# Credit Crunch: Principal’s Goosay on Credit Relative Value Setup

Page: https://stenobird.com/podcast/ficc-focus-4513680/credit-crunch-principal-s-goosay-on-credit-relative-value-setup
Text version: https://stenobird.com/podcast/ficc-focus-4513680/credit-crunch-principal-s-goosay-on-credit-relative-value-setup.md
Podcast: [FICC Focus](https://stenobird.com/podcast/ficc-focus-4513680)
Published: 2026-08-10T10:30:00+00:00
Episode link: https://traffic.megaphone.fm/BLM4969394142.mp3
Audio file: https://traffic.megaphone.fm/BLM4969394142.mp3
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JSON: https://stenobird.com/v1/public/podcasts/ficc-focus-4513680/episodes/credit-crunch-principal-s-goosay-on-credit-relative-value-setup
Duration seconds: 3684

## Resource

“We’ve gotten a little addicted post-2008 to the Fed guiding us,” says Michael Goosay, CIO and global head of fixed income for Principal Asset Management. “I’ve been doing this a very long time to remember when... we kind of had to guess at what the Fed did.” In this episode of the Credit Crunch podcast, Goosay joins Bloomberg Intelligence’s Noel Hebert to talk about the potential implication of a less-transparent Federal Reserve, while hitting on other key areas including investment grade and high yield credit, AI-driven corporate issuance, interest rates and global capital flows. The two also discuss portfolio construction and how, despite macro uncertainty having increased, corporate fundamentals remain resilient, and how the current backdrop favors active management. Emerging markets, securitized credit and municipals are discussed in brief, as is the current relative value landscape. The Credit Crunch podcast is part of BI’s FICC Focus series.

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## Transcript

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