Amid an unsettled global economic outlook and elevated equity valuations, bond markets present attractive yields and important diversification benefits.
Doug Drabik discusses fixed income market conditions and offers insight for bond investors.
Although we are loath to make predictions, conditions appear to be favorable for fixed income in the coming year, and we think investors should consider adjusting their allocations accordingly.
Uncertainty with regard to interest rate policy warrants an active management strategy inherent in the Vanguard Short Duration Bond ETF.
Nothing is more fundamental to the current health of the economy than jobs creation and income growth.
Active fixed income could stand out in 2025, with active offering a way to refresh bond portfolios and allocations.
The journey from niche asset to core allocation looks set to continue.
I’m not ready to concede that active bests the benchmarks by adding what I consider alpha. For example, “positioning the fund to have more credit risk than its benchmark” is a risk premium much in the same way that the equity risk premium produced returns over the risk-free rate. The credit risk premium may be worth it, but that’s beta, not alpha.
We are pro-risk, with the biggest overweight in U.S. stocks, yet eye three areas that could spur a view change.
US Treasuries plunged as evidence of a resilient labor market pushed traders to shift their expectations for the Federal Reserve’s next interest-rate cut to the second half of the year.
After cementing its position as the dominant player in the US for a niche but highly lucrative investment vehicle, Janus Henderson is looking to try its luck in Europe.
U.S. equities closed 2024 on top and U.S. growth took back leadership from U.S. value.
US equities were up notably in 2024, due to a strong economy, accelerating earnings growth, US election results, and AI/mega-cap strength.
The selloffs that keep flaring in the world’s bond markets are pushing yields toward key thresholds amid escalating worries about elevated inflation, tempestuous politics and swelling government debts.
Our Cash Indicator methodology acts as a plan in case of an emergency. Investors should expect more equity market volatility ahead.
US mortgage rates edged up to just shy of 7% at the turn of year and a gauge of home-purchase applications tumbled to the lowest level since February, adding to evidence of a struggling housing market.
On December 6, the S&P 500 set the most extreme level of valuations on record, exceeding both the 1929 and 2000 market peaks on measures that we find best-correlated with actual, subsequent 10-12 year S&P 500 total returns across a century of market cycles.
Despite a lackluster 2024 for most bonds, investors with an eye on the long-term time horizon could reap future benefits.
Most people don’t pay much attention to the political process, either local or federal. This year I think it is something we should all be paying attention to as it might affect our various lives.
European bond markets are climbing a mountain of worry. Despite the risks, history suggests a positive outcome.
Continued volatility, falling yields, and other expectations for the year ahead, plus seven strategies to take advantage.
December's market activity highlights the need for caution in the near term.
Happy Holidays! As the page for the new calendar year will soon turn, three cheers for a happy, healthy, and prosperous new year! With 2024 rapidly drawing to a close, we reflect on the year and all that’s transpired—our readers are wonderful, the economy remains in good shape, and market returns have been stellar for those who participate.
As investors continue to step out of cash and potentially rebalance out of equities following their strong performance, we expect bonds to play a larger role in diversified portfolios next year.
Has the U.S. economy diverged from the global economy, or are a lot of economic canaries in coalmines keeling over and warning the U.S. is soon to catch down?
We expect the opportunity set to widen for income investors in 2025, though less clarity around the second half requires a dynamic approach.
As the year comes to a close, we revisit some of the key market themes and moves for 2024 and the year ahead.
Private credit firms want more than corporate lending. The largest are laying the groundwork to finance everything from auto loans and residential mortgages to chip manufacturing and data centers in an effort to swell the size of the market by the trillions.
Despite the expectation of rate cuts, a push-pull dynamic could exist if high inflation continues, opening the door for short-term bonds.
On Friday December 6th, the U.S. stock market pushed to the most extreme level of valuation in U.S. history
As cash yields dwindle, the case for fixed income becomes increasingly compelling.
Brent Olson and Thomas Ross, fixed income portfolio managers, believe that high yield bonds offer comfortable driving for now, but investors might need to negotiate more difficult terrain later in 2025.
