BlackRock stated that the unpredictability of U.S. policies brings benefits to European credit

BlackRock believes that due to investors' cautious attitude towards the unpredictable policies and growing government debt in the United States, there may be a shift from the U.S. market to Europe, which will benefit European fixed-income assets. Foreign investors are becoming more risk-averse and are attracted by Europe's stability. If U.S. government debt continues to be uncontrolled, this could challenge the "special status" of the U.S. in the financial markets. Despite the depth and diversity of the U.S. market, BlackRock still plans to maintain liquidity in its portfolio and invest in bonds that become attractive when spreads widen during periods of volatility