Charting our Focus

Finding Income Requires Experience and Flexibility

August 2022 | A flexible approach to income opportunities is especially important during periods of rapid changes in interest rates.  What strategies can investors use to go beneath the surface to seek additional sources of income? 

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Source: Bloomberg, Bank of America, and Amundi US as of July 29, 2022.  Data based on past performance, which is no guarantee of future results.  Please see Terms and Indices on chart page for more information.

After the Largest Municipal Bond Selloff in 25 Years, Lower Prices Offer Investors a Potentially Attractive Entry Point

July 2022 | Municipal bonds, which offer tax-free income and low historical default rates, can be a valuable addition to portfolios during times of rising inflation.  What strategic role can these investments play, and what can we learn from current yield ratios?

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Bloomberg Municipal Bond Index. Source: Bloomberg as of dates shown. Data based on past performance, which is no guarantee of future results. Please see Terms and Indices on chart page for more information.

Patience Has Rewarded Fixed Income Investors Following Rate Hike Cycles

June 2022 |  Over the past 30 years, there have been four major tightening cycles. Following the two tightening cycles in 2000 and 2006, Federal Reserve interest rate hikes were followed by recessions.  Yet, despite the economic slowdowns, major sectors of the US fixed income markets averaged positive returns during the one-year periods beginning three months after the Fed’s first rate action. 

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Source: Bloomberg. Treasury securities are backed by the full faith and credit of the US government, while the other bond asset classes shown do not. Data based on past performance, which is no guarantee of future results. Please see Terms and Indices on chart page for more information.

Short-Duration Fixed Income May Make Sense for Investors

May 2022 |  As the US Federal Reserve prepares to raise rates aggressively, the yield curve is flattening and short-term credit investments can provide opportunities. As a result, investors seeking fixed income solutions to help navigate the higher inflation, high interest rate environment may want to consider positions in short-term credit.

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Source: Bloomberg. Data as of 5/4/22. Right chart shows the ICE BofA US Corporate Bond indices in the maturity ranges shown. Unlike Treasury securities which are backed by the full faith and credit of the US government, corporate bonds have more risks, such as credit and liquidity risk. Data based on past performance, which is no guarantee of future results. Please see Terms and Indices on chart page for more information.

Floating-Rate Bonds May Help Protect Against Rising Rates

April 2022 |  Rising inflation, geo-political uncertainty, and tighter monetary policy have caused bond prices to fall across most fixed income sectors in 2022.  In this month’s chart, learn how floating-rate loans, typically issued by below investment grade rated corporate issuers, can offer protection against rising rates, albeit with additional risk.

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Shows indices of various asset classes. Source: Bloomberg as of 3/31/22. Data based on past performance, which is no guarantee of future results. Please see Terms and Indices on chart page for more information.

Inflation Levels Highlight Potential Disconnect of Current Fed Policy

March 2022 |  The recent US Consumer Price Index (CPI) figure reinforced broadening inflation pressures.  As we see in this month’s chart, the 7.5% YoY headline inflation rate posted its largest increase in 40 years.  Manufacturing was also strong, contributing to price pressures, another sign that high inflation could persist through much of this year. Such indications may require the Fed to take stronger action and go beyond its neutral target rate.

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Source: Bloomberg as of 3/15/22. Past performance which is no guarantee of future results.

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