A Republican election sweep—or a Democratic wave—could result in more fiscal stimulus, which would likely re-accelerate inflation and slow down the Federal Reserve's pace of interest rate cuts, according to Insight Investment's Brendan Murphy.

The money manager is overweight on corporate credit amid a supportive technical and fundamental backdrop right now. Fund flows into the asset class are "tremendous," the Fed's easing policy is supportive, and companies have done a good job of terming out debt, said Murphy, Insight's head of fixed income for North America, based in Boston.

But as the U.S. presidential election approaches, corporate credit risks are rising. "It's a big risk to bond yields in general, but it would also be a risk to risky assets and to credit spreads because the market's pretty fully discounted a return to normalization," Murphy said in an October 17 interview.