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Hi, and welcome to the Longview. I'm Jeff Patak Chief Ratings Officer at Morningstar Research Services.

And I'm Christine Ben's Director Ratings Officer at Morningstar Research Services.

And I'm Christine Ben's Director of Personal Finance for Morningstar.

Our guest this week is Sonal Desai. Sonal is Executive Vice President and Chief Investment Officer of the Franklin Templeton Fixed Income Group.

In addition to her responsibilities overseeing many of Franklin's fixed income teams,

Sonal also co-chairs the group's fixed income policy committee and is a member of Franklin Resources,

executive committee, as well as the firm's management and investment committees.

Sonal is a listed portfolio manager and a number of strategies, including Core Plus,

strategic income, and global fixed income.

Sonal joined Franklin in 2009 from Thames River Capital in London.

Prior to that, Sonal worked at the International Monetary Fund and as a director and senior economist at Dresner-Klein-Worth-Wastorstein.

She earned her bachelor's in economics from the University of Delhi and her

doctorate in economics from Northwestern University. Sonal, welcome to the Longview. Thank you,

Drift. Thanks for having me. Oh, it's our pleasure. So you oversee many of Franklin's fixed income teams,

as CIO of the Franklin Templeton fixed income group, that gives you a good

perspective on key issues rippling across the bond market. In your view, what's the key risk

...