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Fixed Deposit rule changed by RBI. Premature withdrawal is allowed on FDs up to Rs 1 crore!

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Non-callable Fixed Deposit Rule Change 2023: The Reserve Bank of India has decided to increase the minimum amount for offering non-callable term deposits from Rs 15 lakh to Rs 1 crore. What this means is that all fixed deposits of up to Rs 1 crore shall have a premature withdrawal facility.

Banks provide two types of term or fixed deposits – Callable and non-callable. In callable deposits, premature withdrawal is allowed while in non-callable deposits, it is not allowed.

Further, the banks were also permitted to offer differential rates on interest on term deposits based on the non-callability of deposits (i.e., non-availability of premature withdrawal option) in addition to the tenor and size of deposits.

What has changed

The RBI has decided to increase the minimum amount for offering non-callable fixed deposits to Rs 1 crore.

“The minimum amount for offering non-callable TDs may be increased from Rupees fifteen lakh to Rupees one crore i.e., all domestic term deposits accepted from individuals for amount of Rupees one crore and below shall have premature-withdrawal-facility,” the RBI said in a notification dated October 26, 2023.

“These instructions shall also be applicable for Non-Resident (External) Rupee (NRE) Deposit / Ordinary Non-Resident (NRO) Deposits,” it added.

Also Read: My father got Rs 1 crore after Govt acquired our land. Will I have to pay tax if he buys a flat in my name?

The previous rule said: “Banks shall have the freedom to offer term deposits without premature withdrawal option. Provided that all term deposits accepted from individuals (held singly or jointly) for amount of Rupees fifteen lakh and below shall have premature-withdrawal-facility.”

The above has now been revised to: “Banks shall have the freedom to offer term deposits without premature withdrawal option. Provided that all term deposits accepted from individuals (held singly or jointly) for amount of Rupees one crore and below shall have premature-withdrawal-facility.”

The premature withdrawal option on deposits up to Rs 1 crore will also be available to NRE/NRO account holders.

“Banks shall have the freedom to offer NRE / NRO term deposits without premature withdrawal option, provided that all NRE / NRO term deposits accepted from individuals (held singly or jointly) for amount of Rupees one crore and below shall have premature-withdrawal-facility,” the RBI said.

UP: Congress banners hail Rahul Gandhi as ‘2024 PM’, Samajwadi Party sees red

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Congress banners, put up by party worker Nitant Singh Nitin, feature the images of leader Rahul Gandhi and Uttar Pradesh unit chief Ajay Rai, accompanied by the slogan “2024 mein Rahul, 2027 mein Rai, desh-pradesh bol raha hai, haath ke saath aayen” (Rahul in 2024, (Ajay) Rai in 2027, both country and state are asking you to come in support of the hand (Congress symbol)).

#WATCH | Uttar Pradesh | A banner hoarding, portraying party MP Rahul Gandhi as the PM in 2024 and state Congress chief Ajay Rai as CM in 2027, comes up near the party office in Lucknow. The poster has been reportedly set up by a party worker. pic.twitter.com/YVmJIzR9B3

— ANI (@ANI) October 26, 2023

Nitin, in response to inquiries about the banner, told PTI, “This is the feeling of the party workers. Also, the common people want to come along with the Congress in the coming days.”

Also Read:MP Election 2023 | Four-time Chief Minister Shivraj Singh Chouhan eyes fifth stint in two-pronged battle

Nitin added, “There will be a direct contest between Congress and BJP in the coming days and Rahul Gandhi will be the Prime Minister and Ajay Rai will become Chief Minister of the state. There is growing confidence among the people towards our party.”

Senior Congress leader Dwijendra Tripathi clarified that the hoarding was installed by a party worker and represents his sentiments. He stated, “This is a common occurrence in politics and reflects the feelings of party workers.”

Also Read:Gurh Madhya Pradesh Assembly Constituency Election 2023: Date of Result, Voting, Counting; Candidates

In a sharp response, Samajwadi Party state spokesperson Hasan remarked, “Both the Congress and the BJP are indistinguishable, and the Samajwadis have been saying this for a long time. Any party can display posters according to their sentiments.”

