When asked about diversification away from US assets, she notes it's 'quite hard' to move away fully, but investors 'may think twice before allocating to the US.' This implies a potential, but not certain, headwind for incremental dollar demand, suggesting a cautious or neutral-to-up view rather than a strong directional call.

Over a slightly longer period, trends are appearing: we are seeing higher rates and spreads ratcheting up. The observation is presented as an established trend ('are appearing'), not a forecast, but it clearly indicates the direction of travel for yields and credit spreads.