According to the European Space Agency, never a month of June had been as hot on the surface of the Earth as in 2019. It is now clear that climate disasters have intensified in recent years. This has been clear in the United States in recent months.

CalPERS announced the appointment of Arnold B. Phillips as the managing investment director (MID) of its Global Fixed Income investment program. Phillips had been serving as acting MID since May 2018. The appointment is effective immediately.

Interlinking climate change with investments is critical today and it will become even more important in the future as climate change is one of the biggest issues facing humanity today.

The strong rally in markets during the first three months of 2019 reversed the trend seen at the end of last year. The US Federal Open Market Committee's March meeting confirmed that the Fed has moved from mobilising against an inflation overshoot to trying to correct the postglobal financial crisis inflation undershoot.

With only about 12% of the distressed debt maturing within the next two years, liquidity pressure is likely to remain benign. Meanwhile, the number of issuers seeking a maturity extension, amendments or waivers to their financial covenants remain tame.