He continued, “It is the Samajwadi Party which is fighting the battle for backward, Dalits and minorities. No matter how many posters Congress puts up, the public wants Akhilesh Yadav to be the PM. When an SP chief becomes a PM, an SP leader will become the Chief Minister of UP. The vote share of Congress in UP is less than that of many regional parties,” Hasan said.

Additionally, the poster put up by Hasan conveyed birthday wishes to Akhilesh Yadav, referring to him as the “future Prime Minister of the country,” even though Yadav’s official date of birth is July 1.

In recent times, Akhilesh Yadav has publicly expressed his unhappiness with the Congress over the failure to arrive at a seat-sharing arrangement in Madhya Pradesh and had also referred to UPCC chief Ajay Rai as a “chirkut” (low-level) leader.

(with PTI Inputs)

Power Grid Rating: Buy| A power-packed deal on the cards

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Media reports indicate that power ministry is in talks with Power Grid (PGCIL) to purchase PFC’s 52.63% stake (`144 bn) in REC. Rationale is for PFC to finance power projects through REC stake sale proceeds. PGCIL has sufficient cash and we remain positive on the 1-yr and medium-term transmission spend growth story. But, this is a near-term dampener and could negatively impact FY23e-25e EPS by 3-5%. Dividend yield could also be lower at 4% vs 6% in FY23e.

Good governance history under the scanner: PGCIL has a commendable execution track record and a dominant leadership position in transmission even with private competition being introduced 2013 onwards. NTPC in the past made investments outside the core like fertilisers on ministry directives, but PGCIL has been relatively insulated. If stake purchase news materialises, multiple is likely to get impacted. PGCIL could potentially trade at the lower end of 2-2.2x PB, where it has traded when visibility on T&D capex and rising earnings growth picked up.

Returns and earnings profile to not swing materially: PGCIL has entered a phase of higher free cash flows and raised its dividend payout in the last 12 months. We believe the stake purchased, which is approx. Rs 21/sh, is unlikely to be valued by the market.

FY23E capex targets could see upside based on wins: PGCIL did capex of Rs 14.8 bn in Q1FY23 (up 34% y-o-y), and mentioned while it is targeting Rs 80-85 bn capex for FY23E, it could be higher. PGCIL de-rated consistently for 5 years until 2020 as earnings growth slowed and pvt sector competition picked up. This trend should continue to reverse as capex/capitalisation picks up post FY23e due to transmission capex for renewable energy. Rs 66 bn asset monetisation is planned in FY23E and smart meters $19 bn opportunity is seeing progress. Our PT of Rs 260 values it at 2.2x consol PB Sept’24E – in-line with the 10-yr average. Downside risks: (i) PGCIL losing share sharply in TBCB; and (ii) Stance change in InvIT monetisation or use of proceeds .

US stocks: Wall Street tumbles as inflation data stokes bets of large rate hikes

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U.S. stock indexes fell sharply on Tuesday, snapping a four-day winning streak, after data showed monthly U.S. consumer prices unexpectedly rose in August, cementing bets of a third straight 75-basis-point rate hike from the Federal Reserve next week. All of the 11 S&P sectors declined in early trading, led by a 3.3% slump in the communication services sector. The small cap Russell 2000 index dropped 2.5%.

The S&P 500 growth stocks index, which houses rate-sensitive technology and growth stocks, fell 3% as Treasury yields rose, while its value counterpart lost 1.6%. Mega-cap technology stocks Apple Inc and Microsoft Corp fell more than 2.3% each, while Tesla Inc , Alphabet Inc, Amazon.com Inc and Meta Platforms Inc dropped between 2.7% and 5.6% to weigh the most on the S&P 500 and the Nasdaq.

Also read| JSW Steel, Infosys, Vedanta, Jet Airways, Future Lifestyle, Bharat Forge, KEC International stocks in focus

“The longer term view is pretty clear here, that monetary policy is a very blunt instrument and anybody that thought inflation would start to roll over just because the Fed hiked a couple times is pretty ignorant to the way economics works,” said Doug Fincher, portfolio manager at Ionic Capital Management.Policymakers last week emphasized their determination to keep raising rates until there is a sustained drop in inflation, which has been running at 40-year highs and above the Fed’s target of 2%.

Money markets now see an 81% chance of a 75-basis-point increase in rates and 19% chance of a whopping 100 bps hike by the Fed at its Sept. 20-21 meeting, while expecting rates to peak around 4.28% in March 2023.The dollar, which has risen sharply this year in part due to expectations of aggressive rate hikes by the Fed, erased early morning losses to climb 1%.

