Core Viewpoint - Goldman Sachs has shifted its preference back to Asian investment-grade dollar bonds due to concerns over the U.S. economy and expectations of a dovish shift from the Federal Reserve [1] Group 1: Economic Concerns - The report highlights renewed worries about U.S. economic growth, which has led to a reassessment of investment strategies [1] - The valuation of U.S. assets is considered higher than it was at the end of 2024, prompting a shift in focus [1] Group 2: Investment Strategy - Goldman Sachs recommends overweighting Asian investment-grade bonds instead of high-yield bonds, citing the defensive characteristics of investment-grade bonds [1] - The overall weakness in the credit bond market could negatively impact the performance of high-yield sectors [1] Group 3: Investment Opportunities - Within the Asian investment-grade bond market, Goldman Sachs identifies BBB-rated bonds, such as those from Hong Kong developers and subordinated bank capital bonds, as having significant investment value [1] - Chinese investment-grade bonds, which offer the highest risk premiums, are also highlighted as attractive investment opportunities [1]