In the first Fathom the Strategy of 2019 we look at trends in fixed income and credit markets. Towards the end of last year, we laid out a roadmap with clear signposts for turning tactically more constructive on risk. Today we argue that, although there has been some progress towards a more optimistic outlook, we are yet to see a convincing sell-off in corporate credit markets. Only this could persuade us that the necessary, sober reassessment of the prospects for