Also read| US equities slump after US inflation falls to 8.3%

The gap between yields on the two- and 10-year notes , often seen as an indicator of a looming recession, inverted further. Rate-sensitive bank stocks dropped 2%. At 9:46 a.m. ET, the Dow Jones Industrial Average was down 606.02 points, or 1.87%, at 31,775.32, the S&P 500 was down 94.40 points, or 2.30%, at 4,016.01, and the Nasdaq Composite was down 376.36 points, or 3.07%, at 11,890.06.

The three major indexes had rallied recently as investors took advantage of a sharp drop in stock prices since mid-August that was triggered by concerns over soaring inflation and the impact of tighter monetary policy to curb it.Eastman Chemical slid 5% after the company forecast a downbeat third-quarter profit, citing demand slowdown in consumer durables market, higher costs and a hit from a stronger dollar.

The CBOE volatility index, also known as Wall Street’s fear gauge, rose to 24.97 points.Declining issues outnumbered advancers for a 11.92-to-1 ratio on the NYSE and a 6.29-to-1 ratio on the Nasdaq.The S&P index recorded no new 52-week high and no new low, while the Nasdaq recorded 9 new highs and 62 new lows.

Rupee falls to new record low on strong dollar, risk aversion in equity markets; may slip to 82 per USD

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The Indian rupee depreciated to fresh record low on Monday amid risk aversion in equity markets, strong US dollar. Investors remain cautious ahead of RBI MPC meeting scheduled later this week. The domestic unit opened at a new record of 81.52 per dollar, down from Friday’s close of 80.99. According to analysts, rupee will tumble as risk-off sentiment takes the dollar index to 113.70 and sterling to 1.0557 against the dollar. Finance Minister Nirmala Sitharaman on Saturday said that rupee ‘held up very well’ against the US dollar in comparison to other currencies. “If any one currency that did not get into the fluctuation of volatility as much as other currencies, it is the Indian Rupee. We have held up very well against the US dollar,” Sitharaman said.

Rupee weakens on sharp rally in dollar index; Buy on dips

Also Read: Share Market LIVE: Bears grip D-St, Nifty slips below 17200, Sensex tanks 550 pts; Reliance ICICI Bank drag

Rupee may fall to 82.50 soon

After hitting a low of 81.22 in the previous session, rupee was seen recovering back to 80.77, probably RBI hammered a few yards of USD. But still, it was seen closing at 80.98 as importers rushed to cover USD. “Amid a liquidity deficit of more than 21,000 crores in the banking system, RBI will have lesser room to step in and curb rates and volatility. Despite the deficit, RBI might have used its reserves as FX storage fell by another $5.22 billion to $545.65 billion. The upcoming RBI’s monetary policy, which is due on the 30th Sep will be important as the announcement on the repo rate hike, cut in CRR, and changes in stance will be watchful,” said Amit Pabari, MD, CR Forex Advisors.

“Nonetheless, currency market players want an early dose of injection to calm down the shaky nerves. However, further strength in the USD globally could not keep the Rupee trading at an exceptionally fine. Overall, we expect the USDINR pair to remain volatile with downside support at 80.50 and strong bullish momentum could not rule out 82.50 levels on the upside,” Pabari added.

INR to range between 79-83 for rest of FY23 on the back of USD strength

“The INR was trading in a range of 79-80 against the USD prior to the September FOMC meeting. After the FOMC meeting, a distinctly more hawkish Fed implied a strengthening dollar. The INR range also had to shift higher which has been supported by RBI interventions. We expect the INR to range between 79-83 for the rest of FY23 on the back of USD strength, risks for CAD remaining wider than usual and limited room for lesser FX interventions and let the INR depreciate gradually to address external imbalances. Some of the favourable factors could be lower crude and other commodity prices and FPI debt flows in case of an announcement of bond index inclusion,” said Suvodeep Rakshit, Senior economist at Kotak Institutional Equities.

