We have been trained to think of the economy as a mechanical structure, but we now know it is more of an evolutionary and adaptive ecosystem. Ecosystems tend to experience long periods of stability before a tipping point gives rise to a new regime. This is where we likely are today.

The environment is changing around us—it may be time for fixed income strategies to evolve too.

Gautam Khanna is senior portfolio manager at Insight Investment, a BNY Mellon investment affiliate.

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