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Markets were rattled by tariff announcements in early April. Here are three takeaways for investors considering preferred securities, investment-grade and high-yield corporate bonds.

The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.

Retail sales surged as consumers seemingly bought ahead of tariffs while a volatile stock market experienced a sharp mid-week sell-off.

While the April 2 tariff announcements were more severe than anticipated, Vanguard’s active fixed income managers were well-prepared for the subsequent market reaction.

Rapid U.S. policy changes pose challenges for investors accustomed to a global financial system anchored in U.S. markets and assets.

If I had a dollar for every time I heard or read the word recession in the last week, well, I’d have enough not to be financially worried about one. Add a dollar for every mention of tariffs and I’d be comfortably flushed with cash.

One day doesn’t make a trend, but wary small-caps investors may find some comfort in knowing the Russell 2000 Index jumped 8.50% on Wednesday

The month of April will unfortunately go down in financial market folklore as being one of the more noteworthy on record.

In this article, we examine everything from the yield curve to CAPE ratios to gain a sense of where we are, and where we might be headed next.

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While we continue to feel the U.S. has structural investment advantages, we are mindful that the scope of the current administration's policy shifts may present challenges to our sustained economic momentum.

2025 has marked a striking reversal, with European stocks delivering exceptional returns that have handily surpassed US market performance.

Markets have had a wild ride these past couple of weeks, alongside chaotic tariff-related news, with volatility (and its policy triggers) most elevated in the bond market.

Commodity markets face uncertainty from tariffs, global growth risks and geopolitics, but may show resilience. Tight supply and global stimulus support a constructive long-term outlook.

Swap spreads measure the difference between the interest rate on a swap and the yield on a Treasury bond with the same maturity.

You probably noticed we are having one of those “weeks when decades happen.” Notice also, however, that we are still here. Your investments and businesses may be bruised but you’re still in the game.

Last week’s data can be summarized by a volatile market reacting to tariff news and a backwards-looking inflation reprieve.

After starting the year on a high note with the S&P 500 index of U.S. Large Cap stocks posting an all-time high on February 19th, equities retreated during the second half of the quarter, officially falling into correction territory (down 10 percent) on March 13.

On 9 April, President Donald Trump announced a 90-day pause on the higher “add-on” reciprocal tariffs on 50-plus countries that had been announced the previous week, precipitating a historic equity market rally and showing that there was seemingly a limit to how far he would go to move forward with his trade agenda.

Spending cuts, tariffs and recession risk—Jan van Eck’s latest outlook breaks down what to watch and why he’s focused on gold, bitcoin, semiconductors and India.

Bonds have gained as investors sought shelter amid growing fears around a tariff-driven global economic slowdown.

On 2 April, the Trump administration announced sweeping tariffs that were more aggressive than many had expected. Then on 9 April, the administration announced a 90-day pause on most of the new country-specific “reciprocal tariffs.”

Concerns about a trade war have rattled markets so far in 2025, but we believe fixed income investors need to be patient, stay defensive, and see how things evolve before making any big decisions.

Markets were jolted last week after President Trump announced sweeping tariffs, including steep increases on China, Japan, and the EU, leading to a 10.5% drop in the S&P 500 over two days—an event seen only during major crises in the past 75 years.

Callable bonds make up a large share of the bond market—and introduce one more variable into the bond-investing process.

An enduring image from 2024 will be the capture of the SpaceX booster rocket by the Mechazilla robot arms on its return to Earth.

While there are no absolute winners in a trade war, there may be relative winners in the global stock market for investors to consider.

Lost in the focus on the bludgeoning that tariff policy has had on equity markets, is the impact on global currencies. From the end of February through April 3rd, the U.S. Dollar is down 5.1% relative to other developed market currencies (DXY). In addition, we’ve also seen a violent unwinding of the popular currency carry trade.

We’re adjusting our stance in response to rising risk while maintaining a disciplined view on long-term strategy.

The recent market drawdown highlights risks of a concentrated S&P 500—and the case for diversification now.

The markets face a challenging path as tariff policies intensify economic uncertainty, yet opportunities persist for discerning investors.

Global markets are in freefall in response to President Donald Trump’s universal 10% tariff on all goods being imported into the U.S., with as many as 60 countries facing “reciprocal” tariffs on top of that.

The tariff chaos continues … but the economy remains intact. For now.

In the report, Fixed Income Portfolio Managers John Lloyd and Greg Wilensky discuss how fixed income markets are responding to Trump’s sweeping tariffs and the implications for investors.

We’d like to discuss our three worst-performing securities in the US portfolio to help our investors understand why we are sitting on our hands and allowing our discipline to proceed.

In the report, Fixed income portfolio managers Brent Olson and Tim Winstone reflect on the initial credit market response to President Trump’s tariffs.

The combination of slowing economic growth and stubborn inflation, combined with uncertainty about U.S. tariff policy, is keeping investors cautious.

To summarize the market action of March of 2025: U.S. stocks (SPX) did poorly, international stocks (especially Europe, VGK) did well in dollar terms, and gold (IAU) did spectacularly well. The main culprit appears to market concerns about the Trump administration’s tariff policies.

Active ETFs just topped the $1 trillion threshold, making up nearly 10% of the total ETF pie. Enhanced yield is the name of the game.

Compensation dynamics are commanding investor attention once more. For the first time in decades, Japan's pay increases—finalized at +5.46% in this year's shunto negotiations—have notably exceeded compensation growth rates in the United States.

The tariffs that the U.S. is imposing on its trading partners will bring about several costs that are important for investors to understand. Some of those costs are inherent to what a tariff is, while others stem from the fact that U.S. industrial policy has, and looks to continue to have, a huge amount of uncertainty associated with it.

Investors face new challenges as their wealth grows. So it’s a good thing that direct indexing is designed to fit their allocations just the way they are.

An early-term recession, though difficult, can create strategic opportunities to push a bold and transformative agenda forward.

Investors often debate the merits of value versus growth investing, but when it comes to developed international equities, the conversation isn't static; it moves in cycles.

The world has entered a period of geopolitical uncertainty, with the U.S. now at the center of the storm.

Fixed income investors can opt for corporate bonds to maximize yield opportunities without sacrificing too much credit risk.

Amid a market correction and heightened policy, inflation and growth concerns, valuations are back in the spotlight.

Dr. David Kelly, chief global market strategist, J.P. Morgan Asset Management, provided insight on current opportunities at Exchange.

CNBC Senior Markets Correspondent Bob Pisani and Research Affiliates Founder and Chairman Rob Arnott talked value at Exchange.

Last week's economic reports painted a stark picture of rising inflationary pressures and plummeting consumer confidence.