Also Read: Harsha Engineers, Britannia, Embassy REIT, Coal India, BPCL, State Bank of India stocks in focus

Dr.ambedkar Nagar -mhow Constituency Madhya Pradesh Assembly Election 2023: Date of Result, Voting, Counting; Candidates

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Dr.ambedkar Nagar -mhow MP Assembly Election 2023 Details: The Election for Dr.ambedkar Nagar -mhow Assembly Constituency in Madhya Pradesh will be held on November November 17. The date of voting and result was officially announced by the Election Commission of India on October 9 . Here are the important details of the Dr.ambedkar Nagar -mhow Constituency Assembly Election 2023 that you should know.

Dr.ambedkar Nagar -mhow Constituency Madhya Pradesh Assembly Election 2023: Voting Date

The Dr.ambedkar Nagar -mhow Assembly Constituency Election 2023 will be held on November 17, as announced by the Election Commission on October 9.

Dr.ambedkar Nagar -mhow Constituency Madhya Pradesh Election 2023: Candidates List

All the major political parties in the fray in Madhya Pradesh, including the Bharatiya Janata Party (BJP) and Congress, will release their candidate lists for the Dr.ambedkar Nagar -mhow Constituency Election 2023 after the Election Commission announces the election schedule.

Why Dr.ambedkar Nagar -mhow Madhya Pradesh Constituency Assembly Election 2023 Important

Dr.ambedkar Nagar -mhow Constituency MP Election Result: What happened in 2018

Usha Thakur, is Bharatiya Janata Party candidate, won the Dr.ambedkar Nagar -mhow constituency in the Madhya Pradesh Assembly elections 2018, securing 97009 votes while 89852 votes were polled in favour of Antar Singh Darbar of the Indian National Congress.

Usha Thakur won with a narrow margin of 7157 votes.

2018 Dr.ambedkar Nagar -mhow Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesUsha ThakurBharatiya Janata Party97009

Candidate List Party Name Votes Gained (Vote %) Usha Thakur Bharatiya Janata Party 97009 (49.86%) Antar Singh Darbar Indian National Congress 89852 (46.18%) None Of The Above None Of The Above 2073 (1.07%) Pradeep Bahujan Samaj Party 1426 (0.73%) Arjun Communist Party Of India (marxist) 1075 (0.55%) Chhaganlal Bhartiya Tribal Party 990 (0.51%) Rajkapoor Verma Independent 852 (0.44%) Usha Thakur Independent 392 (0.2%) Shailendra Sharma Independent 307 (0.16%) Amit Singhal Aam Aadmi Party 218 (0.11%) Smt Maya Verma Janata Congress 203 (0.1%) Ashok Mishra Sapaks Party 170 (0.09%)

Dr.ambedkar Nagar -mhow Constituency MP Election Result: What happened in 2013

In the Dr.ambedkar Nagar -mhow Assembly election of 2013, Antersingh Darbar, who was then with the Indian National Congress, was defeated by Kailash Vijayvargiya of the Bharatiya Janata Party by 12216 votes.

Kailash Vijayvargiya got 89848 votes while Antersingh Darbar got 77632 votes.

2013 Dr.ambedkar Nagar -mhow Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesKailash VijayvargiyaBharatiya Janata Party89848

Candidate List Party Name Votes Gained (Vote %) Kailash Vijayvargiya Bharatiya Janata Party 89848 (51.85%) Antersingh Darbar Indian National Congress 77632 (44.8%) None Of The Above None Of The Above 2248 (1.3%) Arun Chauhan Communist Party Of India (marxist) 1092 (0.63%) Premchand Taank Bahujan Samaj Party 870 (0.5%) Onkar Singh Katare Independent 646 (0.37%) Ekrar Khan Independent 326 (0.19%) Nisar Patel Samajwadi Party 187 (0.11%) Ashok Mishra Independent 180 (0.1%) Adhir Paul Independent 143 (0.08%) Shaikh Sharafat Janata Dal (united) 107 (0.06%)

CG Power case: Sebi slaps 5-year mkt ban on Gautam Thapar; penalises 11 entities

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Markets regulator Sebi on Tuesday imposed a five-year ban as well as penalties on CG Power and Industrial Solutions’ former chairman Gautam Thapar and three other entities for diversion of funds and misrepresentation of the company’s financial statements of earlier.

