For fixed income, a barbell approach: 60% in 1-year paper (short term Treasury bills) and 40% in intermediate core high-quality fixed income. This provides yields while hedging against demand destruction if oil stays elevated.
Oil prices should reprice higher because observable inventories are being drawn down over the next 5-6 weeks, eroding the oversupply buffer. This creates risk of higher oil prices, which adds pressure on equities and bonds.
For fixed income, a barbell approach: 60% in 1-year paper (short term Treasury bills) and 40% in intermediate core high-quality fixed income. This provides yields while hedging against demand destruction if oil stays elevated.