Morningstar’s Ben Johnson reflects on a record-breaking year for ETFs and highlights key stories to watch in 2025. VettaFi’s Todd Rosenbluth discusses new polling data on how advisors are viewing financial markets heading into the new year.
We expect gears to shift as potential policy changes under the Trump administration add to uncertainty about inflation and the global economy.
Short-term bond exchange-traded funds (ETFs) can provide yield seekers with a viable alternative to money market funds.
This has been a year of market highs, puzzling signals, and a few head-scratching moments.
Jeremy Grantham’s valuation-oriented investment firm is famous on Wall Street for trumpeting the contrarian, and decidedly bearish, views of its co-founder, seemingly every passing year.
While analysts are currently very optimistic about the market, the combined risk of high valuations and the need to rebalance portfolios in the short term may pose an unanticipated threat.
In his 2025 investment outlook, Portfolio Manager John Lloyd shares his views on the attractiveness of a multi-sector approach to fixed income investing.
"Trump Trade 2.0" fueled U.S. equity and digital asset rallies, while real assets faltered under a strong dollar.
At some, point a steepening yield curve will result, leading to yield opportunities for long-term bond exchange-traded funds.
The transition from bank-dominated lending to a diversified financing ecosystem offers unprecedented opportunities for private credit investors.
Portfolio managers and market strategists from Payden & Rygel review the opportunities and risks ahead for four bond market sectors: high yield, emerging markets, global bonds and low duration securities.
In his 2025 investment outlook, Head of U.S. Securitized Products John Kerschner shares his U.S. securitized outlook, identifying the key trends he believes will drive investment returns in the year ahead.
Fixed income markets face key questions that will shape their direction in 2025. This post explores these questions & their potential impact.
An enduring image from 2024 will be the capture of the SpaceX booster rocket by the Mechazilla robot arms on its return to Earth. This achievement served as a powerful metaphor for the year: the improbable not only became possible but redefined expectations.
To improve potential returns and mitigate risks, investors should choose from the widest range of opportunities.
China’s economic ascent over the past four decades has been a remarkable story of growth, driven by several factors.
There are not many attractive opportunities in the US large-cap space. History suggests the market is overdue for a correction.
We examine how a potentially complex bond market in 2025 could still offer opportunities in high-yield bonds, municipal bonds, and inflation-protected securities.
Strong 2024 performance may be tough to replicate given tight credit spreads, but we still have a favorable view on corporate bond investments given the strong economy.
We believe municipal bonds currently offer a compelling balance of risk and reward for investors in higher tax brackets.
Just a few short years (months?) ago, few would have believed it possible. But it happened: Bitcoin has traded above $100,000 for the first time ever.
Five of Franklin Templeton’s specialist investment managers provide their annual outlooks for the global economy and key asset classes, including global equities; global fixed income; global infrastructure; the macro fixed income environment; municipal bond market; high yield bond market; small cap equities; U.S. dollar; U.S. economy; and U.S. equities.
Our Cash Indicator methodology acts as a plan in case of an emergency. This is analogous to the multiple safety systems in a modern automobile, which includes an airbag. Importantly, each of these systems work together to potentially help smooth the ride.
The bond market is caught between the Federal Reserve's plans to cut interest rates and the risk of higher inflation and federal debt levels.
Assets in money market funds reached an all-time high of $7 trillion this past month. Now that rates are moving lower, money market yields may not be as attractive to many investors and assets may gradually leave money funds.
While politics garner headlines, fundamentals drive the market over the long term.
BlackRock Inc. agreed to buy HPS Investment Partners in an all-stock deal valued at roughly $12 billion, a purchase that will propel the world’s largest asset manager into the highest ranks of private credit.
The 2024 wild ride has proven to be a continuation of last year’s.
Astoria rounds up its 10 ETFs for 2025, providing unique thought leadership and actionable investment ideas.
Big banks have been warning their investors about the competition they face from private credit, electronic market makers and others for some time.
Credit spreads are critical to understanding market sentiment and predicting potential stock market downturns.
The boom in portfolio trading, where investors can buy or sell scores of corporate bonds with just a few clicks of a mouse, is fueling mega trades that were rare in credit markets just a few years ago.
