"While the Fed continues to have access to various data sources, such as direct conversations with businesses in its local districts, the available picture of the economy's health was murkier than usual due to the government shutdown,†Thornburg portfolio manager and managing director Lon Erickson said in a recent market insight report. "Powell will likely downplay any impact, as market confidence in decision-making is important, but any mistake could trigger volatility.†Prior to the second rate cut, the F ...

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Core Insights - The JP Morgan Active Bond ETF (JBND) is an actively managed fixed income exchange-traded fund focused on the intermediate part of the yield curve [1] Group 1 - JBND typically invests in U.S. Treasuries, indicating a strategy centered on government debt securities [1]

Core Insights - AllianceBernstein Holding L.P. and AllianceBernstein L.P. launched two actively managed ETFs: AB New York Intermediate Municipal ETF (NYM) and AB Core Bond ETF (CORB) on the NYSE [1][2] - The launch of these ETFs is part of AllianceBernstein's strategy to expand its $2.5 billion suite of innovative investment solutions in the municipal market and to enhance its offerings in Active Taxable Fixed Income [2] Fund Details - NYM aims to provide safety of principal and maximize total return after considering federal, state, and local taxes for New York residents, while CORB seeks to provide safety of principal and a moderate to high rate of current income [7] - AllianceBernstein's Active Fixed Income ETFs have grown to over $5.5 billion, indicating strong demand for these investment products [2] Market Position - AllianceBernstein's municipal platform has seen its assets under management (AUM) grow from $35 billion in 2016 to over $83 billion as of August 31, 2025, showcasing the firm's expertise in the fixed income market [2][4] - The firm was recently awarded the Money Management Institute / Barron's 2025 Industry Award for Asset Manager of the Year in the Retail Advisory category, highlighting its commitment to delivering optimal outcomes for clients [2]

Core Insights - Fixed income ETFs experienced record inflows of $51 billion in October, indicating strong interest despite market uncertainty [1] - The U.S. Federal Reserve has implemented two rate cuts this year, with potential for another before year-end, prompting fixed income investors to consider active management strategies [2] - Active ETFs provide flexibility in uncertain markets, allowing investors to adapt to systematic risks such as changing interest rates [3] Active Management Advantages - Active portfolio managers can navigate the complexities of bond markets, adjusting portfolios to align with current market conditions [4] - Active funds serve as flexible, all-weather solutions, enabling tailored investment strategies to meet specific objectives [4] Investment Options - The Thornburg Core Plus Bond ETF (TPLS) is recommended for those seeking core exposure, offering more flexibility than passive index funds [6] - The Thornburg Multi Sector Bond ETF (TMB) is suggested for income diversification, combining active management to enhance income in a rate-cutting environment [7] Educational Resources - A recent webinar featuring Thornburg's Head of Fixed Income discussed the advantages of active ETFs in the context of lower interest rates [8]

Federal Reserve & Monetary Policy - The Federal Reserve is divided on the current state of the economy, leading to uncertainty about future policy decisions [1][2][6] - Market participants anticipate the Federal Reserve to cut rates, with expectations of a terminal rate slightly below 3% [3][20] - Some argue that current monetary policy is not restrictive and further rate cuts could contribute to inflation, especially hurting the lower-income portion of the K-shaped economy [11][12] - BlackRock expects CPI tariffs to be closer to 25% by the end of 2026, potentially allowing monetary policy to be less restrictive [15] Economic Indicators & Consumer Sentiment - U S consumer sentiment hit a three-year low, matching levels from June 2022, due to high prices and the government shutdown [1][5] - Challenger job cut data shows a significant spike in job losses in October, particularly in the tech and warehousing sectors, with the biggest number in the last seven months [4][9] - Alternative data sources, such as ADP for jobs and jobless claims, are being used to model the economy in the absence of official government data [18] Bond Market & Credit - Global bond sales have hit a record, with nearly $6 trillion in corporate and sovereign debt sold in 2025, driven by strong demand [1][30] - Alphabet raised $25 billion between Europe and the U S , with $175 billion in the U S market, contributing to a busy November for Wall Street [30] - Corporate bond spreads are considered complacent, and some suggest that corporate credit is not the best place to be in fixed income, recommending agency mortgage-backed securities, munis, or treasuries instead [26][27][28] - High-yield bond defaults are at a normal level of 1% to 2%, but there is a need for discipline in lending standards as supply outstrips demand [32][33]

