20250709-4651449

Fixed income investors may benefit from higher yields, as historically, fixed income returns have been highly correlated to starting yields. In our view, the potential for increased inflationary pressures and tighter-than-historical average credit spreads supports defensive credit positioning.
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Fixed income investors may benefit from higher yields as historically, fixed income returns have been highly correlated to starting yields. In our view, elevated recession risks and tighter-than-historical average credit spreads support defensive credit positioning.
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Year-over-year CPI for May came in at 3.3% driven by services inflation. This is down from 3.4% in April. Year-over-year Core CPI decreased as well, to 3.4%. June’s FOMC meeting left markets with the understanding that the Fed expects inflation to remain elevated in the near term but anticipates it will fall in 2025.
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Late-cycle conditions continue with the economy facing lagged impacts of Fed tightening, tougher lending standards, and declining profits. We continue to avoid or underweight the most economically cyclical parts of the markets.
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Munis returns remain positive year-to-date, despite negative returns for the month across all fixed income indices, driven largely by a continued rise in rates.
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Late-cycle conditions continue with the economy facing lagged impacts of Fed tightening, tougher lending standards, and declining profits. We continue to avoid or underweight the most economically cyclical parts of the markets.
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A resilient Nonfarm Payrolls release on August 4th and a higher-than-expected Consumer Price Index release on the 10th indicated that, despite repeated interest rate hikes by the Federal Reserve (the Fed), the U.S. economy was still running hot.
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It’s no secret that inflation concerns continue to build, which is forcing the Federal Reserved to make a harder-than-anticipated pivot with regard to its monetary policy. What does this mean for fixed income investors?
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Improve portfolio efficiency by accumulating dividends while abating risk.
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