High-yield bond prices are trading in tight correlation with the price of oil. Recent extreme outperformance of high-yield, relative to the broad bond market, suggests caution moving forward.

Negative interest rate policies have had profound implications for bond investors thus far, but limited benefits for the economies intended to gain from them.

The combination of near record low yields and fair valuations, along with changing seasonal factors, sends mixed messages to municipal investors.

The Fed and inflation will be key themes to monitor in a coupon clipping environment where TIPS and high-yield bonds may add incremental value to bond portfolios.

Dealer inventories can affect the bond market, but less so than bond yields’ true drivers: economic growth, inflation, and Fed policy.

The Fed poses a potential threat to the recent improvement of lower-rated, more economically sensitive bond sectors, such as high-yield bonds and risk assets overall.