Insights

In August 2025, the financial markets were marked by a mix of economic resilience and shifting policy expectations.

Separately managed accounts can offer the advantage of greater control of your tax liabilities through strategies such as tax-loss harvesting and tax-loss swapping.

Treasury yields increased in July on favorable economic data and the Federal Reserve’s decision to hold rates steady.

Investment managers confronting challenges of a more complex and competitive municipal bond trading environment must develop, deploy and continually refine new tools and technologies.

Influences spanning government, regulatory and trade policy, market technicals and sector fundamentals shaped the municipal bond market through June 2025.

We see the Energy Supply Financing Ratio as an emerging and potentially important signal of how financial institutions are navigating the low-carbon transition.

U.S. Treasury Curve: Treasury yields fell in June and steepened for the quarter, with yields falling in the 1- to 10-year range and increasing beyond 10 years.

Tight credit spreads, solid demand, stable credit fundamentals, and tariff-related uncertainty drive a modest overweight to corporate bonds.