In this week’s episode, hear Andrzej Skiba explain how expectations need to be reset after the rally to end 2023, but that opportunities abound.    Summary points:The sharp market rally has investors rethinking future return expectations. Significant rate cuts are priced in. When assessing market projections for early rate cuts, we see room for disappointment. On average, Investment Grade, High Yield and MBS spreads look uninspiring. We see plenty of opportunities to generate alpha in attractively-priced opportunities and dislocated idiosyncratic credit stories. 

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