cycle.

The credit markets today represent one of the most anomalous investing periods since the advent of the high-yield bond market in the 1980s. Persistent inflation and higher interest rates have created significant challenges for companies, corporate earnings outlooks and creditworthiness. 

Bruce Richards, Marathon Asset Management

The US Federal Reserve and other central banks have embarked upon a policy path of tightening financial conditions to fight inflation, collectively raising rates at the most aggressive pace in recent history.

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