The lower outlook by Moody’s, just months after Fitch's downgrade, reflects the rating agency’s concerns over the United States' long-term fiscal stability, but the impact on bonds should be near zero.

In Q3 2023, US CLO debt tranches delivered strong returns across the stack driven by increasing carry and uptick in prices.

Experienced active managers can capitalize on opportunities that fall outside their benchmarks and can manage unwanted concentrations. This has historically resulted in relatively high success rates in generating alpha.

1Q23 was marred by significant volatility in the banking sector...

Political brinksmanship over the debt limit is poised to push the Treasury to the edge. If 2011 is a guide, T-bill discounts could get wider into June, potentially causing ripple effects across markets.

Funding ratios rose again in 2022, putting plan sponsors in another surprisingly strong position. But with critical decisions looming, de-risking and diversification are paramount.

Improved funded status is driving conversations around the inclusion of non-traditional fixed income assets in ALM modeling