Fixed Income Perspectives

Wall Street columns

Tweet Trumps Fed

Recently, we asked which had more clout with investors, the FOMC or President Trump’s tweets. Now we know: tweet trumps Fed.

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Fixed Income Outlook: What We Expect in the Second Half of 2019

Entering the second half of 2019, our portfolios are positioned to reflect seven key themes.

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What’s more Intimidating? Fed Minutes or a President’s Tweet?

No one likes the messenger who brings bad news — unless that news leads the Fed to cut interest rates.

Trade Wars Trigger Headline Volatility

August 2, 2018

We remain focused on our central theme of positioning portfolios to avoid downside velocity. Regarding trade concerns, this means reducing exposure to globally-oriented investment grade credits and monitoring emerging market opportunities.

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Tug of War: Fundamentals vs. Volatility

April 27, 2018

While volatility is here to stay, so far it is confined largely to equity markets. Credit spreads have widened but less than in previous equity sell-offs; this indicates that widening is not a fundamental concern and reaffirms our cautious but not bearish view.

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Counting the Days Until December

November 20, 2017

We've held short duration much of the year to buffer gradually rising rates, and are staying short into year-end. We are tactically increasing investment-grade and high-yield corporate credit risk. We remain positive on securitized assets, preferring CLOs and CMBS, and are slightly overweight select emerging markets.

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Proceeding with Caution

October 19, 2017

The global economy looks healthy yet uncertainty persists: geopolitical risk from North Korea, tax reform in Washington, naming a successor to Federal Reserve chair Janet Yellen and the European Central Bank's rollback of QE. We view these uncertainties as reasons to pull back risk despite strong market fundamentals.

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