Fixed Income (March)
+/- Interest rates were volatile during the month as markets digested growing concerns about the economic backdrop and the outlook for inflation. The core fixed income market produced a flat return.
High yield lagged as credit spreads widened and the outlook for corporate earnings softened.
Breakeven inflation levels rose during the month and TIPS were positive. Tariffs were front and center as investors grappled with the potential impact they will have on prices and inflation.
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