US Credit: US Credit Markets one week after the Fed rate hiking cycle began

One week ago the Fed began raising interest rates, signaling a more significant tightening path than previously anticipated, and yet US credit markets rallied strongly afterwards.  In this discussion we review the performance and trends before and after the Fed meeting for the Investment Grade, High Yield, Leveraged Loan and CLO markets.  There has been a strong divergence in returns, fund flows and bond issuance across these markets YTD which we discuss.  Our outlook for returns from now until year-end is positive across all four markets, with High Yield expected to lead and CLOs lag.  Eric Beinstein (Head of US Credit Strategy) moderates the discussion, with Nelson Jantzen (High Yield and Leverage Loan Strategy), Rishad Ahluwalia (CLO Strategy) and Nathaniel Rosenbaum (High Grade Credit Strategy).   Speakers Eric Beinstein, Head of US Credit Strategy Nathaniel Rosenbaum, High Grade Credit Strategy Nelson Jantzen, US High Yield & Leveraged Loan Strategy Rishad Ahluwalia, Securitized Products Research   This podcast was recorded on March 23, 2022. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2021 JPMorgan Chase & Co. All rights reserved.