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.

The near-term bias on Treasury yields may be higher 
Dec. 4, 2018 :: R.J. Gallo
Several factors that drove yields lower have turned more favorable, but a lack of clarity still clouds the outlook.
Strong economy and credit quality continue to buoy high yield 
Nov. 12, 2018 :: Mark Durbiano
Volatile period doesn't change solid fundamentals, indicating potential upside if markets settle down as expected.
Fed stays put 
Nov. 8, 2018 :: Donald Ellenberger
The FOMC left policy rates and most language of its policy statement unchanged.
A quick take on the midterms: Gridlock 
Nov. 7, 2018 :: Stephen Auth Deborah Cunningham Robert Ostrowski
Federated’s trio of CIOs thinks a split Congress won’t undo Trumponomics but won’t build on it, either.
Should you be wary of a BBB rating? 
Nov. 1, 2018 :: John Gentry
Contrary to its reputation, BBB-rated corporate debt has much to recommend itself.
Inching closer to neutral 
Oct. 11, 2018 :: Robert Ostrowski
Federated seeks to lessen potential fixed-income volatility amid rising rates, midterm election uncertainty and a Fed that's trying to stick the landing.
Mortgages on way to becoming a true market again 
Sept. 26, 2018 :: Todd Abraham
Expect the Fed to fade and value to return to mortgage market.
Market Memo: Same as it ever was 
Aug. 28, 2018 :: William Ehling
Inflation and rates may rise, but a surge is unlikely.
Market Memo: 3 reasons, beyond just tax reform, to consider munis 
Aug. 2, 2018 :: Ann Ferentino
Fundamental and long-term forces are shining a positive light on municipal bonds.
Fed Watch: A 'strong' statement 
Aug. 1, 2018 :: Donald Ellenberger
The Fed keeps rates within a range of 1.75-2%.
In Short: High yield maintains its edge 
Jul. 18, 2018 :: Mark Durbiano
While yields relative to Treasuries are below historical medians, high yield's higher coupon rate continues to lift returns.
Fixed Income Outlook: Something ... or nothing 
Jul. 11, 2018 :: Robert Ostrowski
When should we really worry about trade? Even the market isn't so sure.
In Short: Too early to worry a lot about Italy 
May 30, 2018 :: John Sidawi
An exit from the euro is unlikely but even if it comes, it's going to take a long time.
Market Memo: Beware the secular bond-bear pundits 
May 15, 2018 :: William Ehling
Fixed-income investors would be better served weighing the fundamentals.
In Short: 3% is noteworthy but it’s not signaling a spike 
Apr. 25, 2018 :: R.J. Gallo
The bias on rates remains up, just not as much.
In Short: After tax reform, muni bonds remain attractive 
Apr. 17, 2018 :: J. Scott Albrecht
Taxes have changed, but not the role of municipal bonds.
Fixed Income Outlook: Well, this is interesting 
Apr. 12, 2018 :: Robert Ostrowski
Geopolitics have been, uh, trumping fundamentals in the marketplace.
Q&A: Risk-return profile still positive for high-yield bonds, leveraged company stocks 
Mar. 30, 2018 :: Gene Neavin
The fundamentals remain favorable despite an aging cycle and rising rates.
Rate Watch: Increases aren't just about inflation & Fed hikes 
Mar. 14, 2018 :: Donald Ellenberger Susan Hill
There are multiple reasons why yields on the short end of the Treasury curve have risen.
Q&A: Rising rates favor shorter maturities 
Mar. 7, 2018 :: Randall Bauer
Reduced exposure to longer-term instruments may mitigate the amount of value that rate hikes eat away.
Market Memo: With bias on rates up, duration shifted lower 
Mar. 6, 2018 :: R.J. Gallo
Federated updates its duration call in light of inflation, tax reform and the Fed.
In Short: We believe the bias on yields is still up 
Feb. 6, 2018 :: R.J. Gallo
Federated stays short on duration, with plenty to monitor in coming days.
Fed Watch: (Slight) optimism about inflation 
Jan. 31, 2018 :: Donald Ellenberger
FOMC kept rates within 1.25-1.50%, gave more upbeat view of inflation.
Fixed Income Outlook: How much longer can this movie play? 
Jan. 12, 2018 :: Robert Ostrowski
The credit cycle is growing old, but high-yield, investment-grade and emerging-market bonds are still offering value.
2018 Outlook: There's still gas in the high-yield tank 
Dec. 22, 2017 :: Mark Durbiano
Federated expects the high-yield sector to be one of the better performers in the fixed-income class in 2018.
Tax Reform Special: What the bill means for investors 
Dec. 20, 2017 ::
Faster growth, higher earnings will be good for stocks, but there are some countervailing forces for bonds.
Market Memo: Free to choose? 
Sept. 29, 2017 :: William Ehling
Massive global central bank intervention has made rate movements a guess game.
Fixed Income Liquidity: The new SEC proposals and Federated 
Oct. 27, 2015 :: Robert J Ostrowski
The subject of bond market liquidity continues to get a lot of attention through press articles and proposed Securities and Exchange Commission (SEC) reforms.

Webcast: Fixed Income Outlook

Join Senior Portfolio Manager R.J. Gallo each quarter as he shares insights on timely market trends and topics.