Taxable Fixed Income 1st Quarter Commentary

This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months.

Commentary Highlights:

• Bond yields stabilized as central banks reiterated their cautious approach to tightening rates as the political process to enact tax reform and infrastructure programs will be more drawn out than expected.

• We are hopeful the economic recovery gains strength, however under‐unemployment, capacity utilization and productivity point to remaining slack. 

• Out-of-benchmark allocations, like Treasury Inflation Protected Securities, that outperformed the benchmark demonstrated our strength in finding under-valued sectors that index focused managers overlooked.

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