Corporate Credit

Astoria rounds up its 10 ETFs for 2025, providing unique thought leadership and actionable investment ideas.

Credit spreads are critical to understanding market sentiment and predicting potential stock market downturns.

You're interested in investing in municipal bonds, but which type—general obligation or revenue—is best for you? We break it down.

On whole, EM growth has been resilient, while inflation has fallen closer to normal levels.

For most of the last fifty years, fixed income investing has been characterized by owning some combination of Municipals, Corporates, Treasuries and Agency Mortgage-Backed Securities.

On the latest edition of Market Week in Review, Investment Strategist BeiChen Lin reviewed the latest inflation numbers from Canada.

For investors looking to get ahead of the greater bond market, Eaton Vance's Total Return Bond ETF can do the trick.

This week, at the North American Blockchain Summit in Dallas, Texas, I had the distinct privilege of moderating a fireside chat with former Canadian Prime Minister Stephen Harper.

Rick Raczkowski, PM, Relative Return Team, Loomis, Sayles & Company, discussed how the team views fixed income investing looking ahead.

Uncertainty ahead of the election may have resulted in lower corporate capex and M&A trends, but hope abounds that 2025 could bring about renewed animal spirits.

Many of the myths and controversies surrounding the equity risk premium (ERP) are rooted in semantics: The same term is used for multiple purposes.

Why the equity market rally following the U.S. presidential election could continue into year-end.

Vanguard has a pair of bond options if fixed income investors are looking to get active with their portfolio.

The inverse correlation between bonds and stocks has returned, broadening potential for risk-adjusted returns in multi-asset portfolios.

For most of the last fifty years, fixed income investing has been characterized by owning some combination of Municipals, Corporates, Treasuries and Agency Mortgage-Backed Securities which has worked well with periods of secular disinflation.

We seek to capitalize on today’s attractive yields while staying mindful of economic and market uncertainties.

Balancing credit risk with interest-rate risk in a dynamically managed portfolio can be an all-weather approach.

Change is the sum of fundamental trends, the gradual elimination of accumulated extremes, and the random arrival of new shocks.

Municipal bonds broke their winning streak in October, posting negative total returns alongside broader fixed income assets.

U.S. rate cuts of up to 200bps are anticipated by the end of 2025 but with significant further downside if recession risks materialize.

Emerging-market (EM) corporates have a track record of resilience across market cycles.

With a "Red Sweep" in Washington likely, markets are now pricing in a more aggressive policy agenda.

Today is Veterans Day. My father served in the army during the Vietnam War. He lives in Long Island, New York, and I am proud of his service.

In the report, Global Head of Fixed Income Jim Cielinski and Head of Global Short Duration Daniel Siluk believe navigating the change in rate regimes has grown more complicated for the Federal Reserve (Fed) as they must now consider the ramifications of Donald Trump’s proposed economic policies.

If we had to choose one indicator to watch over the next few months, it would be weekly initial jobless claims.

Investors have been married to their money market funds for the better part of the last two years.

Better than expected economic data drove interest rates higher, changing the market narrative and contributing to an equity market pullback early in the month. This unraveled expectations of further rate cuts by the Federal Reserve (Fed) and resulted in real rates moving higher. The 10-year Treasury has moved up 48 basis points, ending the month at 4.27%.

U.S. equity-market leadership reversed course during the third quarter of 2024, with small cap stocks outperforming their large cap counterparts and the value factor beating the growth factor.

Here we are, another calendar quarter down with one more to go in 2024, and investors have yet to see a “hard landing” emerge.

The most common questions we’ve been asked as the election approaches are generally about the Federal debt and deficits. Many investors worry about a looming “day of reckoning” for US debt. They fear the US’s fiscal imprudence will eventually force a sudden and dramatic repricing of US debt. In this insight, we explore the modern history of US debt to GDP across several Presidential administrations and outline why investors should not be worried about a financial apocalyptic abyss.

Although investing in in-state municipal bonds may have tax advantages, there can be good reasons to buy out-of-state munis.

Equities continued to climb in Q3, with fixed income remaining steady despite international conflicts, inflationary pressure, and election-related uncertainty in the United States.

Yields have risen from the dead since their recent lows in mid-September presenting investors with an opportunity that many were scared had disappeared following the FOMC’s 50 basis point rate cut at their last meeting.

Investment grade bonds have long been synonymous with a “core” fixed income allocation, but we believe a flexible strategy also belongs in most bond portfolios, as managers can adjust their exposure based on market conditions.

Despite recent headwinds from a strong U.S. dollar, EM local currency bonds present a compelling investment opportunity.

Normalization seems to be in its final stage, with the Fed expected to continue cutting rates.

An independent central bank supports better economic and market outcomes.

We don’t talk about China enough. I suspect this is for several reasons. First, because the country is so incomprehensibly big and populous. Second, it has been an economic miracle. Many Chinese enthusiasts just see a straight line projection of their growth. To the moon, Alice!

The Internal Revenue Service has announced new tax brackets for 2025, making now an ideal time to revisit the benefits of muni bond ETFs.

Financial markets moved higher yet again in the third quarter of 2024, and this time everyone joined in!

Many investors today use EM debt for the wrong reasons, manage it imprudently, or overlook the best parts.

The FOMC lowered the Fed Funds rate by 50 basis points at their September meeting. This was the first cut in over four years and the start of what is expected to be a multi-year easing cycle.

Agency bonds issued by government-sponsored enterprises can offer slightly higher yields than U.S. Treasury bonds, without requiring bondholders to take on too much additional risk.

The tendency to blindly follow these rules has led investors towards prematurely de-risking and over-estimating the likelihood of recession.

Markets changed character to broad-based optimism relating to the economy. The economic picture began to come into focus with inflation continuing to moderate as the economy maintains steady growth and employment. The result was a stark turnaround for economically integrated or interest rate sensitive assets, which resulted in a great quarter for diversified multi-asset portfolios. New Frontier sets a major milestone in Q4, marking 20 years of investing at the end of October.

One of most dangerous habits of a speculative crowd is the tendency to use unconditional averages and unconditional probabilities regardless of how extreme market conditions have become. This is like stepping into a house with two rooms, one with the temperature at 0 degrees and one at 140 degrees, and expecting a temperature of 70 either way.

Has the Federal Reserve achieved an economic "soft landing"? A resilient U.S. economy suggests it may have.

Global equity markets continued to rally throughout the third quarter, with strong positive stock performance from the U.S., international developed, and emerging markets. The two biggest narratives that have unfolded recently center on the U.S. and China.

Interest rates are falling but growth is holding up. Still, we see ways to proactively shore up private allocations.

For decades, a key component of many investors’ portfolios was a fixed income ladder. It was intended to provide ballast to the more volatile equity allocation and help reduce interest-rate risk.

Credit indices rallied during the third quarter, despite a variety of economic headwinds, and it appears FOMO (fear of missing out) is fueling the bullish sentiment more than fundamentals.

Quarterly recap: Fed rate cut and Chinese stimulus take the spotlight.

We have openly promoted increasing duration over the last several months. An increase may seem like an odd “wish” as it implies taking on greater price risk.