Fixed Income (July)
– Fixed income markets took a step back in July as interest rates rose. A spike in commodity prices, a hawkish toned Fed, and persistently elevated inflation contributed to higher rates.
– Credit held up better than other fixed income sectors. Fundamental strength and high all in yields helped cushion some of the negative impact from rising interest rates.
– Longer duration fixed income assets, which are more sensitive to interest rates, fell the most in the month.
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