Upon entering a New Year, we find ourselves in a somewhat similar market situation as the end of last year, still hoping for better times for global fixed income assets amid legacy pressures from tight global liquidity, high policy rates, and a strong USD. Yet we have significantly advanced in the global growth/inflation cycle, with disinflation now well entrenched while, at long last, the U.S. and other developed market economies are showing signs of significant activity slowdown.