As we reach the midpoint of 2025, we reflect on the notably volatile trajectory of bond yields so far this year, considering the potential opportunity for tax-aware fixed income investors to harvest losses.
Liberation Day seems like a lifetime ago. But the 90-day pause is almost over, and—thus far—there are few deals that have been consummated.
Markets rebounded sharply in 2Q 2025 following April’s tariff-driven selloff. Our mid-year market outlook breaks down the recovery, Fed policy, and where to invest next.
The earnings bar is fairly low for the second quarter, setting companies up for a potential easy jump—but there will likely be more focus on forward guidance.
This year, so far, the world has been riddled with geopolitical news, resonating in widespread unrest, yet seemingly yielding less impact on financial markets.
Equity markets continued to march higher in June, seemingly unfazed by heightened Middle East tensions (which were short-lived) and the looming July 8 deadline for the administration’s pause on reciprocal tariffs.
We began the year optimistic that an environment of slowing growth, disinflation and easier monetary policy would be favorable for fixed income markets. Now at midyear, we maintain that view, while acknowledging that policy uncertainty and geopolitical risks may likely result in continued volatility.
It has been over six months since the FOMC has made a change to the Fed Funds rate. While the debate continues as to when the next cut will be, market consensus (per Bloomberg calculations) is currently for a 25 basis point cut in September.
Easing trade tensions and hopes the Senate could pass a budget gave stocks an early lift after Friday's record highs. The week is packed with jobs news and Powell talks tomorrow.
How do direct indexing ideas fit into a fixed income portfolio? These two powerful strategies make one compelling combination with potential tax and risk management opportunities.
Inflation's trend has been favorable this year, but a growing conflict in Iran—combined with already-imposed tariffs—might put upward pressure in prices later this year.
Doug Drabik discusses fixed income market conditions and offers insight for bond investors.
CEFs stand out due to their fixed capital structure, allowing portfolio managers to focus on long-term investment strategies without the need to manage daily inflows and outflows.
While stocks experienced a roller-coaster ride powered by policy uncertainty, fixed income generally held up well despite the broader market turbulence. Will it be the same story in the second half? Let’s take a closer look.
How big data, AI and the human element can combine to better pursue consistent alpha.
New strategies, shifting flows, and innovative technologies are driving a more dynamic and diversified marketplace in fixed income ETFs.
Drew O’Neil discusses fixed income market conditions and offers insight for bond investors.
The fund shines through as a prime option worthy of consideration among the vast alternatives present in the muni market. With their rare combination of credit quality and yield, munis are offering fixed income investors prime benefits in a still-uncertain bond environment.
Bonds hit a headwind in May as rates rose, but year to date, they have helped offset some of the volatility seen in stocks. See Table 2 for bond index returns for May 2025, Q1 2025, and YTD.
Tariff policy has clouded expectations for the second half of the year, but there are ways to navigate through the fog.
The global economy is continually evolving due to inflation, interest rates, and geopolitics. How could these and other factors influence the major asset classes over the coming decade?
The U.S. economy and stock market face a confluence of challenges in the second half of the year, keeping the bar relatively (but not restrictively) high for outperformance.
Investors may revisit international exposure in their portfolios amidst reduced market reactions to tariff announcements, uncertain U.S. policy and lagging U.S. stock performance.
The bill contains several tax-code changes that could affect municipal bonds, although we don't think it reduces the appeal of munis for high-income earners.
Bouts of volatility may continue in the second half of 2025 as bond market investors navigate evolving tariff policy, U.S. government debt, and economic uncertainty.
On the trade front, investor uncertainty eased for a short time as President Donald Trump’s “Liberation Day” tariffs seemed to lose traction. Several key developments contributed, including a 90-day tariff pause with China, the signing of a US-UK trade agreement and progress on negotiations with other partners, including Europe.
Duration is an often confused term when it comes to financial fixed income investing. After all, in your everyday life, the definition of duration is the length of time it takes for something to occur.
New research connects intensifying natural perils to their future implications for asset classes.
