Market Views - Fixed Income

Our experienced investment professionals have managed fixed income portfolios for more than 40 years. Choose an article to read our views on the economy and today’s bond markets.

Q&A: Targeting opportunities in municipal bonds 
Nov. 25, 2014 :: Lee R. Cunningham II
The muni market is benefitting from an improving economy and a supply-demand mismatch
High Yield Update: Looking beyond volatility 
Nov. 13, 2014 :: Mark E. Durbiano
During periods of volatility, not every sector will follow the broader trend.
FedWatch: Slightly more hawkish tone a surprise 
Oct. 29, 2014 :: R.J. Gallo
The FOMC statement confounded expectations that it would not be market moving.
FedWatch: With taper done, watch for changes in Fed's inflation-risk assessment 
Oct. 24, 2014 :: R.J. Gallo
Disinflation worries may force changes in the statement, which is all investors will get
In short: Stay short the 10-year 
Oct. 16, 2014 :: R.J. Gallo
Wednesday's rally that sent yields to 17-month lows may have set a bottom
Fixed Income Outlook: Three months later, three months closer 
Oct. 7, 2014 :: Robert J. Ostrowski
Rates are rising in the belly of the curve and longer end likely next as year-end approaches
FedWatch: There's still 'time' 
Sept. 17, 2014 :: Donald T. Ellenberger
Fed hews to summer 2015 consensus on the first rate increase
FedWatch: Will 'considerable time' get axed? 
Sept. 11, 2014 :: Donald T. Ellenberger
These two words are all that will really matter when policymakers meet.
FedWatch: Are Fed hawks and doves on a collision course? 
Jul. 30, 2014 :: R.J. Gallo
Yellen's focus on labor market may be making inflation hawks uneasy
FedWatch: Is 'optimal control' about to be tested? 
Jul. 23, 2014 :: R.J. Gallo
Fed Chair Yellen appears to be set on improving labor market even at cost of inflation overshoot
Fixed Income Outlook: Becoming a 50-50 proposition 
Jul. 3, 2014 :: Robert J. Ostrowski
As the credit run matures, returns increasingly are going to come from rate positioning
FedWatch: The takeaway—a little more sooner, a little less later 
Jun. 18, 2014 :: Donald T. Ellenberger
Policymakers suggest rate hikes may arrive in early 2015 but that the magnitude won't be as high as markets thought when they're finished
FedWatch: Keep your eyes on the prize (i.e., long-run funds rate) 
Jun. 13, 2014 :: Donald T. Ellenberger
The big news at next week's meeting may be a potential lowering of the equilibrium target rate
Q&A: Positioning for rising rates (at some point!) 
May 21, 2014 :: William E. Ehling
It's been a weird year for bonds and Treasuries, but the fundamentals still suggest rates will rise
Bond market update: What's up with Treasuries? 
May 7, 2014 :: Robert J. Ostrowski
Until inflation rears its head, it's difficult seeing Treasuries making a big move
FedWatch: FOMC statement meets expectations 
Apr. 30, 2014 :: R.J. Gallo
Little change to FOMC statement shows the Fed thinks its new forward guidance is working well
FedWatch: Market will scrutinize FOMC's language 
Apr. 24, 2014 :: R.J. Gallo
Numbers are most important, but the market also will parse the FOMC statement's tone and language
Fixed Income Outlook: Finally, a flattener 
Apr. 3, 2014 :: Robert J. Ostrowski
Rates in the belly of the curve likely to move the most as Fed eases up on financial repression
FedWatch: Dots entertainment 
Mar. 19, 2014 :: Donald T. Ellenberger
Stocks sell off and intermediate rates rise on expectations for a funds rate-hike next spring
FedWatch: From quantitative to qualitative 
Mar. 13, 2014 :: Donald T. Ellenberger
Policymakers likely to keep tapering on course but drop specific unemployment-rate threshold
Market Memo: Why housing is getting better (but the mortgage securities side isn't) 
Mar. 5, 2014 :: Todd A. Abraham
Fed's dominance weighs down opportunities
FedWatch: Tapering continues on pace 
Jan. 29, 2014 :: R.J. Gallo
FOMC says economy stronger, does not mention emerging-market woes
In short: Expect the Fed to stay on plan 
Jan. 24, 2014 :: R.J. Gallo
Policymakers likely to look past weak December jobs and emerging markets to stick with tapering
Fixed Income Outlook: There's still value in spread product (just a little less) 
Jan. 15, 2014 :: Robert J. Ostrowski
The likelihood of higher rates takes a little bloom off the rose of corporate and high-yield bonds
2014 High-Yield Bond Outlook 
Dec. 30, 2013 :: Mark E. Durbiano
Will 2014 be another good year for high yield?
FedWatch: Tapering, Ben's departing gift 
Dec. 18, 2013 :: Donald T. Ellenberger
Policymakers make a modest cut in QE but also commit to keeping short rates low for longer
FedWatch: Will it or won't it? 
Dec. 12, 2013 :: Donald T. Ellenberger
The Fed may taper or may put it off again, but the market is generally OK with either decision

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