Risks are rising in the corporate fixed income markets and we suggest a more cautious stance as we enter 2019. Over the next 12 months, we expect volatility to remain elevated and we see risk that credit spreads will widen even further. While investors don’t need to abandon their corporate fixed income holdings, we think a more defensive approach is warranted, and that investors should consider moving up in quality. With a risk of credit spreads widening, we think there’s a growing risk of price declines for most corporate fixed income investments in 2019. Coupon income will likely be a key driver of total returns ... (full story)