As discussions about reshoring continue to dominate economic policy debates, VettaFi hosted a timely webcast with Dr. Daniela Rus, director of MIT’s Computer Science and AI Lab (CSAIL).
The House passed a comprehensive tax bill to avoid an expiration of the 2017 Tax Cuts and Jobs Act (TCJA) at the end of the year.
There could be a silver lining in the volatile clouds hovering above the bond markets. Investors may want to give municipal bonds a closer look given their sound fundamentals.
There is still a wide divergence between hard and soft data, and a recovery in the latter is likely to be weak absent a meaningful reduction in policy uncertainty.
Mounting concerns regarding growing U.S. government deficits and a volatile tariff policy create a challenging backdrop for U.S. bonds.
Private credit firms are seeing an opportunity to finance everything from public transit systems to local utilities as the federal government and banks pull back on funding.
The Endowment Tax was introduced during the first Trump administration as part of the 2017 Tax Cuts and Jobs Act (TCJA).
Shopping for bonds? The bonds you choose should align with your risk tolerance and goals. Discover what to consider before buying any bond.
The market narrative appears to change on a dime these days. Stocks may have staged a comeback to recoup almost all their post-“Liberation Day” losses. But the bottom line on the fixed income market hasn’t changed all that much.
Discounted municipal bonds could expose you to unexpected taxes. Here's what to know before you buy.
The shifting change in market leadership to international outperformance may call for a portfolio review to assess overexposure risks.
Last week I talked about the upward sloping Treasury yield curve, a welcome change from the inverted yield curve that lingered for years. The upward sloping curve means that investors are rewarded more for taking on duration.
If there were ever a time for more funnel cake — oops, I mean municipal bonds—that time may be now.
The House Ways & Means Committee advanced a comprehensive tax bill this week. Our Bill Cass discusses the key provisions and how they may impact taxpayers.
The more duration risk taken, the more reward or yield demanded by investors. This is why, historically, the yield curve provides incrementally more yield for longer-maturity bonds.
A wave of municipal-bond sales scheduled for this week will test a recent rebound in buyer demand after investors sold their holdings during April’s market rout.
The early-April announcement of a broad new round of tariffs against virtually all U.S. trading partners—followed by a pause for many of them—has triggered a tidal shift in the global economy. Uncertainty created by tariff negotiations, as well as burgeoning federal debt levels and other ongoing concerns, has far-reaching economic implications, leading us to reassess our 2025 outlook.
The April plunge in stocks ushered in a huge washout in investor sentiment, but more so on the attitudinal side as opposed to the behavioral side.
Kevin Flanagan, head of fixed income at WisdomTree, joined a VettaFi panel to break down the most attractive fixed income strategies.
I’ve been writing about tariffs for a couple of months now, focusing mostly on the macroeconomic harm and the costs they impose on small businesses. Today I want to consider something else: the new risks they are adding to the financial system alongside the old risks.
Bonds and stocks falling together stirs painful memories of the 2022 inflation surge. This time, trade and tariff uncertainty is to blame, along with a dose of questioning the Fed’s independence.
May 8, VettaFi will host an Income Investment Strategy Symposium. Income is top of mind for many investors.
For investors looking to add bonds, muni bonds remain an attractive option for an ideal blend of yield and stability.
A look back at the impacts of tariff announcements last quarter, and what we might expect from tariff negotiations during the 90-day implementation delay in Q2.
One of the advantages of individual bonds is the ability to custom-select bonds that fit individual needs and/or goals
US markets struggled in the first half of April due to tariff-related worries. The second half saw rallies amid policy reversal.
At the end of April, U.S.-listed ETFs gathered approximately $360 billion of new money.
Uncertainty reigned through April and likely will continue to do so, at least in the near term. Markets have reacted, both negatively and positively, to every headline coming out of Washington.
Recession risk remains elevated, likely only receding with a fuller "pivot" in tariff-related uncertainty. While every recession is unique, history can provide a guide.
Tax planning for high-income earners isn’t about loopholes; it’s about leveraging the strategies available to you.
