Since the European Union's Sustainable Finance Disclosure Regulation (“SFDR”) came into force in March 2021, asset managers have been required to provide more information on the sustainability risks and impact of their investment products sold in the European Union.

• March bank stress is not a repeat of 2008, but downside risks remain. • We discuss the underlying drivers of historically high volatility in interest rate markets. • The potential path ahead for rates is wide, underscoring the value of defensive, macro-neutral strategies.

Global fixed income markets have experienced a massive correction this year. Aggressive central bank rate hikes, surging inflation and weaker global growth have driven double-digit losses for duration and credit heavy portfolios.