Insights

Fixed-income market participants often quote the term “yield,” but the word’s context could be misunderstood because various types of yield exist and each is calculated differently.

California’s fiscal picture remains strong, but its heavy reliance on income taxes tied to capital markets means the state could face unique risks if the AI boom reverses.

Today’s investors have access to a wide variety of investment vehicles, often utilizing multiple structures within the same portfolio.

In October 2025, the Federal Open Market Committee cut interest rates by 25bps to a range of 3.75 to 4.00 percent and announced an end to quantitative tightening in December.

Duration is one of the most important concepts for bondholders to understand as they review the performance of their fixed income investments.

In our view, a credit rating is a measure of financial robustness and a proxy for quality, reflecting a firm’s proven results and history of prudent capital deployment.

The Treasury yield curve bull flattened in September, with the 10-year yield falling by eight basis points.

Above-average yields, solid investor demand, and stable credit fundamentals are counterbalanced by tight spreads, rising event risk, and a slowing labor market driving a modest overweight to the corporate sector, with a defensive posture.