The outlook for bonds is pretty compelling right now, says Schroeder's head of us, multi sector fixed income, Lisa Hornby, she tells Bloomberg she's erring on the side of long duration and sees some tactical trading opportunities on the horizon. Hornby goes on to explain the signs of economic deterioration that could ultimately drag rates back down.

So certainly a slow grind, but we are starting to see it on the consumer side. Um It's, it's obviously very gradual, but we have seen credit card balances tick up, we have seen on the auto loan side. Um now really across the Figo spectrum, um a bit of deterioration, obviously, jobs still remain very, very resi and um you know, one of the things we're watching though closely is small businesses, you know, small business surveys have really deteriorated over the last I want to say more than a year. Um And, and that deterioration in our view is probably set to increase as credit conditions tighten for these guys, particularly in light of what's going on on the regional banking side.

So that's where we're focused. I mean, we have to remember small businesses in the US employ a very large percentage of the population, you know, we spend a lot of time talking about the G E S of the world, but probably 90% of businesses in the US are small, um small to midsize. So their, their outlook is pretty important and it's not particularly compelling when you look at the data.