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.

Market Memo: When it comes to yields, the times they are a changing 
Nov. 17, 2016 :: William Ehling
Expectations for a big stimulus punch on top of budding signs of inflation have yields moving higher.
Muni Watch: Post-election, what's next? 
Nov. 16, 2016 :: R.J. Gallo
Like the broader bond market, municipal bonds have sold off somewhat post-election but year-to-date performance remains positive.
Election Special: Jitters, stabilization and then? 
Nov. 9, 2016 :: Robert Ostrowski
As Trump's win settles in, the question is whether he'll stick to trade and tax-cut policies he promoted. If so, expect higher rates and a steeper yield curve.
FedWatch: Tune in next meeting 
Nov. 2, 2016 :: R.J. Gallo
With today's FOMC statement essentially a repeat of September's, the stage is set for a December hike.
3 Questions: Federated High Yield 
Oct. 18, 2016 :: Kathryn Glass
A bottom-up focus is at the core of Federated's approach to high-yield investing.
Fixed Income Outlook: Still a credit story, just less so 
Oct. 7, 2016 :: Robert Ostrowski
Corporate and mortgage-backed securities remain overweight but are inching closer to neutral in our allocation models.
Election Watch: Who's going to win? The peso might tell you 
Sept. 30, 2016 :: John Sidawi
Currencies can be an indicator of major political events.
FedWatch: A 'hawkish hold' for rates 
Sept. 21, 2016 :: Donald Ellenberger
The Fed didn't raise rates today, likely pushing a hike to December, just like last year.
FedWatch: Hints may be all we get 
Sept. 16, 2016 :: Donald Ellenberger
While a hike is unlikely in the upcoming FOMC meeting, Fedspeak might suggest one could come in December.
Q&A: Does the troubled pension plan environment hold opportunity? 
Aug. 19, 2016 :: R.J. Gallo
It is important to consider pension plans on a state-by-state basis.
FedWatch: Getting warmer 
Jul. 27, 2016 :: R.J. Gallo
Today’s statement remained consistent with a Fed looking for the right time to hike.
Q&A: A global bond perspective on a volatile second quarter 
Jul. 18, 2016 :: John Sidawi
Brexit doesn't imply financial gloom, and won't likely overwhelm global capital markets.
Fixed Income Outlook: Unsteady as she goes 
Jul. 15, 2016 :: Robert Ostrowski
The combination of moderate growth, global uncertainties and unprecedented monetary policies continue to work to the benefit of credit.
In Short: Brexit highlights value of fixed-income allocations 
Jul. 1, 2016 :: Robert Ostrowski
Uncertainty can be a bond investor's friend.
FedWatch: Higher bar for raising rates 
Jun. 8, 2016 :: Donald T Ellenberger
Poor jobs report will likely keep rates unchanged at upcoming FOMC meeting.
In Short: Global developed bonds in wait-and-see mode 
Jun. 6, 2016 :: John Sidawi
Don't expect much change until after the upcoming Brexit vote and the FOMC meeting.
In Short: Muni bonds in a sweet spot 
May 19, 2016 :: R.J. Gallo
In a time of elevated volatility in other markets, municipal bonds are relatively well situated.
Q&A: Few positive results so far with negative rates 
May 4, 2016 :: Donald T Ellenberger
The jury is still out on whether negative interest rates actually help economies.
FedWatch: No hike—and no signal for one, either 
Apr. 27, 2016 :: R.J. Gallo
Yellen steers the policy statement in between the differing positions of the members.
FedWatch: Don't even think about it 
Apr. 21, 2016 :: R.J. Gallo
A rate hike at the upcoming FOMC meeting would be a shock.
Market Memo: Why spreads matter 
Apr. 19, 2016 :: Mark E Durbiano
The financial world has plenty of jargon, but 'spreads' are a concept investors should be comfortable with to understand high-yield bonds.
Fixed Income Outlook: The math—and the economy—favor credit 
Apr. 13, 2016 :: Robert J Ostrowski
The rate and economic environment are still constructive for spread products, but not so much for Treasuries.
FedWatch: And then there were two 
Mar. 16, 2016 :: Donald T Ellenberger
The FOMC didn't hike rates but did cut the number of expected hikes in 2016 from four to two.
FedWatch: March meeting could set the stage for future hikes 
Mar. 10, 2016 :: Donald T Ellenberger
A rate hike is very unlikely, but will the Fed hint one is just around the corner?
Market Memo: Default rates in energy don't spell doom 
Feb. 24, 2016 :: Mark E Durbiano
Investors already have paid a price for the likely coming wave of defaults in energy.
In Short: Oil's spill starting to sink credit ratings 
Feb. 11, 2016 :: John T Gentry
Even the largest energy companies are seeing credit-rating downgrades unthinkable only a few years ago.
Q&A: Conundrums abound for Fed 
Jan. 28, 2016 :: Donald T Ellenberger
Why 10-year Treasury yields haven't plunged and other macro topics.
FedWatch: Fed has eyes on global markets, slowing U.S. growth 
Jan. 27, 2016 :: R.J. Gallo
The FOMC stays pat with rates, and won't let "financial and international developments" or recent softness in U.S. economy keep it from normalization.
FedWatch: Fed likely to address market volatility but not act 
Jan. 22, 2016 :: R.J. Gallo
The Fed is not ready to abandon normalization merely due to a difficult start to the year in equities and oil.
Fixed Income Outlook: Giving credit its due 
Jan. 13, 2016 :: Robert J Ostrowski
Despite 2015's challenges, the credit side of the fixed-income world is still our favorite, led by high yield. We also are positioning for modestly rising rates and a yield-curve flattener, with short rates rising faster than long rates.
FedWatch: A dovish hike 
Dec. 16, 2015 :: Donald T Ellenberger
Yellen was able to please hawks with a hike, and doves with plenty of qualifiers.
Q&A: What's going on in the high-yield market 
Dec. 14, 2015 :: Mark E Durbiano
Struggles at a fund that specializes in very distressed companies rattle the market, but the fundamentals don't merit the broad-based scare.
FedWatch: Time is nigh for a hike 
Dec. 11, 2015 :: Donald T Ellenberger
But the FOMC statement is expected to sing its familiar chorus that future hikes will be cautious and gradual.
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.