Active Fixed Income

On 9 April, President Donald Trump announced a 90-day pause on the higher “add-on” reciprocal tariffs on 50-plus countries that had been announced the previous week, precipitating a historic equity market rally and showing that there was seemingly a limit to how far he would go to move forward with his trade agenda.

Spending cuts, tariffs and recession risk—Jan van Eck’s latest outlook breaks down what to watch and why he’s focused on gold, bitcoin, semiconductors and India.

Vanguard head of U.S. ETF Capital Markets Bill Coleman discussed the growing role that active ETFs are playing in portfolios.

Bonds have gained as investors sought shelter amid growing fears around a tariff-driven global economic slowdown.

On 2 April, the Trump administration announced sweeping tariffs that were more aggressive than many had expected. Then on 9 April, the administration announced a 90-day pause on most of the new country-specific “reciprocal tariffs.”

Concerns about a trade war have rattled markets so far in 2025, but we believe fixed income investors need to be patient, stay defensive, and see how things evolve before making any big decisions.

Last week President Trump announced tariffs on nearly all US trading partners, a move that far exceeded the most pessimistic expectations of market participants.

A Wall Street axiom states that the stock markets lead the economy by about six months. While not a perfect predictor, the stock market reacts to investor expectations about future corporate earnings, economic activity, interest rates, and inflation.

With uncertainty in abundance, we think investors should avoid drastic moves.

Callable bonds make up a large share of the bond market—and introduce one more variable into the bond-investing process.

An enduring image from 2024 will be the capture of the SpaceX booster rocket by the Mechazilla robot arms on its return to Earth.

Lost in the focus on the bludgeoning that tariff policy has had on equity markets, is the impact on global currencies. From the end of February through April 3rd, the U.S. Dollar is down 5.1% relative to other developed market currencies (DXY). In addition, we’ve also seen a violent unwinding of the popular currency carry trade.

We’re adjusting our stance in response to rising risk while maintaining a disciplined view on long-term strategy.

The recent market drawdown highlights risks of a concentrated S&P 500—and the case for diversification now.

We reexamine our macroeconomic outlook in light of newly announced tariffs, which have exceeded market expectations and prompted us to update our assumptions and analysis.

The markets face a challenging path as tariff policies intensify economic uncertainty, yet opportunities persist for discerning investors.

VettaFi head of sector and industry research Roxana Islam talked to T. Rowe Price PM Dom Rizzo on active tech ETF investing.

Moving forward, investors may want to keep investment-grade options close with a few from Vanguard to consider.

The tariff chaos continues … but the economy remains intact. For now.

In the report, Fixed Income Portfolio Managers John Lloyd and Greg Wilensky discuss how fixed income markets are responding to Trump’s sweeping tariffs and the implications for investors.

In the report, Fixed income portfolio managers Brent Olson and Tim Winstone reflect on the initial credit market response to President Trump’s tariffs.

The combination of slowing economic growth and stubborn inflation, combined with uncertainty about U.S. tariff policy, is keeping investors cautious.

To summarize the market action of March of 2025: U.S. stocks (SPX) did poorly, international stocks (especially Europe, VGK) did well in dollar terms, and gold (IAU) did spectacularly well. The main culprit appears to market concerns about the Trump administration’s tariff policies.

With nearly half of the bond market now outside of the Agg, a number of opportunities exist for those seeking exposure beyond the benchmark.

Active ETFs just topped the $1 trillion threshold, making up nearly 10% of the total ETF pie. Enhanced yield is the name of the game.

The tariffs that the U.S. is imposing on its trading partners will bring about several costs that are important for investors to understand. Some of those costs are inherent to what a tariff is, while others stem from the fact that U.S. industrial policy has, and looks to continue to have, a huge amount of uncertainty associated with it.

Investors face new challenges as their wealth grows. So it’s a good thing that direct indexing is designed to fit their allocations just the way they are.

An early-term recession, though difficult, can create strategic opportunities to push a bold and transformative agenda forward.