Besides, three other individuals — the company’s former CFO V R Venkatesh and two ex-directors Madhav Acharya and B Hariharan — have been barred for periods varying from 6 months to 3 years.The watchdog has penalised a total of 11 entities in the matter. Others are K N Neelkant, Atul Gulatee, Aditya Birla Finance Ltd and IndusInd Bank, according to a 248-page order.The markets regulator has imposed penalties totalling Rs 30.15 crore on 11 entities in the matter.

A fine of Rs 10 lakh has been imposed on Neelkant, Rs 5 lakh on Gulatee and Rs 1 crore each on Aditya Birla Finance Ltd and IndusInd Bank.”… noticees herein, acted in concert in order to execute a fraudulent scheme of diversion of funds or creating encumbrances of assets of a listed entity. In the said scheme, each Noticee played its assigned role in order to give these transactions a colour different than the one which they actually hold. In this process, they exceeded their authority, they exercised authority which was not vested in them and misused the authority given to them,” Sebi said.

Also read Deltatech Gaming, Pristine Logistics get Sebi’s go-ahead to float IPO

As a result of their acts, Sebi said the funds/assets belonging to the listed company were either diverted or were created encumbrance upon, because of which the company’s total liabilities and that of CG Power Group may have been potentially understated by around Rs 1,053.54 crore and Rs 1,608.17 crore, respectively, as on March 31, 2018 and by Rs 601.83 crore and Rs 401.83 crore, respectively, as on April 1, 2017. 

Stocks to buy: HDFC Bank, HCL Tech look strong on charts; Nifty may hit 15,050 if Bank Nifty performs well

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By Shrikant Chouhan

On Tuesday, the market did much better than expectations. It was one of the exceptional or unique sorts of day for the market as, despite the rise in the long term bond yields from 1.65 to 1.75 and jump in the dollar index from 92.75 to 93.25, we saw an abnormal rally in the market. It was at 14500 last Friday and on Tuesday it closed above 14800 levels. The formation of a Bullish Harami, that the Nifty has made on the last Friday served as a powerful reversal formation for the market. In the previous session, all sectors, except Bank Nifty and Auto, performed well. If we correlate the data of the past few years then in the last few days of the financial year ending, we witness such type of broad-based activity in the market.

In brief, on Wednesday, a closing of the Nifty above the level of 14930 would be positive for the market. On Tuesday, the strategy should be to buy if Nifty drops between 14750/14700 levels and for that we need to keep a stop loss at 14600. On Wednesday, we would see a rally in bank stocks, mainly because the Bank Nifty closed above the level of 33700. Bank Nifty can go up to 34500/34700 above the levels of 33700. If the Bank Nifty performs, the Nifty could move closer to 14900 and 15050 levels. On the other side, Nifty / Sensex would find major support at 14750 and 14600 levels.

Technical stock picks are-

Sun Pharmaceutical Industries Ltd

BUY, CMP: Rs 597.7, TARGET: Rs 630, SL: Rs 585

The stock had been in a bullish trend forming higher lows on a weekly scale, however, the recent price drop from the highs of 650 seems over as the stock took multiple support at the rising short-term trend line. On the daily time frame after decent accumulation, we witnessed a range breakout and closing of above 20 DAY EMA hints at a bullish uptrend.

BPCL (Bharat Petroleum Corporation Ltd)

BUY, CMP: Rs 430.8, TARGET: Rs 455, SL: Rs 420

On the weekly scale, the 480 zone acted as the strong resistance area due to double top formation which resulted in the minor correction in stock from higher levels developing of a sloping bearish channel. Nevertheless, a reversal from an important support zone on the daily chart is evident for fresh up move.

HDFC Bank

BUY, CMP: Rs 1,553.7, TARGET: Rs 1,630, SL: Rs 1,520

Past few weeks the stock was into a correction mode and in the last week, it closed near its important Fibonacci retracement point, and simultaneously 20 days EMA acted as a support for the stock. On the whole, a strong bullish candle with the incremental volume activity indicates a new leg of a rising trend from current levels.

HCL Technologies

BUY, CMP: Rs 995.8, TARGET: Rs 1,050, SL: Rs 970

On a broader time frame, it is observed that the stock is trading into a rectangle pattern, even so, a breakout of a triangle formation with a strong bullish candle is evident on the daily chart with decent volume action, which specifies good strength in momentum in the near term.

(Shrikant Chouhan is the Executive Vice President, Equity Technical Research at Kotak Securities. Views expressed are the author’s own.)

