This report is intended for institutional investors and is not subject to independence and disclosure standards for retail investors. Barclays trades the securities covered in the report for its own account and on behalf of certain clients, which may be contrary to the recommendations offered. Barclays Capital Inc. and/or one of its affiliates does business with companies covered in its research reports, creating a potential conflict of interest. The report provides context and perspective on research across regions and asset classes, highlighting the 2024 US rates outlook, the US Multi-Industry space outlook for 2024, and the 2024 Asia credit outlook, where returns are expected to be positive. The report is a single factor in making investment decisions and does not include all research referenced. For analyst certifications, important equity research disclosures, and important fixed income research disclosures, please refer to the links provided.