Since mid-January, a new political regime in Washington has shaken the geopolitical landscape and global markets. In this volatile environment, bonds have performed well, resuming their traditional role as ballast against falling stock prices and attracting strong demand from investors.

Investors often debate the merits of value versus growth investing, but when it comes to developed international equities, the conversation isn't static; it moves in cycles.

The world has entered a period of geopolitical uncertainty, with the U.S. now at the center of the storm.

Fixed income investors can opt for corporate bonds to maximize yield opportunities without sacrificing too much credit risk.

Investors just can’t get enough of ETFs, and issuers are more than happy to oblige. Through the middle of last week—still with a handful of days left in the quarter—208 new U.S. ETFs were launched in Q1, according to Wall Street Horizon data.

In the current installment of The Roundup, Oaktree experts explore various investment risks and opportunities, including the heightened demand for mezzanine financing, potential entry points for special situations investors, the limited competition for unrated asset-backed finance investments, and the growing need for specialized life sciences lenders.

Dr. David Kelly, chief global market strategist, J.P. Morgan Asset Management, provided insight on current opportunities at Exchange.

CNBC Senior Markets Correspondent Bob Pisani and Research Affiliates Founder and Chairman Rob Arnott talked value at Exchange.

The substantial shift in U.S. trade policy will put a significant dent in growth in major markets.

History suggests a rebound could be in order.

Portfolio Managers John Kerschner, Nick Childs, and Jessica Shill discuss the AAA CLO ETF landscape and highlight the most important considerations for investors.

When you grow up with a father who worked in the brokerage business, you hear a lot of stories.

Since May 2020, inflation (CPI) has gone from a low of 0.1% to a high of 9.1% and back to 2.8%. It is no wonder why any investor might at least pause in this period of uncertainty.

The parallels between the AI narrative driving the current market and the dot-com bubble of a quarter century ago raise important concerns for investors.

Changing market narratives in the third quarter led to ongoing market volatility.

Inflation uncertainty makes it tricky to foresee the Fed's next moves. In moments like these, it may be time to turn to active fixed income.

Last week, I had the pleasure of presenting at a Commonwealth conference. I love spending time and sharing ideas with our advisors. They are the best in the business.

As policy uncertainty grows, we consider how tariffs and other government actions might impact inflation, interest rates, and market sentiment.

The stock market sell-off appears to be signaling a recession. However, we believe the bond market disagrees.

Happy National Countdown Day! Yes, you read that right—today is a day to celebrate the excitement and sometimes anxious anticipation that comes with planning for an upcoming event.

Despite NVIDIA’s stock flashing a bearish “death cross”—its 50-day moving average slipped below the 200-day moving average for the first time since January 2023—the energy at the conference was electrifying. Every major industry was represented, from health care to defense, signaling that artificial intelligence (AI) is expanding at a white-knuckle clip.

Investment-grade floating-rate notes prices tend to be more stable than their fixed-rate counterparts, so they may be worth considering during periods of volatility.

At their March meeting, Federal Reserve officials left the policy rate unchanged at 4.25%–4.5% and signaled further patience on rate cuts as they navigate greater uncertainty about the economic outlook.

The Fed held the federal funds rate steady and signaled two rate cuts this year, despite expecting inflation to remain elevated.

Despite the increase in policy uncertainty, the Federal Reserve held its forecast steady at the March FOMC meeting with two rate cuts projected in 2025.

It's been full steam ahead for active ETFs, with total assets now rapidly approaching the $1 trillion milestone.

Receiving an unexpected gift or inheritance is something that people may dream about. Our Bill Cass discusses some key considerations if that dream becomes reality and you do receive a financial windfall.

Since our last update of our ‘Three Tactical Rules’ on February 4, equity markets have been under pressure as the S&P 500 has retraced more than 23% of the rally that started October 2023.

One of the textbook drivers of alpha is an information edge. Having more information, advanced ways to use that information, and the ability to react to it before anyone else has been a massive advantage throughout the history of markets.