Western Asset eyes narrowing corporate bonds

Improvements in the global economy and asset prices will continue, but not without interruption, according to Western Asset Management, the global fixed-income manager wholly owned by Legg Mason. "We suspect the recent rally in fixed-income and equity prices involves a degree of herding, which may reverse itself with little notice. Still, non-government fixed-income prices should continue to trend higher as spreads compress in fits and spurts," says Mike Zelouf, director of internati…