Morgan Stanley’s Head of U.S. and European Credit Strategy Srikanth Sankaran speaking in an interview with Bloomberg TV. In a nutshell:

• rally in equity and credit markets on optimism about progress in cease-fire talks between Russia and Ukraine is just a temporary blip
• “The focus will definitely shift back to the central bank hawkishness”
• rally is “likely to fade over the near term,” … as the market starts to price in the magnitude of the Fed’s upcoming rate hikes.

US S&P: