Taxable Fixed Income 2nd Quarter 2017 Commentary

This commentary reviews the previous quarter and discusses our outlook for the months ahead.

Commentary Highlights

• The market continued to coast on generally positive indicators, with both stocks and bonds putting up positive numbers.

• Central banks globally have kept rates low and balance sheets large, and we have adjusted our portfolios to the expectation that yields will remain range bound in a slow growth environment.

• Rates and volatility remained relatively low, and we believe taxable municipals and preferred securities may provide diverse sources of yield.

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