Robert Tipp states investors are "underallocated to fixed income" and that cash, while competitive, has seen money flowing into bond funds. He notes support for corporate, high-yield, and emerging market debt. If the market is structurally underweight bonds and there is a large pool of sidelined cash in money markets, a shift in sentiment or a search for yield could drive significant capital flows into fixed income assets. The setup suggests a relative value opportunity and potential capital appreciation for the broad fixed income sector (Finance) as allocations normalize. A sharp recession causing credit spreads to widen, or a resurgence of inflation forcing the Fed to hike, would be detrimental to fixed income.