You're interested in investing in municipal bonds, but which type—general obligation or revenue—is best for you? We break it down.
Credit investors squeezed by the tightest spreads in almost 20 years are opting for bare-bones strategies, creating a boom for Europe’s fixed-maturity funds.
On whole, EM growth has been resilient, while inflation has fallen closer to normal levels.
For most of the last fifty years, fixed income investing has been characterized by owning some combination of Municipals, Corporates, Treasuries and Agency Mortgage-Backed Securities.
On the latest edition of Market Week in Review, Investment Strategist BeiChen Lin reviewed the latest inflation numbers from Canada.
For investors looking to get ahead of the greater bond market, Eaton Vance's Total Return Bond ETF can do the trick.
This week, at the North American Blockchain Summit in Dallas, Texas, I had the distinct privilege of moderating a fireside chat with former Canadian Prime Minister Stephen Harper.
Rick Raczkowski, PM, Relative Return Team, Loomis, Sayles & Company, discussed how the team views fixed income investing looking ahead.
The world’s biggest private credit managers are turning to an obscure investment product to help raise billions from deep-pocketed insurance companies, testing the limits of industry safeguards meant to curb risk.
Uncertainty ahead of the election may have resulted in lower corporate capex and M&A trends, but hope abounds that 2025 could bring about renewed animal spirits.
Blackstone Inc.’s main private credit fund stormed the investment-grade bond market to raise a combined $1.5 billion in a single day, adding to the rush of direct lenders trying to lock in cheaper financing costs.
The post-election stock market is already giving investors a wild ride. Big individual stock selloffs, massive rallies, and a dizzying array of market narratives built on Wall Street’s best attempts to read President-elect Donald Trump’s mind.
Many of the myths and controversies surrounding the equity risk premium (ERP) are rooted in semantics: The same term is used for multiple purposes.
Why the equity market rally following the U.S. presidential election could continue into year-end.
Vanguard has a pair of bond options if fixed income investors are looking to get active with their portfolio.
The inverse correlation between bonds and stocks has returned, broadening potential for risk-adjusted returns in multi-asset portfolios.
For most of the last fifty years, fixed income investing has been characterized by owning some combination of Municipals, Corporates, Treasuries and Agency Mortgage-Backed Securities which has worked well with periods of secular disinflation.
We seek to capitalize on today’s attractive yields while staying mindful of economic and market uncertainties.
Nouriel Roubini is seizing on Donald Trump’s inflation-threatening policy agenda to make a case for an alternative haven trade to Treasuries in a world of elevated volatility.
Balancing credit risk with interest-rate risk in a dynamically managed portfolio can be an all-weather approach.
Change is the sum of fundamental trends, the gradual elimination of accumulated extremes, and the random arrival of new shocks.
Municipal bonds broke their winning streak in October, posting negative total returns alongside broader fixed income assets.
U.S. rate cuts of up to 200bps are anticipated by the end of 2025 but with significant further downside if recession risks materialize.
Emerging-market (EM) corporates have a track record of resilience across market cycles.
With a "Red Sweep" in Washington likely, markets are now pricing in a more aggressive policy agenda.
Investors are piling into US leveraged loan ETFs, betting that President-elect Donald Trump’s policies will potentially boost inflation and push the Federal Reserve to keep interest rates higher for longer.
Corporate Credit
Uncertainty Is Certain
Amid an unsettled global economic outlook and elevated equity valuations, bond markets present attractive yields and important diversification benefits.
Bonds – The Dual Benefit
Doug Drabik discusses fixed income market conditions and offers insight for bond investors.
Strategic Income Outlook: Magic 8-Ball Says, “Cannot Predict Now”
Although we are loath to make predictions, conditions appear to be favorable for fixed income in the coming year, and we think investors should consider adjusting their allocations accordingly.
Amid Rate Uncertainty, Shorten Duration With This Active ETF
Uncertainty with regard to interest rate policy warrants an active management strategy inherent in the Vanguard Short Duration Bond ETF.
Expect Innovation Led American Exceptionalism to Continue
Nothing is more fundamental to the current health of the economy than jobs creation and income growth.
