Stay in quality credit as crises come to a head

Standish, the fixed-income arm of BNY Mellon Asset Management, says it has gradually added risk since the summer in the form of investment-grade bonds. “We’re avoiding high yield because of market volatility,” says Tom Higgins, global macro strategist at Standish in Boston. “At least with investment grade, you don’t have a concern with defaults, and you do get compensated.” He notes that since the market swings in August and September, aggregate spreads for US investment grade against…