Fixed Income (April)
+ It was another volatile month for interest rates as investors continued to digest the potential impact of foreign policy on future inflation and growth. Core bonds eked out a modest gain in the month.
+/- Credit markets were not immune to the volatility. High yield bonds produced a flat return in April despite widening credit spreads. Weakness in the energy sector was a large detractor.
– Long duration assets lagged as the yield curve steepened over the course of the month.
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