Negative Real Yields and Buoyant Equities Send Mixed Signals

Relative to Covid-19, a possible Middle East conflict with Iran at the beginning of the year was met with little fanfare by Treasury markets. The 10-year Treasury yield held steady in the 1.80-1.90% range as the prospect for war was overshadowed by the signing of the...

Underweight Food and Beverage Credit

This comes after a year of extremely negative returns of -4.45% compared to -2.81% for index eligible industrials with spread widening in longer duration bonds contributing to the majority of the underperformance.