March 20 (Reuters) - BlackRock Investment Institute said
on Monday it was downgrading credit and preferred short-term
bonds for income, with strategists pointing to financial cracks
from rapid rate hikes.
"We stay risk-off: underweight developed market (DM) stocks
and trim credit to neutral. But we are ready to seize
opportunities as macro damage gets priced in. We overweight very
short-term government paper for income and prefer emerging
markets," BlackRock Investment Institute strategists wrote in a
note to clients.
The BlackRock Investment Institute is an arm of U.S.-based
investment firm BlackRock that provides proprietary investment
research.
(Reporting by Noel Randewich)
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