As markets have moved closer to a consensus that developed markets, including the US, have entered “late cycle”, a prevailing question needs answering: What do we do with our investments in the high-yield bond market?
The US Federal Reserve’s (Fed) commitment at its March meeting – to keep interest rates on hold and end its balance sheet reduction in September – seems a long way away from the tightening stance it held just a few months earlier.
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![Anneka Treon on investing in Europe: "If you miss 25 years of compounding your wealth through investments, that really starts to hurt." Photo: Jeremy Fdida/Amundi.](https://images.investmentofficer.com/cdn/ff/hbFjyQn-TM76OkelqghUyqNUlWi35aTFXM-D1d-6Q_4/1781779917/public/styles/thumbnail/public/2026-06/Treon_0.png?itok=Wpbsxw6Y "Anneka Treon on investing in Europe: "If you miss 25 years of compounding your wealth through investments, that really starts to hurt." Photo: Jeremy Fdida/Amundi.")
