Dave Braun states that PIMCO is "very light in corporate credit" and cautious on public credit due to valuations not commensurate with risks from oil supply shocks and growth impacts. Supply shocks to oil can lead to higher inflation, tighter financial conditions, and weaker growth, hurting corporate credit performance, as historical data shows. AVOID the finance sector, particularly corporate credit, as it is priced to perfection with significant downside risks in the current uncertain environment. A dovish Fed pivot or rapid resolution of conflicts could support credit markets and offset bearish pressures.