Fixed Income Outlook 2Q25

KEY TAKEAWAYS:

1. Fixed income markets were aided by falling yields over the
   quarter, as investors flocked to bonds given the uncertain market outlook.
2. While credit spreads moved wider over the quarter, they remain narrow by historical standards and we do not believe this is the right time to add additional exposure.
3. We expect continued volatility in the bond market as the lack of fiscal policy stability may drive unpredictable moves in interest rates and corporate bond spreads
4. We continue to believe that our clients are best served by our focus on building high-quality portfolios that provide liquidity and strive for long-term principal protection.