Chi Chen says the bond market may be pricing in too much Fed tightening, as higher rates are already pressuring interest-sensitive areas like housing while inflation remains driven by factors rates may not easily fix. She says the AI investment boom is supporting economic growth and creating significant new debt issuance, though AI could ultimately become a deflationary force. Chen also sees corporate fundamentals as healthy despite weakness in lower-quality credit and expects more AI-related financing to compete with traditional high-yield debt.