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Rates Rise as Jobs Weaken

October 2, 2026 Employers added 29,000 jobs in September, well short of the 90,000 economists expected, and revisions removed a

Strong Data Sparks Yield Surge

September 25, 2026 Financial markets repriced the outlook for interest rates this week as incoming data pointed to continued economic

Fed Raises Rates

September 18, 2026 The Federal Open Market Committee (FOMC) raised the federal funds target range by a quarter point on

Fed Faces Tough Rate Decision

September 11, 2026 Inflation data took center stage this week ahead of next Wednesday’s Federal Open Market Committee (FOMC) and

Jobs Data Shifts Fed Outlook

September 4, 2026 The prior week’s Jackson Hole keynote by new Federal Reserve Chair Kevin Warsh struck a more hawkish

Fed Signals Patience

August 28, 2026 Federal Reserve Chair Kevin Warsh delivered his first Jackson Hole address this morning, placing inflation firmly at

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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