High-beta asset classes will likely swing on US-centric narratives, but the country’s financial conditions remain supportive despite a less dovish Federal Reserve. Max Kettner, Chief Multi-Asset Strategist at HSBC, joins Bloomberg Intelligence Chief Emerging Markets Credit Strategist Damian Sassower to discuss his investment outlook for 2025, with US equities, high-yield debt and emerging-market credit standing out. Kettner and Sassower touch on trade policy under President-elect Donald Trump, the fiscal challenges facing China, historically tight credit spreads and the continued pursuit of incremental carry.

The EM Lens podcast is part of BI’s FICC Focus series.