A historic sell-off enhances value, with high yields, strong fundamentals, and ample reserves mitigating policy risks.
Recent volatility has pushed yields to historically high levels, potentially creating opportunities in municipal bonds, especially for higher-net-worth investors.
Coming off a wild ending to a disappointing first quarter, investors must navigate unsettled capital markets and decipher a wave of incoming policy news.
Theoretical forecasts and earnings announcements may provide initial insights as to the impact of current tariff proposals, although estimates may be imprecise.
Many investors are wondering what to think of the volatility and uncertainty that has been pulsing through financial markets over the past few weeks.
Compare corporate and municipal bonds, including risks, returns, and tax benefits. Learn which bond type fits your investment goals.
U.S. defensives and international lead.a
The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.
Less favorable seasonal technicals, increased focus on municipal-specific policy risks, and severe volatility spurred by higher-than-anticipated tariff increases weighed heavilyon sentiment and resulted in deeply negative total returns and significant underperformance versus Treasuries in March and early April.
This month’s panic-driven selling across municipal bonds — fueled by the boom in ETFs — is proving a mixed blessing for investors in a normally sedate market corner.
Nick Goetze discusses fixed income market conditions and offers insight for bond investors.
Markets have had a wild ride these past couple of weeks, alongside chaotic tariff-related news, with volatility (and its policy triggers) most elevated in the bond market.
In a tumultuous environment, investors increasingly turned to actively managed bond ETFs this year according to JPMAM research.
Another period of heightened volatility in the markets reminds us why tax management can be such an essential part of fixed income investing.
Bonds have gained as investors sought shelter amid growing fears around a tariff-driven global economic slowdown.
Concerns about a trade war have rattled markets so far in 2025, but we believe fixed income investors need to be patient, stay defensive, and see how things evolve before making any big decisions.
Given the abundance of market uncertainty, it may be best to adhere to Treasuries, or for additional yield, to municipal bonds.
Callable bonds make up a large share of the bond market—and introduce one more variable into the bond-investing process.
While there are no absolute winners in a trade war, there may be relative winners in the global stock market for investors to consider.
Turbulence is expected to continue until markets gain more clarity.
Amid a market correction and heightened policy, inflation and growth concerns, valuations are back in the spotlight.
Dr. David Kelly, chief global market strategist, J.P. Morgan Asset Management, provided insight on current opportunities at Exchange.
On April 2, the U.S. is preparing to announce additional tariffs on a wide range of imports and countries. Here's the assessment of those policies, and their possible impacts.
Muni issuers are generally sound, so cuts in aid would be felt but dealt with.
Recession fears have risen sharply of late as economic soft data have rolled over, upping the risk that hard data start to catch down.
Several indicators used by fixed income investors to measure value have recently taken a positive turn, potentially flashing an entry-point opportunity for investors with money to put to work.
Economic growth, earnings performance, and rising fiscal spending coupled with "America First" policies are driving international stock markets.
Parametric’s tax optimized ladders (TOL) solution may help to enhance after-tax yield by seeking to optimize the allocation between tax-exempt and taxable bonds, based on an investor’s own tax rate and the relative value between sectors.
The municipal bond tax exemption is back in focus. We believe the threat to infrastructure investment outweighs the modest revenue benefits, which could keep the risk of elimination or significant curtailment low.
Municipal Bonds
Active Tax Loss Harvesting in Fixed Income: Checking In at Midyear
As we reach the midpoint of 2025, we reflect on the notably volatile trajectory of bond yields so far this year, considering the potential opportunity for tax-aware fixed income investors to harvest losses.
At the Midway Point: Returning to the Fundamentals
Liberation Day seems like a lifetime ago. But the 90-day pause is almost over, and—thus far—there are few deals that have been consummated.
2025 Market Review & Mid-Year Market Outlook: Resilience in the Face of Uncertainty
Markets rebounded sharply in 2Q 2025 following April’s tariff-driven selloff. Our mid-year market outlook breaks down the recovery, Fed policy, and where to invest next.