Dalal Street: Downward spiral likely to continue amidst global uncertainties; check support, resistance levels

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The domestic stock market indices extended their downward trajectory, marking the third consecutive session of a persistent sell-off in the week as the Investors rushed to exit their positions. The decline can be attributed to a combination of factors, including the lackluster performance of Indian Inc in the second quarter, mounting geopolitical tensions in the Middle East, and the persistent stickiness of US Treasury yields hovering around 5%.

“Till date, the actual domestic Q2 results are below par in comparison to the excited earnings forecasted. Similar disappointments are visible in developed economies. Downgrade in earnings and valuation is arising due to risk of further slowdown of the economy due to geopolitical and elevated interest rates. Also selling pressure intensified due to expiry-led volatility influencing investors to stay cautious,” said Vinod Nair, Head of Research at Geojit Financial Services.

“The Nifty opened gap down and continued to drift lower throughout the day to close in the red down 265 points. Since the last three trading sessions the Nifty has corrected 700 points and is appearing oversold on the hourly time frame chart. The Nifty has now reached the support cluster of 18,860 – 18,740 where support in the form of the 40 week moving the weekly lower Bollinger band is placed. Considering that Nifty has reached a support zone and is appearing oversold on the hourly charts, we can expect a pullback till 19,000 – 19,050 however it is likely to be only a temporary pause in the overall downtrend,” said said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

“On the downside the Nifty is likely to drift towards 18,500 levels in the short term and the intermediate pullbacks should be used as a selling opportunity. In terms of levels, 18,700 – 18,650 shall act as a crucial support zone while 19,000 – 19,050 is the immediate hurdle zone,” Jatin Gedia added.

Global bond funds see biggest outflows in two decades

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Global bond funds saw the biggest outflows in two decades in the first three quarters of this year as hefty interest rate increases by central banks to tame inflation sparked fears of a recession.

According to Refinitiv Lipper, global bond funds faced a cumulative outflow of $175.5 billion in the first nine months of this year, the first net sales in that period since 2002.

Governments and companies have borrowed heavily in the past few years, taking advantage of ultra-low interest rates, and they now stare at bigger interest liabilities due to a rise in yields.

Also Read: Global Markets: Dust settles on stocks surge, OPEC+ talks supply cuts

“The combination of high debt levels and a rise in interest rates has reduced investors’ confidence in the government’s ability to pay back debt, which has resulted in the massive outflows we are seeing,” said Jacob Sansbury, CEO at Pluto Investing.

He added that outflows from bond funds might continue into 2023, as a reduction in interest rates and reduced debt loads are unlikely.

Emerging market bonds faced an outflow of about $80 billion in the first three quarters of this year, while U.S. high yield bonds and inflation-linked bonds witnessed net sales of $65.81 billion and $16.44 billion, respectively.

The iShares UK Gilts All Stocks Index (UK) D Acc recorded outflows of $6.67 billion in the last quarter, while the ILF GBP Liquidity Plus Class 2 and Vanguard U.K. Short Term Investment Grade Bond Index GBP Acc fund saw withdrawals of $2.16 billion and $993 million respectively.

BONDS ATTRACTIVE NOWHowever, some funds managers said bonds looked attractive after the slump this year.

The ICE BoFA U.S. Treasury Index has fallen 13.5% so far this year, while the Bloomberg Global Aggregate Bond Index has shed about 20%.

“The yield cushion now protects the investor against negative total returns significantly more than it did at the beginning of the year,” said Jake Remley, portfolio manager at Income Research + Management.

“This almost certainly makes the prospects for bonds better between now and year-end, even if interest rates continue to rise as briskly as they have over the past 9 months.”

The yields on 2-year and 10-year U.S. Treasury bonds stood around 4.12% and 3.68% respectively on Wednesday, compared with 0.7% and 1.5% at the start of the year.

Similarly, the yield on the ICE BofA U.S. High Yield index , the commonly used benchmark for the junk bond market, stood at 9%, compared with 4.3% at the start of the year.

“Some bonds have become the proverbial ‘babies thrown out with the bathwater’ and offer compelling value at these levels,” said Ryan O’Malley, portfolio manager at Sage Advisory Services.

“However, it’s important to note that there will likely be further credit stress in many corners of the bond market and risk management is paramount in these uncertain times.”