The outlook for fixed income looks promising amid declining inflation and central banks set to initiate monetary policy easing this year. Whilst the exact timing remains uncertain, the direction of travel is clear and this is favorable for bonds. While cash might have felt comfortable over the past couple of years, history tells us that bonds outperform cash once we are past peak policy rates. For long term investors, this is good chance to lock in yields. With soft landing as our base case scenario, spread sectors appear fundamentally sound and offer value given where yields are.