2Q Earnings: The Beat Goes On?
The earnings bar is fairly low for the second quarter, setting companies up for a potential easy jump—but there will likely be more focus on forward guidance.
Fixed Income In Focus: 2025 Mid-Year Recap
This year, so far, the world has been riddled with geopolitical news, resonating in widespread unrest, yet seemingly yielding less impact on financial markets.
Equity Markets Found Traction in June
Equity markets continued to march higher in June, seemingly unfazed by heightened Middle East tensions (which were short-lived) and the looming July 8 deadline for the administration’s pause on reciprocal tariffs.
Midyear Fixed Income Outlook: Starting Yields Matter Amid Uncertainty
We began the year optimistic that an environment of slowing growth, disinflation and easier monetary policy would be favorable for fixed income markets. Now at midyear, we maintain that view, while acknowledging that policy uncertainty and geopolitical risks may likely result in continued volatility.
A Lesson From Recent History
It has been over six months since the FOMC has made a change to the Fed Funds rate. While the debate continues as to when the next cut will be, market consensus (per Bloomberg calculations) is currently for a 25 basis point cut in September.
Fireworks Ahead: Jobs Data Loom After Record Highs
Easing trade tensions and hopes the Senate could pass a budget gave stocks an early lift after Friday's record highs. The week is packed with jobs news and Powell talks tomorrow.
Customize to Optimize: Combining Fixed Income and Direct Indexing
How do direct indexing ideas fit into a fixed income portfolio? These two powerful strategies make one compelling combination with potential tax and risk management opportunities.
What's Going On…With Inflation
Inflation's trend has been favorable this year, but a growing conflict in Iran—combined with already-imposed tariffs—might put upward pressure in prices later this year.
Fixed Income Focus
Doug Drabik discusses fixed income market conditions and offers insight for bond investors.
Unlocking Investment Opportunities in Closed-End Funds
CEFs stand out due to their fixed capital structure, allowing portfolio managers to focus on long-term investment strategies without the need to manage daily inflows and outflows.
2025 Midyear Outlook: For Fixed Income, Slow and Steady Wins the Race
While stocks experienced a roller-coaster ride powered by policy uncertainty, fixed income generally held up well despite the broader market turbulence. Will it be the same story in the second half? Let’s take a closer look.
Alpha Reimagined
How big data, AI and the human element can combine to better pursue consistent alpha.
5 Themes Defining Bond ETF Investing Today
New strategies, shifting flows, and innovative technologies are driving a more dynamic and diversified marketplace in fixed income ETFs.
Buying a Bond at a Premium Doesn’t Mean You Will Lose Money
Drew O’Neil discusses fixed income market conditions and offers insight for bond investors.
As Munis See Increased Issuance, Here’s an Active Choice
The fund shines through as a prime option worthy of consideration among the vast alternatives present in the muni market. With their rare combination of credit quality and yield, munis are offering fixed income investors prime benefits in a still-uncertain bond environment.
Stocks Rally in May as Tariff Fears Subside; Long Yields Move Higher
Bonds hit a headwind in May as rates rose, but year to date, they have helped offset some of the volatility seen in stocks. See Table 2 for bond index returns for May 2025, Q1 2025, and YTD.
Schwab Market Perspective: 2025 Mid-Year Outlook
Tariff policy has clouded expectations for the second half of the year, but there are ways to navigate through the fog.
What's the 10-Year Outlook for Major Asset Classes?
The global economy is continually evolving due to inflation, interest rates, and geopolitics. How could these and other factors influence the major asset classes over the coming decade?
2025 Mid-Year Outlook: U.S. Stocks and Economy
The U.S. economy and stock market face a confluence of challenges in the second half of the year, keeping the bar relatively (but not restrictively) high for outperformance.
Strategic vs. Tactical
Doug Drabik discusses fixed income market conditions and offers insight for bond investors.
Mid-Year Outlook: International Stocks and Economy
Investors may revisit international exposure in their portfolios amidst reduced market reactions to tariff announcements, uncertain U.S. policy and lagging U.S. stock performance.
