When we talk about the differences between active and passive investing, the conversation almost always revolves around equities. And while some arguments used for equities are the same for fixed income, there are notable differences, which tilt the advantage toward active investing. Our fixed income investment team wrote an article highlighting the differences between active versus passive...

We have received a number of questions regarding developments in the short-term funding markets.  Yields for overnight “repos” surged to the 10% area earlier in the week and drew comparisons to market disruptions leading up to the financial crisis in 2007.  We see the current episode as a mismatch between the supply and demand for funding that can and has been addressed by overnight...

Download PDF   Yields on 10-year Treasury bonds have been in decline for the last three decades, but the recent reversal in interest rates has many questioning if the thirty-year bull market in bonds is finally over. Given the inverse relationship between interest rates and bond prices, bond investors risk a potential  loss of market values  if unprepared for a shift in...