The book is targeted at fixed income practitioners: (1) those who develop fixed incomestrategies (economists, analysts, and strategists); (2) those who implement strategies (assemanagers and traders); and, ultimately, (3) those who benefit from the strategies (individuals,corporates, and governments). Hence, the focus is on building a view on interest rates andcreating trades that capitalize on that view – all while being mindful of the objectives and risktolerance of the particular practitioner. That said, non-practitioners may also find this bookuseful as a starting point to guide more focused studies or as an overview to fixed income investment.