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.