“You can’t eat spread, or spend spread, or pay pension benefits with spread. For those things, you need returns. Spreads have to be assessed to ensure they’ll be adequate to offset credit losses, but in the end, it’s the total return that matters.”
Howard Marks, co-chairman at Oaktree Capital Management
“Inflation is a monetary phenomenon, but a political problem.”
Peter Kent, portfolio manager at Ninety One
“What used to be often mentioned in the bond market is the idea of don’t fight the Fed is somewhat evolving into don’t fight the Treasury.”
Guneet Dhingra, head of US interest rates strategy at BNP Paribas
"Uncertainty is the enemy of growth"
Marie Antelme, economist at Coronation