Investors are challenged today with so much data and distraction coming at them from every angle. This makes it tough to see the big picture, which looks pretty good.

After a dramatic 50 bp chop to the Fed funds rate barely two weeks ago, the mood has swung around once again. Now it’s more like,“What’s the rush?” Indeed, several panelists at the Greenwich Economic Forum last week suggested rates were at a good level, keeping inflation at bay and allowing the economy’s momentum to continue.

Our experience has been that most predictions of risks have the timing exactly wrong: buy when you should be selling, sell when you should be buying. Those who say credit is risky, for example, because interest rates are high, will miss the best of both worlds. Debt costs will improve for borrowers, but all-in yields for investors will remain well above historic levels.