Fixed Income (May)
– Core fixed income struggled in May as markets digested the long-term impacts of the budget deficit, the downgrade of the U.S. by Moody’s, and the ongoing and ever evolving trade policy.
– Long duration assets, the most sensitive to changing interest rates, were among the worst areas
of the fixed income market as long dated yields moved over 20 basis points higher over the month.
+ High yield was a top performing fixed income sector during the month.
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