Episodes
![The latest in capital markets and the ETF industry – Andrei Bruno](https://pbcdn1.podbean.com/imglogo/image-logo/4341375/Fidelity_Connects_podcast_tile_ENG_1400_n9xq5f_300x300.jpg)
Tuesday Oct 10, 2023
The latest in capital markets and the ETF industry – Andrei Bruno
Tuesday Oct 10, 2023
Tuesday Oct 10, 2023
Today on the program, we welcome back director of ETFs Andrei Bruno. Andrei gives us an overview of the capital market playbook for the rest of 2023. Some key highlights he points out is If the Fed continues to raise rates while the Bank of Canada is still on hold and we continue to see a widening in interest rate differentials, U.S. is our number one trading partner so we may import more inflation from that FX mechanism. Andrei’s financial background is in capital markets and the FX desk. He says he’s focused on cracks in credit market. He notes we will see those before equity markets moves. So far we haven’t seen any this yea. Andrei says the majority of maturities are in 2025 and distressed debt levels and default rates are within historical averages. He states fixed income flows are still the main story for ETFs. And he adds duration is a strong recommendation for soft or hard landing scenario with decent yield and lower reinvestment risk. Andrei remains cautious. He suggests analyzing whole portfolio for tilts to a particular risk, asset class or investment style. Quality is recommended for a recessionary environment. Earnings will have to grow into valuations for tech to continue to rally.
Recorded on September 11, 2023.
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