Will the "Big Beautiful" Tax Bill Affect Munis?
The bill contains several tax-code changes that could affect municipal bonds, although we don't think it reduces the appeal of munis for high-income earners.
Fixed Income Outlook: Cool and Cloudy
Bouts of volatility may continue in the second half of 2025 as bond market investors navigate evolving tariff policy, U.S. government debt, and economic uncertainty.
2025 Mid-Year Outlook: Global Stocks and Economy
Investors may revisit international exposure in their portfolios amidst reduced market reactions to tariff announcements, uncertain U.S. policy and lagging U.S. stock performance.
Political Noise Continued to Dominate Headlines in May
On the trade front, investor uncertainty eased for a short time as President Donald Trump’s “Liberation Day” tariffs seemed to lose traction. Several key developments contributed, including a 90-day tariff pause with China, the signing of a US-UK trade agreement and progress on negotiations with other partners, including Europe.
Duration – Current income opportunities
Duration is an often confused term when it comes to financial fixed income investing. After all, in your everyday life, the definition of duration is the length of time it takes for something to occur.
Can Tomorrow’s Natural Hazards Inform Today’s Investment Decisions?
New research connects intensifying natural perils to their future implications for asset classes.
AI, Robotics & the Future of U.S. Manufacturing
As discussions about reshoring continue to dominate economic policy debates, VettaFi hosted a timely webcast with Dr. Daniela Rus, director of MIT’s Computer Science and AI Lab (CSAIL).
Special Tax Alert Update: House Passes Tax Bill
The House passed a comprehensive tax bill to avoid an expiration of the 2017 Tax Cuts and Jobs Act (TCJA) at the end of the year.
Potential Opportunities Available in the Muni Bond Market
There could be a silver lining in the volatile clouds hovering above the bond markets. Investors may want to give municipal bonds a closer look given their sound fundamentals.
No Hard Feelings: Soft vs. Hard Divide Persists
There is still a wide divergence between hard and soft data, and a recovery in the latter is likely to be weak absent a meaningful reduction in policy uncertainty.
TAGG Delivers Active Benefits Within Core Bonds
Mounting concerns regarding growing U.S. government deficits and a volatile tariff policy create a challenging backdrop for U.S. bonds.
Private Credit Eyes Gap in US Infrastructure as Federal Funding Dips
Private credit firms are seeing an opportunity to finance everything from public transit systems to local utilities as the federal government and banks pull back on funding.
The Endowment Tax: Thoughts and Considerations for Investors
The Endowment Tax was introduced during the first Trump administration as part of the 2017 Tax Cuts and Jobs Act (TCJA).
How to Buy Bonds: A 3-Step Guide
Shopping for bonds? The bonds you choose should align with your risk tolerance and goals. Discover what to consider before buying any bond.
Engine of Active ETF Creation: Latest Flight of Fixed Income Offerings
The market narrative appears to change on a dime these days. Stocks may have staged a comeback to recoup almost all their post-“Liberation Day” losses. But the bottom line on the fixed income market hasn’t changed all that much.
Buying a Muni Below Par? Reasons to Think Twice
Discounted municipal bonds could expose you to unexpected taxes. Here's what to know before you buy.
Why International and Why Now
The shifting change in market leadership to international outperformance may call for a portfolio review to assess overexposure risks.
Growing U.S. Debt – Trouble Ahead?
Last week I talked about the upward sloping Treasury yield curve, a welcome change from the inverted yield curve that lingered for years. The upward sloping curve means that investors are rewarded more for taking on duration.
Funnel Cakes, Carnival Rides, and Municipal Bonds
If there were ever a time for more funnel cake — oops, I mean municipal bonds—that time may be now.
Special Tax Alert: House Committee Advances Tax Bill
The House Ways & Means Committee advanced a comprehensive tax bill this week. Our Bill Cass discusses the key provisions and how they may impact taxpayers.
Market Chaos is Harvesting Income Opportunities
The more duration risk taken, the more reward or yield demanded by investors. This is why, historically, the yield curve provides incrementally more yield for longer-maturity bonds.
