Long duration, neutral credit risk. The end of monetary tightening, declininginflation and still-robust growth will likely allow spreads to remain within the tightend of their recent range. This implies lower carry-driven excess returns vs. 2023,given current valuations, but higher total returns, considering the stronger yieldsupport vs. 2023. Absent funding relief next year, we expect the transition to ahigher cost of capital environment will likely involve a further uptick in financial
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