Quarterly Review

M&G Credit Income Investment Trust plc (MGCI) Quarterly Review 26-Apr-2024 / 12:18 GMT/BST

M&G CREDIT INCOME INVESTMENT TRUST PLC

 

(the “Company”)

 

LEI: 549300E9W63X1E5A3N24

 

Quarterly Review

 

The Company announces that its quarterly review as at 31 March 2024 is now available, a summary of which is provided below. The full quarterly review is available on the Company’s website at:

 

https://www.mandg.com/dam/investments/common/gb/en/documents/funds-lit ...

 

Market Review

The first quarter of the year saw further declines in inflation across most major economies, however with progress slower than expected, market sentiment turned to concern that the inflation fight would prove increasingly difficult for central banks over the final stretch. Robust economic growth in the US showed little signs of abating and investors were forced to reconsider assumptions on the path of global interest rates which resulted in a dramatic repricing in rate cut expectations. At the start of the year financial markets had anticipated six rate cuts from the US Federal Reserve (Fed), whilst the quarter closed with only two cuts fully priced in. Government bond yields rose in January and February before recovering somewhat in March when the Fed confirmed that it expected to cut rates three times this year. Comments from ECB President Lagarde and Bank of England Governor Baily also brought rate cuts firmly into view in Europe, which provided a supportive backdrop for risk appetite.