Asks about investor concerns with the new US administration's tariff regime and what has changed in recent months.
Jennifer
Bhaskar Laxminarayan
We are in a world where countries are looking more internally, leading to a structural shift in global trade. The terms of trade will change significantly across multiple partners.
Pivots to the Fed decision, asking what he is focused on beyond the expected cut.
Jennifer
Bhaskar Laxminarayan
Expects a 'hawkish cut'—they will cut but give reasons why future cuts will be delayed or be highly data-dependent.
Asks if this affects his duration positioning in the US and elsewhere.
Jennifer
Bhaskar Laxminarayan
Prefers being slightly short duration. The preference is to buy private sector credit over government bonds.
Asks where he is focusing for 2026—still the US or other markets—given potential central bank divergence.
Jennifer
Bhaskar Laxminarayan
We are becoming a multi-polar world. Portfolios should be more diversified away from concentrated US exposure towards the rest of the world.
Asks about dollar exposure.
Jennifer
Bhaskar Laxminarayan
The dollar might go down, most likely in stages. He doesn't want to bet against it with another fiat currency except maybe the Swiss Franc.