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At what point are deficit spending and debt monetization tantamount to Modern Monetary Theory, which effectively posits that ‘deficits don’t matter’ for reserve currency issuers? Will the push to leverage major central banks for purposes well beyond exchange rate and price stability finally revive long-dormant inflation once COVID-19’s deflationary impact abates?

5 Fixed Income Trends to Watch in 2021
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The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.


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High yield bonds may offer higher yields in return for more risk exposure.


Any securities, sectors, or countries mentioned are for illustration purposes only. Holdings are subject to change. Under no circumstances does the information contained within represent a recommendation to buy or sell any security.


A bond credit rating assesses the financial ability of a debt issuer to make timely payments of principal and interest. Ratings of AAA (the highest), AA, A, and BBB are investment-grade quality. Ratings of BB, B, CCC, CC, C and D (the lowest) are considered below investment grade, speculative grade, or junk bonds.

Please join Jeff Klingelhofer, Thornburg co-head of investments and David Ashley, portfolio manager on Thornburg's municipal bond team as they discuss the fixed income landscape and five things investors should be looking for in 2021.