The Case for Active Fixed Income in 2025
Active fixed income could stand out in 2025, with active offering a way to refresh bond portfolios and allocations.
Private Credit Outlook: Expanding the Universe
The journey from niche asset to core allocation looks set to continue.
Examining the Case for Active Bond Investing
I’m not ready to concede that active bests the benchmarks by adding what I consider alpha. For example, “positioning the fund to have more credit risk than its benchmark” is a risk premium much in the same way that the equity risk premium produced returns over the risk-free rate. The credit risk premium may be worth it, but that’s beta, not alpha.
Triggers to Change Our Pro-Risk View
We are pro-risk, with the biggest overweight in U.S. stocks, yet eye three areas that could spur a view change.
US 30-Year Yield Hits 5% as Traders Push Back Next Fed Rate Cut
US Treasuries plunged as evidence of a resilient labor market pushed traders to shift their expectations for the Federal Reserve’s next interest-rate cut to the second half of the year.
Janus Henderson Takes CLO-Tracking Fund to Europe After US Win
After cementing its position as the dominant player in the US for a niche but highly lucrative investment vehicle, Janus Henderson is looking to try its luck in Europe.
Q4 Recap: US Growth Closes the Year on Top
U.S. equities closed 2024 on top and U.S. growth took back leadership from U.S. value.
With New Risks Surfacing, How Should Investors Position Portfolios in 2025?
US equities were up notably in 2024, due to a strong economy, accelerating earnings growth, US election results, and AI/mega-cap strength.
Global Bond Selloff Leaves US Treasury Yields Flirting With 5%
The selloffs that keep flaring in the world’s bond markets are pushing yields toward key thresholds amid escalating worries about elevated inflation, tempestuous politics and swelling government debts.
The January 25 Dashboard: Our 3 Layers of Risk Management
Our Cash Indicator methodology acts as a plan in case of an emergency. Investors should expect more equity market volatility ahead.
US 30-Year Mortgage Rate Just Shy of 7% Bridles Home Purchases
US mortgage rates edged up to just shy of 7% at the turn of year and a gauge of home-purchase applications tumbled to the lowest level since February, adding to evidence of a struggling housing market.
Pressing for Yet More
On December 6, the S&P 500 set the most extreme level of valuations on record, exceeding both the 1929 and 2000 market peaks on measures that we find best-correlated with actual, subsequent 10-12 year S&P 500 total returns across a century of market cycles.
Bond Investors Could Reap Rewards in the Long Term
Despite a lackluster 2024 for most bonds, investors with an eye on the long-term time horizon could reap future benefits.
A Controversial Start
Most people don’t pay much attention to the political process, either local or federal. This year I think it is something we should all be paying attention to as it might affect our various lives.
European Fixed-Income Outlook 2025: Adversity, Uncertainty, Opportunity
European bond markets are climbing a mountain of worry. Despite the risks, history suggests a positive outcome.
Fixed-Income Outlook 2025: Fertile Ground
Continued volatility, falling yields, and other expectations for the year ahead, plus seven strategies to take advantage.
S&P 500 Records Its Second Straight Year of 20%-Plus Gains
December's market activity highlights the need for caution in the near term.
What Factors Could Help the Markets and Economy Prosper in 2025?
Happy Holidays! As the page for the new calendar year will soon turn, three cheers for a happy, healthy, and prosperous new year! With 2024 rapidly drawing to a close, we reflect on the year and all that’s transpired—our readers are wonderful, the economy remains in good shape, and market returns have been stellar for those who participate.
2025 Fixed Income Outlook: Monetary and Fiscal Crosscurrents May Create Volatility, Yet Opportunity Persists
As investors continue to step out of cash and potentially rebalance out of equities following their strong performance, we expect bonds to play a larger role in diversified portfolios next year.
Global Conditions Portend a Catch-Down in America
Has the U.S. economy diverged from the global economy, or are a lot of economic canaries in coalmines keeling over and warning the U.S. is soon to catch down?
Multi-Asset Income 2025 Outlook: Broader Is Better
We expect the opportunity set to widen for income investors in 2025, though less clarity around the second half requires a dynamic approach.
