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Labor Market Softens

August 7, 2026 The July employment report was the week’s dominant story as U.S. employers unexpectedly cut jobs during the

Fed Holds Amid Mixed Signals

This week included the much-anticipated Federal Open Market Committee meeting concluding on July 29th. The Federal Reserve held its policy

Treasury Yields Rise on Data

July 24th, 2026 A renewed climb in oil prices and firm economic data pushed U.S. Treasury yields to fresh highs

Core Inflation Shows Moderation

July 17th, 2026 The week’s marquee economic data releases showed inflation cooling more than expected in June. Headline Consumer Price

Finding Safety in a Volatile Corporate Market

Over the past 20 years, there has been a significant shift in the ratings composition of the investment grade corporate bond universe. Using the ICE Bank of America Merrill Lynch US Corporate Index (C0A0) as a representation of this universe, the number of securities has grown by about 150% from 3,378 members in December of 1999 to 8,583 members in June 2020. As a greater number of securities and mix of issuers has increased, “BBB” rated bonds have grown substantially as a percentage of the index. In addition to the heavier presence of “BBB” ratings, the dispersion of “AAA”/“AA”/“A” rated bonds have made a gradual shift towards the lower rated portion. With the shrinking portion of the highest rated corporate bonds, the investment grade market has posed challenges in finding a competitive return while remaining up in quality.

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Holiday Closure Notice:

Chandler will be closed on Friday, July 3 in observance of Independence Day.