Despite economic and monetary policy uncertainty, we believe the potential upside from earning today’s historically high yields outweighs the possible risk from rates moving higher as we consider bond market investment ideas for 2024. In our view, various dislocations in higher-yielding credit markets could offer compelling opportunities for asset owners in 2024, with a goal of pursuing yield and total return in a manner that is as efficient and risk-controlled as possible. We also think it is important for investors to stay flexible and to consider the entire global opportunity set to best take advantage of the uncoordinated, uncertain nature of the global cycle.