Fixed Income (July)
- Fixed income markets took a step back in July as interest rates rose. A spike in commodity prices, a hawkish toned Fed, and persistently elevated inflation contributed to higher rates.
- Credit held up better than other fixed incomesectors. Fundamental strength and high all in yields helped cushion some of the negative impact fromrising interest rates.
- Longer duration fixed income assets, which are more sensitive to interest rates, fell the most in the month.