Notes From the Desk: Fixed Income Year in Review
As the year comes to a close, we revisit some of the key market themes and moves for 2024 and the year ahead.
Private Credit Plots Expansion in Bid for $40 Trillion Prize
Private credit firms want more than corporate lending. The largest are laying the groundwork to finance everything from auto loans and residential mortgages to chip manufacturing and data centers in an effort to swell the size of the market by the trillions.
Inflation Expectations Keep Short-Term Bonds in Play
Despite the expectation of rate cuts, a push-pull dynamic could exist if high inflation continues, opening the door for short-term bonds.
Ring Out, Wild Bells
On Friday December 6th, the U.S. stock market pushed to the most extreme level of valuation in U.S. history
From Cash to Bonds: A Strategic Shift in Post-Pandemic Investing
As cash yields dwindle, the case for fixed income becomes increasingly compelling.
High Yield Bonds Outlook: Taking the Scenic Route in 2025
Brent Olson and Thomas Ross, fixed income portfolio managers, believe that high yield bonds offer comfortable driving for now, but investors might need to negotiate more difficult terrain later in 2025.
Morningstar’s Ben Johnson Recaps the Year in ETFs and Looks Ahead to 2025
Morningstar’s Ben Johnson reflects on a record-breaking year for ETFs and highlights key stories to watch in 2025. VettaFi’s Todd Rosenbluth discusses new polling data on how advisors are viewing financial markets heading into the new year.
Schwab Market Perspective: 2025 Outlook
We expect gears to shift as potential policy changes under the Trump administration add to uncertainty about inflation and the global economy.
A Higher-Yielding Alternative to Money Market Funds
Short-term bond exchange-traded funds (ETFs) can provide yield seekers with a viable alternative to money market funds.
Five Charts for 2025
This has been a year of market highs, puzzling signals, and a few head-scratching moments.
Jeremy Grantham’s GMO Goes Mainstream With ETF and Mega-Cap Bets
Jeremy Grantham’s valuation-oriented investment firm is famous on Wall Street for trumpeting the contrarian, and decidedly bearish, views of its co-founder, seemingly every passing year.
Portfolio Rebalancing And Valuations. Two Risks We Are Watching.
While analysts are currently very optimistic about the market, the combined risk of high valuations and the need to rebalance portfolios in the short term may pose an unanticipated threat.
Yield on the Table: Why Multisector May Make Sense in 2025
In his 2025 investment outlook, Portfolio Manager John Lloyd shares his views on the attractiveness of a multi-sector approach to fixed income investing.
Monthly Market Recap: Trumpmania 2.0
"Trump Trade 2.0" fueled U.S. equity and digital asset rallies, while real assets faltered under a strong dollar.
3 Long-Term Bond ETFs for a Steepening Yield Curve
At some, point a steepening yield curve will result, leading to yield opportunities for long-term bond exchange-traded funds.
Private Credit: Asset-Based Finance Shines as Lending Landscape Evolves
The transition from bank-dominated lending to a diversified financing ecosystem offers unprecedented opportunities for private credit investors.
What’s Ahead for Fixed Income in 2025?
Portfolio managers and market strategists from Payden & Rygel review the opportunities and risks ahead for four bond market sectors: high yield, emerging markets, global bonds and low duration securities.
Key Trends Driving U. S. Securitized Fixed Income in 2025
In his 2025 investment outlook, Head of U.S. Securitized Products John Kerschner shares his U.S. securitized outlook, identifying the key trends he believes will drive investment returns in the year ahead.
Notes from the Desk: 3 Questions for 2025
Fixed income markets face key questions that will shape their direction in 2025. This post explores these questions & their potential impact.
2025 Annual Global Market Outlook: The Mechazilla Moment
An enduring image from 2024 will be the capture of the SpaceX booster rocket by the Mechazilla robot arms on its return to Earth. This achievement served as a powerful metaphor for the year: the improbable not only became possible but redefined expectations.
Seeking Sterling Bond Exposure? Look Beyond the UK
To improve potential returns and mitigate risks, investors should choose from the widest range of opportunities.