Core Insights - The article discusses the increasing demand for bond ETFs, particularly those offered by BondBloxx, as investors seek stable income and diversification amid economic uncertainty and rising yields [6][10][18]. Company Overview - BondBloxx, based in California, manages over $6 billion across 27 ETFs, focusing on various fixed-income sectors including private credit, high-yield, and investment-grade corporate bonds [2][5]. - The firm aims to provide access to fixed-income markets that were previously limited to institutional investors, exemplified by the launch of the BondBloxx Private Credit CLO ETF, which has attracted approximately $172 million in assets since its introduction [3][13]. Market Trends - There is a notable shift in investor behavior, with a return to fixed income after years of low yields, driven by the need for portfolio stability and income generation [6][12]. - The fixed-income ETF market is expected to exceed $6 trillion by 2030, indicating significant growth potential for companies like BondBloxx [17]. Performance Highlights - BondBloxx's JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD) has seen a 10.6% increase, while the BB Rated USD High Yield Corporate Bond ETF (XBB) rose by 7.4% [10][11]. - The CCC Rated USD High Yield Corporate Bond ETF (XCCC) returned 6.8%, benefiting from a resilient U.S. economy and strong fundamentals [11]. Investment Strategies - Investors are increasingly utilizing BondBloxx's ETFs for income capture, diversification, and tax-aware strategies, moving beyond traditional municipal bonds to include taxable bonds [7][15]. - The firm emphasizes the importance of precision in fixed-income investments, allowing for more intentional portfolio construction [16]. Future Outlook - The outlook for the U.S. economy remains resilient, with fixed-income investments continuing to provide valuable income sources amid market volatility [18]. - The most compelling opportunities are identified in BBB- rated investment-grade corporates and BB- rated high-yield corporates, which offer strong fundamentals and attractive coupon income [19].

Economic Overview - The Trump economy is characterized by tax cuts, tariffs, and a shifting Federal Reserve interest-rate policy, with inflation at 2.9% in August 2025 and interest rates held at 4% to 4.25% [1] Investment Opportunities - **Gold**: Global demand for gold increased by 3% year over year in Q2 2025, reaching 1,249 tonnes, as it serves as a safe-haven asset that maintains purchasing power and hedges against inflation and currency fluctuations [3] - **Rural Opportunity Zone Funds**: Established under Trump's 2017 tax law, these funds offer tax incentives for investments in struggling communities, allowing capital gains to be deferred until 2026, with significant tax benefits for long-term holdings [4][5] - **Fixed Income**: U.S. Treasuries are viewed as risk-free investments backed by the federal government, making them appealing during market volatility [6]

Core Insights - Bonds are evolving beyond a safe haven, presenting opportunities for active investment strategies due to changing market conditions [1][2] - The Federal Reserve's recent interest rate cut to 3.75%-4% has created a more favorable environment for fixed income investments [1] - The 10-year Treasury Note yield has increased above 4%, having dropped nearly 2% in the past month and about 11% year-to-date [2] Fixed Income Opportunities - Emerging market debt is highlighted as a top-performing asset class within fixed income this year [2][3] - There is growing interest in private credit ETFs, which provide institutional-style yields with daily liquidity [3][4] - The company has launched a private credit ETF product and has another in registration, indicating a strategic focus on this segment [4]

Core Insights - The U.S. Federal Reserve has cut the federal funds rate by 25 basis points for the second time this year, providing fixed income investors with opportunities to adjust their portfolios [1] - The Fed has communicated its interest rate decisions clearly, leading markets to anticipate the rate cut, while acknowledging moderate economic expansion and elevated inflation [2][3] Economic Indicators - Economic activity is expanding at a moderate pace, with job gains slowing and a slight increase in the unemployment rate, which remains low [3] - Inflation has risen since earlier this year and remains somewhat elevated, prompting speculation about further rate cuts before 2026 [3] Investment Strategies - Investors are encouraged to consider repositioning fixed income portfolios in light of the current rate environment, with Vanguard offering various bond ETF options [4][5] - Vanguard's intermediate bond ETFs, such as BIV, VGIT, and VCIT, feature low expense ratios, making them attractive for investors [6][9] Active Management Options - Vanguard offers nine actively managed fixed income funds that can adapt to changing interest rates, allowing investors to avoid the stress of rate fluctuations [7] - For maximizing income in a declining rate environment, options like the Vanguard Core-Plus Bond ETF (VPLS) and the Vanguard High-Yield Active ETF (VGHY) are recommended [8]