Credit markets have been remarkably steady this year and enter Q4 on solid footing. This tight spread environment presents challenges, but the largest risks we see lie outside credit markets.

Amid evolving Fed policies, our chart looks at the Barclays Agg’s declining returns over time.

Return to office and its impact on commercial real estate investors.

Inflation has skyrocketed in Q3 while benchmark yields have moved lower. Yet these dynamics are not as inconsistent as they currently appear, and persistent inflation and low interest rates could continue well into 2022.

Treasury rates are increasingly divorced from inflation expectations. Our chart looks at the divide and what it means for fixed income investors.

With traditional measures of equity valuations near historic highs, we introduce free cash flow as an alternative basis for valuation.

Treasury rates remain notably disconnected from economic growth expectations. Our chart looks at the divide, why portfolio flexibility remains key.