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Fixed Income Insights
Municipal Yields Have Converged
This piece is approved to use with clients.
Over the past several weeks, yields between short- and intermediate-term Municipal Bonds have converged. This may be an opportunity for investors to significantly reduce interest rate risk while sacrificing minimal income since shorter-term bonds typically have less sensitivity to rates.
Fixed Income Insights
Neither bulls nor bears last forever
This piece is approved to use with clients.
While bull markets don’t last forever, neither do bear markets. Since 1928, the strength and duration of S&P 500® bull markets has meaningfully outweighed that of bear markets.
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Fixed Income Insights
Did the Fed just go Minority Report?
We believe the Fed is taking a risk — one we hope works — in shifting from reactive to preemptive monetary policy. It was not that long ago that the Fed was more forthright about the uncertainty inherent in economic forecasting as Chairman Powell used the analogy of walking into a dark room and slowing down to avoid furniture as an analogy for the Fed’s situation. Today, they seem more certain that they know the future and aim to alter it.