Fixed Income (October)
+ The Federal Reserve continued to cut the Fed Funds rate in October, further reducing the target by 0.25%. Interest rate volatility ticked up during the month, but core fixed income posted a modest gain.
+ Despite a slight widening of credit spreads, high yield bonds were slightly positive in the month. Demand remains robust as all-in yields continue to be elevated.
+ Long duration bonds, which are more interest rate sensitive, benefited from the move lower in rates.