Fixed Income (September)
+ The FOMC reduced the Fed Funds Rate by 25 basis points in September, the first cut since
December 2024. Fixed income markets benefited from the declining rate environment and U.S. core bonds posted a positive return.
+ Demand for yield, favorable company fundamentals, and a resilient economic backdrop
provided support for markets and credit spreads tightened in the month.
+ A flattening yield curve and declining long rates propelled long-duration fixed income higher.