Busy Week for Muni Debt Sales Tests Investors Wading Into Market
A wave of municipal-bond sales scheduled for this week will test a recent rebound in buyer demand after investors sold their holdings during April’s market rout.
Active Fixed Income Perspectives Q2 2025: Risks to Realities
The early-April announcement of a broad new round of tariffs against virtually all U.S. trading partners—followed by a pause for many of them—has triggered a tidal shift in the global economy. Uncertainty created by tariff negotiations, as well as burgeoning federal debt levels and other ongoing concerns, has far-reaching economic implications, leading us to reassess our 2025 outlook.
Hate It or Love It: Sentiment's Message
The April plunge in stocks ushered in a huge washout in investor sentiment, but more so on the attitudinal side as opposed to the behavioral side.
WisdomTree’s Kevin Flanagan on How to Navigate Fixed Income
Kevin Flanagan, head of fixed income at WisdomTree, joined a VettaFi panel to break down the most attractive fixed income strategies.
Tension in the Sandpile
I’ve been writing about tariffs for a couple of months now, focusing mostly on the macroeconomic harm and the costs they impose on small businesses. Today I want to consider something else: the new risks they are adding to the financial system alongside the old risks.
You Can Run, But You Can’t Hedge
Bonds and stocks falling together stirs painful memories of the 2022 inflation surge. This time, trade and tariff uncertainty is to blame, along with a dose of questioning the Fed’s independence.
What to Expect at the Income Investment Strategy Symposium
May 8, VettaFi will host an Income Investment Strategy Symposium. Income is top of mind for many investors.
Muni Bonds Remain Attractive Amid Market Volatility
For investors looking to add bonds, muni bonds remain an attractive option for an ideal blend of yield and stability.
Tariffs: Q1 Impacts and Q2 Negotiations
A look back at the impacts of tariff announcements last quarter, and what we might expect from tariff negotiations during the 90-day implementation delay in Q2.
A Substantial Collection of Fixed Income Opportunities
One of the advantages of individual bonds is the ability to custom-select bonds that fit individual needs and/or goals
Staying Resilient in Uncertain Markets
US markets struggled in the first half of April due to tariff-related worries. The second half saw rallies amid policy reversal.
ETFs on Pace (Again) to Break a Record
At the end of April, U.S.-listed ETFs gathered approximately $360 billion of new money.
April Showered with Tariff Talk, Market Volatility
Uncertainty reigned through April and likely will continue to do so, at least in the near term. Markets have reacted, both negatively and positively, to every headline coming out of Washington.
Dominoes: Recessions' History Guide
Recession risk remains elevated, likely only receding with a fuller "pivot" in tariff-related uncertainty. While every recession is unique, history can provide a guide.
7 Smart Tax Planning Strategies for High-Earning W-2 Employees
Tax planning for high-income earners isn’t about loopholes; it’s about leveraging the strategies available to you.
Outlook on Municipal Bonds: Seeking Opportunity Amid Volatility
A historic sell-off enhances value, with high yields, strong fundamentals, and ample reserves mitigating policy risks.
Why the Tariff Rollout Spooked the Muni Market
Recent volatility has pushed yields to historically high levels, potentially creating opportunities in municipal bonds, especially for higher-net-worth investors.
Capital Markets Outlook 2Q 2025: At the Intersection of Fear and Hope
Coming off a wild ending to a disappointing first quarter, investors must navigate unsettled capital markets and decipher a wave of incoming policy news.
Early Impacts of the Trade War
Theoretical forecasts and earnings announcements may provide initial insights as to the impact of current tariff proposals, although estimates may be imprecise.
Opportunities
Many investors are wondering what to think of the volatility and uncertainty that has been pulsing through financial markets over the past few weeks.
Corporate vs. Municipal Bonds: Key Differences Every Investor Should Know
Compare corporate and municipal bonds, including risks, returns, and tax benefits. Learn which bond type fits your investment goals.
