Fixed Income (August)
+ Fixed income markets proved resilient even in the face of persistent inflation, Treasury policy, and more hawkish messaging from the Fed. Core bonds posted a modest gain in the month.
+ Credit continued to be the standout with high yield rising roughly 1% in August. The asset class has been durable amidst a favorable fundamental backdrop.
- Longer duration fixed income has struggled year-to-date, negatively impacted by higher long-term interest rates.