Taxable Fixed Income 3rd Quarter 2017 Review and Outlook
October 13, 2017
This commentary reviews the previous quarter and discusses our outlook for the months ahead.
- Unemployment is falling, corporate profits are robust, and global growth is in sync for the first time in many years.
- With the Fed announcing its balance sheet reduction program and hinting at raising rates again this year, we believe it makes sense to remain patient rather than preemptive until more evidence of a Fed interest rate move is apparent.
- Intermediate-maturity municipal bonds have outperformed the Intermediate Aggregate Index as fears about tax reform stripping the municipal bond exemption turned out to be overblown and at low supply, pushing valuations to high levels.
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