Wednesday, February 2nd, 2022 A biweekly topical newsletter from CIO Fixed-Income A newsletter for institutional investors, spotlighting fixed income. Newsmakers El-Erian: Fed’s Powell Is Keeping Investors in the Dark The chair of the central bank missed his chance to clarify its tightening plans, an economist laments. In-Focus How CLOs, Despite Seeming Risky, Got to Be So Popular In a triumph for structured finance, these packages of junk loans have up to now confounded any perils. Regulation The Fed Isn’t Planning to Lift Rates High Enough, Says Summers The central bank seems too timid to really dampen today’s high inflation, the former Treasury secretary warns. News Private Credit: Too Risky? Not for Asset Allocators Moody’s takes a dim view of direct lending, but the asset’s safety record is pretty good. Asset Allocation Junk Bonds Will Return as Much as Stocks in 2022, Says Northern Trust Outpaced last year, high yield is in solid shape at a time when stocks may come back to earth, the firm argues.   Risk Siegel: Fed Will Hike Rates Soon, Slamming Stocks The longtime market bull warns that inflation will bring tighter policy and end the equities party. Did someone forward you this newsletter? Sign up here to get Chief Investment Officer Spotlight directly in your mailbox!

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