We have a very divided Fed committee and external pressure, creating a much higher hurdle for the Fed to follow through, especially next week.

Cuts, if any, are likely in the back half of the year. Markets will remain volatile and reactive to data pricing in the crisis impact.

Higher-for-longer isn't bad; it's a good income opportunity. Be higher quality bias; don't need to move down the credit spectrum. Bonds also provide a hedge if oil prices lead to disinflation from lower demand.