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.

FedWatch: Removing 'patient' doesn't mean impatient 
Mar. 18, 2015 :: Donald T. Ellenberger
The Federal Reserve policy statement is more dovish than expected.
FedWatch: Fed to get dependent on data, not time 
Mar. 13, 2015 :: Donald T. Ellenberger
We believe the 'patient' language will be removed in the FOMC's upcoming policy statement.
In short: Trifecta gives a lift to EM bonds 
Mar. 6, 2015 :: Ruggero de'Rossi
Stabilizing oil, ECB QE and reduced geopolitical tensions give rise to rally in emerging markets
Market Memo: The near-term bias is up on longer rates 
Feb. 5, 2015 :: R.J. Gallo
With oil making a potential bottom and Europe embracing pro-growth policies, Federated is growing more bearish on longer Treasuries
FedWatch: An intriguing 'development' 
Jan. 28, 2015 :: R.J. Gallo
Policymakers raise issue of 'international developments' in assessing rate plans for year
FedWatch: All the action will be behind the scenes 
Jan. 23, 2015 :: R.J. Gallo
Just because policymakers don't change anything doesn't mean there won't be some drama
Fixed Income Outlook: Back to the future, sort of 
Jan. 15, 2015 :: Robert J. Ostrowski
Just like last year, we expect the bias on rates to be upwards in 2015, favoring credit and a flattener.
High-Yield Outlook: A little better, a little more volatile 
Dec. 30, 2014 :: Mark E. Durbiano
We think total returns in the 7% range are doable for this asset class in 2015
FedWatch: Forget 'time.' Look at the dots! 
Dec. 17, 2014 :: Donald T. Ellenberger
Shift in policy language overshadowed by cut in next year's already low funds-rate forecast
FedWatch: Time's up for 'time?' 
Dec. 12, 2014 :: Donald T. Ellenberger
Fed policymakers may move language toward preparing markets for eventually tightening
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

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