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Where BlackRock's Rieder Is Finding Value

Agency mortgages, emerging markets, and securitized assets are some of the few fixed-income areas looking attractive now.

Eric Jacobson: Maybe we could wrap up with some thoughts about where you're seeing value. I won't even ask you where you're not seeing it, because we know that there are a lot of places like that. But there's been talk a little bit about agency mortgages. At one point, you're at positive and then maybe not so much. Give me a feel for some of the highlights of where you think there is value.

Rick Rieder: I mean, I think agency mortgages now are--I think that where there's value in the world generally is where the media tends to overstate the influence. So, for example, I think in agency mortgages people are talking about the Fed reducing their balance sheet. Fed is going to be unbelievably deliberate about that and of their liquid assets. So, we think agency mortgages are one of the more attractive investments today.