Fixed Income (August)
+ Declining interest rates were a tailwind for fixed income assets during August. Dovish sentiment
coming out of the Fed’s Jackson Hole summit helped drive the move lower. Core fixed income generated a modest gain.
+ TIPS outperformed as breakeven levels moved higher. Inflation expectations remain mixed as
investors continue to digest the impact of tariffs.
+ Risk on sentiment and continued strong demand for yield supported high yield credit markets.