In: Fixed Income SMA

Tax-Free Fixed Income Commentary
3Q 2018 — Tax-Free Fixed Income
October 11, 2018

Rates continued to rise during the quarter and the 2 to 10-year spread contracted another 9 basis points to 24 basis points.

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Taxable Fixed Income Commentary
3Q 2018 — Taxable Fixed Income
October 10, 2018

Rates continued to rise during the quarter and the 2 to 10-year spread contracted another 9 basis points to 24 basis points.

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SMA Fixed Income Commentary
3Q 2018 — It’s the Final Countdown…
October 8, 2018

As we head into the fourth and final quarter of 2018, the U.S. fixed income market finished September on slightly weaker ground.

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SMA Fixed Income Commentary
2Q 2018 — The Rates Market Was Kung Fu Fighting
July 13, 2018

If the shape of the yield curve is any indication, the Federal Reserve and investors are locked in a battle of…

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SMA Fixed Income Commentary
1Q 2018 — Lawyers, Guns and Tariffs
April 12, 2018

Volatility has hit the fan As 2018 began, higher volatility in the markets was a distant memory from before the 2008…

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SMA Fixed Income Commentary
4Q 2017 — Sweet Dreams
January 19, 2018

Who am I to disagree? The volatility index of the stock market as measured by the VIX Index has told a…

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SMA Fixed Income Commentary
3Q 2017 — “The Waiting” Is the Hardest Part (Tom Petty)
October 12, 2017

The Beginning of QT The October Federal Reserve meeting brought the official end of QE and the beginning of Quantitative Tapering…

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SMA Fixed Income Commentary
2Q 2017 — Do It Again
July 18, 2017

“And now we’re back where we started” “Here we go around again” As I begin to pen the second quarter review,…

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SMA Fixed Income Commentary
1Q 2017 — Go Your Own Way
April 7, 2017

Raising rates is (or isn’t) the right thing to do. Fleetwood Mac’s iconic 70’s song is about the trouble in a…

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SMA Fixed Income Commentary
4Q 2016 — Tears of a Fed
January 4, 2017

As Smokey Robinson might have sung: If there’s a smile on my face, it’s only there trying to fool the public….

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SMA Fixed Income Commentary
3Q 2016 — In Bonds, No One Can Hear You Scream
October 6, 2016

The famous 1979 “Alien” movie by Ridley Scott used the line: “In space, no one can hear you scream” as its…

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SMA Fixed Income Commentary
2Q 2016 — Central Banks Playing Chutes and Ladders
July 1, 2016

A Game for Ages 4 to 7 Chutes and Ladders is a child’s board game, based on a 10 by 10…

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SMA Fixed Income Commentary
1Q 2016 — Central Banks Policies . . . Everyone Gets a Trophy
April 8, 2016

The Players U.S. Federal Reserve (the Fed) The Bank of Japan (BOJ) The European Central Bank (ECB) The Peoples Bank of…

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SMA Fixed Income Commentary
4Q 2015 — Yields of Dreams . . . If You Raise Them They Will Rise
January 13, 2016

The Third Time Is the Charm On December 16, 2015, the Fed finally raised interest rates. After setting up the market…

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SMA Fixed Income Commentary
3Q 2015 — The Good, the Bad and the Ugly…and the Rate Hike
October 9, 2015

The Good Real GDP for the U.S. came in at 3.7% for the second quarter. Over the summer, monthly payroll gains…

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SMA Fixed Income Commentary
2Q 2015 — “Greece” Is the Word
July 10, 2015

Tsipras: “I got debt that’s multiplying, and I’m losing control, ‘cause the deal that you’re supplying, it’s terrifying.” Merkel: “You better…

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SMA Fixed Income Commentary
1Q 2015 — Europe Joins the QE Party
April 16, 2015

Executive Summary Fed removes the word “patience” from the rate decision: U.S. interest rates remain low as the Fed worries about…

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SMA Fixed Income Commentary
4Q 2014 — World Yields Ratchet Lower
January 23, 2015

Executive Summary U.S. Yields Attractive: Commodities prices are falling and keeping inflation low, allowing bonds to rally. Europe Slows: Interest rates…

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SMA Fixed Income Commentary
3Q 2014 — The Yield Curve Flattens
October 15, 2014

Executive Summary The Yield Curve Flattens: The market appears to believe low inflation and slow growth in a still leveraged society…

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SMA Fixed Income Commentary
2Q 2014 — The Race to Zero?
July 18, 2014

Executive Summary The Flight to Fixed Income Continues: The Fed continued to reduce their bond buying program. I believe it may…

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