Mark Dowding, BlueBay Chief Investment Officer, discussed the latest macro views, including: Key Points: Middle East conflict dominating, with the US administration eager to find an off-ramp Potential for energy supply shock larger than 1970s oil crises Europe and energy-importing Asian economies likely to face greater recessionary risks than the US ECB trigger-happy on rate hikes, while the Bank of England surprise with hawkish pivot Private credit stress intensifying amid higher defaults and prospect of rate rises Gold behaving as risk asset rather than safe haven, with central banks turning sellers Why the best strategy likely remains minimal risk exposure amidst current global uncertainty