Heading into the start of the Trump presidency investors should favor short-term over long-term bonds and senior loans over high-yield bonds, said Ira Jersey, senior client portfolio manager at OppenheimerFunds. He said credit markets are becoming more challenging now that Trump's fiscal policy is replacing the Fed's monetary policy as the driving force in interest rates, and near-term interest rate moves could affect longer-duration assets. As a result he favors U.S. floating rate loans, which are more senior in the capital structure than high-yield bonds and effectively have zero duration exposure.