Fixed Income (May)
+ Core fixed income edged out a small gain during the month amidst a volatile interest rate environment as investors digested inflation concerns, a softer labor market, yet an overall resilient economy.
+ Credit markets remained resilient in a risk-on environment, supported by solid corporate
fundamentals and continued demand for income. Spreads tightened modestly, with high yield again leading within fixed income.
+/- Modestly higher interest rates resulted in a roughly flat return for long-duration fixed income.