In episode 87, Alex Proimos speaks with Pilar Gomez-Bravo, director of fixed income at MFS. This episode discusses the macroeconomic environment with interest rates coming off their lows, the move from monetary to fiscal dominance and inflation and MMT vs structural deflation and taxes. The conversation also delves into the broader questions of whether the thesis of defensive fixed income still holds, the trade-off between yield and liquidity, the role of security selection, and the use of both strategic and tactical decisions to generate alpha in a global market that will continue to be characterised by volatility and dislocations.