"There will be continued volatility in the markets. In the next 6 to 12 months, yields are unlikely to be higher than they are today. There are two certainties: a tighter Federal Reserve and an earnings recession. I do not want to be in credit risk in this environment. Now onto stage three of the rate cycle, you want to be overweight in stages three and four. Credit fundamentals are the best they have been and heading into downturn," says Michael Contopoulos.