Watching China’s Economic Miracle (and Relevance) Fade Before Our Eyes
China’s economic ascent over the past four decades has been a remarkable story of growth, driven by several factors.
Valuations Have Richened, But Areas Outside of Large-Caps Remain Attractive
There are not many attractive opportunities in the US large-cap space. History suggests the market is overdue for a correction.
Bond Market Opportunities for Investors in 2025
We examine how a potentially complex bond market in 2025 could still offer opportunities in high-yield bonds, municipal bonds, and inflation-protected securities.
2025 Corporate Bond Outlook
Strong 2024 performance may be tough to replicate given tight credit spreads, but we still have a favorable view on corporate bond investments given the strong economy.
2025 Municipal Bond Outlook
We believe municipal bonds currently offer a compelling balance of risk and reward for investors in higher tax brackets.
Bitcoin’s Rise to $100,000 Signals Global Adoption Shift
Just a few short years (months?) ago, few would have believed it possible. But it happened: Bitcoin has traded above $100,000 for the first time ever.
Franklin Templeton’s 2025 Outlooks for Equities and Fixed Income Sectors
Five of Franklin Templeton’s specialist investment managers provide their annual outlooks for the global economy and key asset classes, including global equities; global fixed income; global infrastructure; the macro fixed income environment; municipal bond market; high yield bond market; small cap equities; U.S. dollar; U.S. economy; and U.S. equities.
The December 2024 Dashboard: Our Three Layers of Risk Management
Our Cash Indicator methodology acts as a plan in case of an emergency. This is analogous to the multiple safety systems in a modern automobile, which includes an airbag. Importantly, each of these systems work together to potentially help smooth the ride.
2025 Treasury Bonds and Fixed Income Outlook
The bond market is caught between the Federal Reserve's plans to cut interest rates and the risk of higher inflation and federal debt levels.
Rethinking Cash
Assets in money market funds reached an all-time high of $7 trillion this past month. Now that rates are moving lower, money market yields may not be as attractive to many investors and assets may gradually leave money funds.
Equity Markets Carried in November by Post-election Rally
While politics garner headlines, fundamentals drive the market over the long term.
BlackRock Buys Credit Firm HPS in $12 Billion All-Stock Deal
BlackRock Inc. agreed to buy HPS Investment Partners in an all-stock deal valued at roughly $12 billion, a purchase that will propel the world’s largest asset manager into the highest ranks of private credit.
Don’t Be a Last Minute Rate Shopper
The 2024 wild ride has proven to be a continuation of last year’s.
Special Report: Astoria’s 10 ETFs for 2025
Astoria rounds up its 10 ETFs for 2025, providing unique thought leadership and actionable investment ideas.
Investment Banks Will Lose Billions of Dollars to Private Rivals
Big banks have been warning their investors about the competition they face from private credit, electronic market makers and others for some time.
Credit Spreads: The Markets Early Warning Indicators
Credit spreads are critical to understanding market sentiment and predicting potential stock market downturns.
Corporate Bond ETFs Are Fueling a Rise in Monster Block Trades
The boom in portfolio trading, where investors can buy or sell scores of corporate bonds with just a few clicks of a mouse, is fueling mega trades that were rare in credit markets just a few years ago.
Choosing Municipal Bonds: GO or Revenue?
You're interested in investing in municipal bonds, but which type—general obligation or revenue—is best for you? We break it down.
In Hot Credit Market, Simple Fixed-Maturity Funds Are Booming
Credit investors squeezed by the tightest spreads in almost 20 years are opting for bare-bones strategies, creating a boom for Europe’s fixed-maturity funds.
Emerging Market Debt Outlook for 2025
On whole, EM growth has been resilient, while inflation has fallen closer to normal levels.
CLO Default Rates Are Significantly Lower Than Corporate Default Rates
For most of the last fifty years, fixed income investing has been characterized by owning some combination of Municipals, Corporates, Treasuries and Agency Mortgage-Backed Securities.
Inflation Rises in Canada. How Could This Impact the Bank of Canada’s Upcoming Decision on Rates?
On the latest edition of Market Week in Review, Investment Strategist BeiChen Lin reviewed the latest inflation numbers from Canada.
