However, rate cuts this year are far from a given, PM says.
PM says bonds are more compelling than they've been in years.
High-quality short-term bonds offer opportunities, PM says.
Weakness has reflected reduced risk appetite and not a deterioration of fundamentals, PM says.
The bond market is on recession watch.
PM expects corporates will continue to outperform.
Credit spreads could widen if further Covid-19 restrictions are imposed, PM says.