Are bond investors ready for a US industrial revolution?

One of the key questions that markets are currently trying to answer is whether central banks will be able to engineer a soft landing for the global economy. While an important consideration, I think investors should not overlook the broader structural shifts that are reshaping the investment landscape in this new economic era. Take for instance the dramatic pickup in all types of corporate capital spending we are witnessing in the US. If sustained, this trend could, in my view, trigger a new industrial revolution in the US and beyond, with major implications for fixed income investing.

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