Their outlook is cautiously optimistic. Yield will be a strong driver of return in 2012. The US has shown some positive economic data, while in Europe, the liquidity injections from the IMF have averted the probability of a financial meltdown. From a technical point of view, investors are seeking yield to bolster their return in their portfolios. Risks to fixed income include low interest rates for a prolonged period of time. Across fixed income, the most compelling opportunities include corporate credit, as balance sheets are relatively low on debt, and are likely to produce solid returns.