July saw central banks continue their fastest and most aggressive monetary tightening in recent history. However, we believe some of the volatility that we saw during the first half of the year may be beginning to dissipate and signs of improvement may be on the horizon for fixed income investors. Against this improving backdrop, we have seen credit spread volatility fall and believe there are interesting opportunities that didn't exist at the beginning of 2022 that can deliver strong returns for our portfolios.