Steve Lai agrees with Bory on income story. He notes bond ETF flows are up 60% YoY, mostly into Treasuries and multi-sector income. He favors quality positioning (Treasuries, IG credit, multi-sector). Sees increasing interest in European IG and HY. Believes public and private credit markets are fundamentally sound. Key risk is not acting; longer end of curve may offer opportunities as Warsh Fed installs confidence.
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BlackRock
9.5
Asset Manager $10500.00B
Steve Lai 9.0
Asset Manager $10500.00B
Steve Lai 9.0
6/23/2026 10:58:12 PM
dxy
Lai discusses European IG and HY as attractive, implying potential USD weakness or at least neutral USD view.
metals
No explicit mention. Given focus on income and real yields, metals not a focus.
ndx
Lai mentions AI boom and productivity but focuses on fixed income. No explicit equity view. His defensive quality posture (Treasuries, IG) suggests cautious equity outlook.
rut
No explicit mention. Focus on fixed income and quality posture suggests no strong view on small caps.
wti
Lai references Iran conflict resolution could cause significant movements, implying potential downside for oil if conflict de-escalates.
yields
Lai says moving out on duration spectrum makes sense and longer end could see significant movements. He favors getting a bit more duration, implying yields may rise but cautiously.
George Bory sees the Fed under Warsh as data-dependent, lacking forward guidance. He believes inflation data may improve (oil down 30%, potential Iran deal), allowing the Fed to pause. He favors incremental duration extension, front-end steepness, and tax-exempt munis for value. Credit spreads are tight but justified by strong corporate profits. He warns inflation and Fed reaction are key risks for bond investors.
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NDX
RUT
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Allspring Global Investment
7.8
Asset Manager $500.00B
George Bory 7.5
Asset Manager $500.00B
George Bory 7.5
6/23/2026 10:58:12 PM
dxy
Bory discusses international diversification and different central bank cycles. No explicit USD view, but his suggestion to add international duration implies a neutral to slightly bearish USD view.
metals
Bory focuses on real yields and inflation dynamics; no explicit mention of metals. Given his view that inflation may abate and real yields are attractive, metals (typically inflation hedges) may trade sideways.
wti
Oil prices are down 30% from the highs and falling.
yields
Bory says front-end yields are steep as market prices multiple rate hikes, and if inflation accelerates, bond yields will go up. He favors incremental duration extension, implying yields may rise but cautiously.