Nuveen’s Rodriguez On Navigating 2023 Fixed Income Markets

Tony Rodriguez, Head of Fixed Income Strategy at Nuveen joined Keith Black, Managing Director at RIA Channel to discuss 2023 fixed income opportunities and allocation considerations. 

Aggressive rate hikes, persistent inflation and weakening economic conditions contributed to a challenging fixed income market in 2022. Looking ahead, Rodriguez expects that rate increases and inflation will begin to taper off in 2023, leaving a strong opportunity for income and total return potential in its wake.

“From a rate-risk perspective, we think it’s an attractive time to take on rate risk and earn available yield,” says Rodriguez. From a risk-asset perspective, Rodriguez points to strong fundamentals and corporate balance sheets as a reason to be optimistic, but suggests investors may have a better entry point in the second half of 2023, once credit spreads begin to widen and risk premium becomes more attractive. Rodriguez also weighs in investment-grade versus high-yield, private credit versus public credit markets, and liquidity’s impact on the market. 

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Tony oversees fixed income strategy for Nuveen’s global fixed income team and is responsible for cochairing the Investment Committee, which establishes investment policy for all global fixed income products, and communicating the team’s positioning.

Prior to his current role, Tony was the co
head of fixed income. Before joining the firm in 2002, he was director and head of global corporate bonds at Credit Suisse Asset Management in New York. Previously, he was managing director and head of corporate bonds for Prudential Global Asset Management. Tony also worked as a portfolio manager for General Electric Investment Corporation and in various financial management capacities for General Electric.

Tony graduated with a B.A. in Economics from Lafayette College and an
M.B.A. in Finance from New York University.