Outpace the Agg With EVTR’s Core Plus Bond Strategy
For investors looking to get ahead of the greater bond market, Eaton Vance's Total Return Bond ETF can do the trick.
Stephen Harper’s Blueprint for Economic Growth and Middle-Class Prosperity
This week, at the North American Blockchain Summit in Dallas, Texas, I had the distinct privilege of moderating a fireside chat with former Canadian Prime Minister Stephen Harper.
2025 Fixed Income Investing: The Credit Cycle & Duration
Rick Raczkowski, PM, Relative Return Team, Loomis, Sayles & Company, discussed how the team views fixed income investing looking ahead.
Backdoor Private Credit Funds Are Luring Billions From Insurers
The world’s biggest private credit managers are turning to an obscure investment product to help raise billions from deep-pocketed insurance companies, testing the limits of industry safeguards meant to curb risk.
Another Soft Year for Secondaries: Changes on the Way in 2025?
Uncertainty ahead of the election may have resulted in lower corporate capex and M&A trends, but hope abounds that 2025 could bring about renewed animal spirits.
Blackstone Private Credit Fund Taps Debt Market for $1.5 Billion
Blackstone Inc.’s main private credit fund stormed the investment-grade bond market to raise a combined $1.5 billion in a single day, adding to the rush of direct lenders trying to lock in cheaper financing costs.
Trump Is Making the 60/40 Portfolio Great Again
The post-election stock market is already giving investors a wild ride. Big individual stock selloffs, massive rallies, and a dizzying array of market narratives built on Wall Street’s best attempts to read President-elect Donald Trump’s mind.
The Equity Risk Premium: Nine Myths (JPM Series)
Many of the myths and controversies surrounding the equity risk premium (ERP) are rooted in semantics: The same term is used for multiple purposes.
Why the Election Rally Could Continue
Why the equity market rally following the U.S. presidential election could continue into year-end.
As Active ETFs Grow Worldwide, Here's 2 Bond Options
Vanguard has a pair of bond options if fixed income investors are looking to get active with their portfolio.
Negative Correlations, Positive Allocations
The inverse correlation between bonds and stocks has returned, broadening potential for risk-adjusted returns in multi-asset portfolios.
Opportunities Beyond the Traditional Bond Indices
For most of the last fifty years, fixed income investing has been characterized by owning some combination of Municipals, Corporates, Treasuries and Agency Mortgage-Backed Securities which has worked well with periods of secular disinflation.
Income Fund Update: Navigating Rate Cuts With Flexibility and a High Quality Focus
We seek to capitalize on today’s attractive yields while staying mindful of economic and market uncertainties.
Roubini Launches Treasury-Alternative ETF to Ride Trump-Era Risk
Nouriel Roubini is seizing on Donald Trump’s inflation-threatening policy agenda to make a case for an alternative haven trade to Treasuries in a world of elevated volatility.
Balancing Risks as the Credit Cycle Turns
Balancing credit risk with interest-rate risk in a dynamically managed portfolio can be an all-weather approach.
The Turtle and the Pendulum
Change is the sum of fundamental trends, the gradual elimination of accumulated extremes, and the random arrival of new shocks.
Active Management Will Drive Muni Returns in 2024
Municipal bonds broke their winning streak in October, posting negative total returns alongside broader fixed income assets.
Fixed Income Survey 2024-2025: Cautious Optimism
U.S. rate cuts of up to 200bps are anticipated by the end of 2025 but with significant further downside if recession risks materialize.
Emerging-Market Corporates’ Most Underappreciated Quality? Resilience
Emerging-market (EM) corporates have a track record of resilience across market cycles.
Notes From the Desk: Red-Wave Recalibration: Navigating the Post-Election Market Shift
With a "Red Sweep" in Washington likely, markets are now pricing in a more aggressive policy agenda.
Wall Street’s Higher-for-Longer Rate Brigade Plunges Into Loans
Investors are piling into US leveraged loan ETFs, betting that President-elect Donald Trump’s policies will potentially boost inflation and push the Federal Reserve to keep interest rates higher for longer.