Quarterly Recap Q1 2025
U.S. defensives and international lead.a
Tariff Tremors, Market Rotations, and the Imperative of Optimization
The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.
2025 Muni Outlook: Stay Invested and Remain Nimble
Less favorable seasonal technicals, increased focus on municipal-specific policy risks, and severe volatility spurred by higher-than-anticipated tariff increases weighed heavily
on sentiment and resulted in deeply negative total returns and significant underperformance versus Treasuries in March and early April.
ETFs Highlight Ease of Trading in Three-Day Selloff for Munis
This month’s panic-driven selling across municipal bonds — fueled by the boom in ETFs — is proving a mixed blessing for investors in a normally sedate market corner.
Volatility Is the Theme of the Moment
Nick Goetze discusses fixed income market conditions and offers insight for bond investors.
Upside Down(side): Markets' Wild Rides
Markets have had a wild ride these past couple of weeks, alongside chaotic tariff-related news, with volatility (and its policy triggers) most elevated in the bond market.
Investors Turn to Actively Managed Bond ETFs in March
In a tumultuous environment, investors increasingly turned to actively managed bond ETFs this year according to JPMAM research.
Fixed Income Tax Loss Harvesting: Realizing Losses No Matter When They Occur
Another period of heightened volatility in the markets reminds us why tax management can be such an essential part of fixed income investing.
As Tariffs Cloud Outlook, Municipal Bonds May Offer Opportunity
Bonds have gained as investors sought shelter amid growing fears around a tariff-driven global economic slowdown.
Strategic Income Outlook: Magic 8-Ball Says, “Ask Again Later"
Concerns about a trade war have rattled markets so far in 2025, but we believe fixed income investors need to be patient, stay defensive, and see how things evolve before making any big decisions.
Treasuries & Muni ETF Options for Focusing on Quality
Given the abundance of market uncertainty, it may be best to adhere to Treasuries, or for additional yield, to municipal bonds.
Callable Bonds: Understanding How They Work
Callable bonds make up a large share of the bond market—and introduce one more variable into the bond-investing process.
Relative Winners in a Trade War
While there are no absolute winners in a trade war, there may be relative winners in the global stock market for investors to consider.
Policy Uncertainty Weighed on Markets in March
Turbulence is expected to continue until markets gain more clarity.
The Power Behind “Knowing”
Doug Drabik discusses fixed income market conditions and offers insight for bond investors.
The Price You Pay: Valuation Evaluation
Amid a market correction and heightened policy, inflation and growth concerns, valuations are back in the spotlight.
JPMAM’s Dr. David Kelly Discusses Current Investment Opportunities at Exchange
Dr. David Kelly, chief global market strategist, J.P. Morgan Asset Management, provided insight on current opportunities at Exchange.
Investor's Guide to the April Tariffs
On April 2, the U.S. is preparing to announce additional tariffs on a wide range of imports and countries. Here's the assessment of those policies, and their possible impacts.
Municipal Bonds: Built to Withstand Federal Funding Cuts
Muni issuers are generally sound, so cuts in aid would be felt but dealt with.
A Future Uncertain: Recession Coming?
Recession fears have risen sharply of late as economic soft data have rolled over, upping the risk that hard data start to catch down.
Relative Value Metrics
Several indicators used by fixed income investors to measure value have recently taken a positive turn, potentially flashing an entry-point opportunity for investors with money to put to work.
Making International Great Again?
Economic growth, earnings performance, and rising fiscal spending coupled with "America First" policies are driving international stock markets.
Tax Optimized Ladders: Elevating Taxes as a Crucial Element of Customization in Fixed Income Portfolios
Parametric’s tax optimized ladders (TOL) solution may help to enhance after-tax yield by seeking to optimize the allocation between tax-exempt and taxable bonds, based on an investor’s own tax rate and the relative value between sectors.
Is Eliminating the Tax Exemption on Municipal Bonds Worth the Cost?
The municipal bond tax exemption is back in focus. We believe the threat to infrastructure investment outweighs the modest revenue benefits, which could keep the risk of elimination or significant curtailment low.