Speaker stated they are "underweight" and "a bit more cautious in those areas with higher spread volatility like high-yield [and] emerging markets." The current environment of military conflict and macroeconomic uncertainty magnifies spread volatility, making lower-quality credit segments particularly risky. Avoid these asset classes due to elevated volatility and unpredictability driven by geopolitical events. A rapid and sustained de-escalation of geopolitical tensions, which would reduce market volatility and credit spreads.