Market Analysis by covering: US Dollar Japanese Yen, S&P 500, iShares Core U.S. Aggregate Bond ETF, ICE BofAML MOVE. Read 's Market Analysis on Investing.com ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：金石杂谈 12月22日消息，近期因为新财富榜单出炉而在朋友圈表达不满的知名固收分析师覃汉今日被传出停职。 不过，据每日经济新闻，浙商证券方面予以否认。 彼时，该分析师表示，本以为自己能拿到前三，谁知竟然是第五，今天哭了，最对不起的是女二，关键 还想了2小时的获奖感言。 还有他提到的翻空言论，彼时金石表示，他的三季度翻空应该是三季度对债市看空。虽然10月有所上 涨，三季度以来，债市确实持续阴跌，12月以来跌幅扩大。 就固收奖项来说，第一名华泰的张继强实至名归；第二名华西的刘郁也很知名，第三名是黄卫平，第四 名周冠男，第五名覃汉。 至于他的表述，引发争议：为了拉票，卖方观点不客观。不过，有业内人士解读为：因为有较大影响 力，怕转空，对客户影响较大，带了更大的损失。 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：宋雅芳 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：金 ...

Core Insights - Record demand and new launches have characterized a strong year for fixed income in 2025, with expectations for continued growth into 2026 as the Federal Reserve eases monetary policy [1] - The recent rate-cutting cycle suggests that investors should optimize their portfolios for income extraction, with active management being a key strategy [2] Active vs. Passive Management - Active ETFs provide flexibility compared to passive ETFs, allowing portfolio managers to adjust holdings based on market conditions, making them suitable for various investment objectives [3] - Active management is particularly beneficial in the complex bond market, enabling tailored strategies for core exposure and maximum income [3] Investment Options - Vanguard offers two core exposure options: the Vanguard Core-Plus Bond ETF (VPLS) and the Vanguard Core Tax-Exempt Bond ETF (VCRM), which provide diverse exposure to U.S. Treasuries, mortgage-backed securities, and municipal debt [4][5] - The Vanguard High-Yield Active ETF (VGHY) is introduced as a high-yield muni solution, allowing investors to access high yields without resorting to risky corporate bonds [6][7] Fund Characteristics - VGHY is noted for its active strategy in the high-yield muni market, addressing the complexities and risks associated with municipal bonds [7] - All mentioned active funds feature low expense ratios and are supported by the Vanguard Fixed Income Group, which has expertise in navigating bond markets [7]

Core Insights - The fixed income market is complex and influenced by various factors such as interest rate policy, tariffs, and geopolitical tensions, making active management essential [2] - MFS Investment Management utilizes the expertise of its portfolio managers to navigate the intricacies of the fixed income market [3] Active Management Approach - MFS employs a diverse range of fixed income solutions that focus on intentional and prudent risk budgeting and allocation [4] - The firm's structured approach involves intensive communication and information sharing among specialized portfolio management, research, and trading teams [5] Investment Options - MFS offers active alternatives in fixed income, notably the MFS Active Core Plus Bond ETF (MFSB) and the MFS Active Intermediate Muni Bond ETF (MFSM) [6] - MFSB employs a primarily investment-grade bond strategy that integrates macro, bottom-up, and technical perspectives for value addition [7] - MFSM focuses on exploiting inefficiencies in municipal credit markets through active sector, quality, and security selection, benefiting from federal tax-free income and strong fundamentals [8] Cost Efficiency - Both MFSB and MFSM feature cost-effective expense ratios of 34 basis points [9]

exactly what Rick Reer lives and breathes. He's Black Rockck's global allocation team head. He also has a side job as the global fixed income chief, too.He You're busy, man. I got to tell you, every day. >> What was your first reaction when you saw the CPI number.>> It's pretty good. I mean, you know, listen, have we solved inflation. No, we haven't solved inflation.We're closer to target. You know, it's also that number was a little funky today because we didn't get October. So, it was it was a little mess ...

Before when we were bringing you on uh we were talking to you about some of that delayed data that's coming up later today. The October November jobs report. The combination of that we're looking at potentially the estimate at least 50,000 jobs added unemployment ticking up to 4 and a.5% highest level since October of 2021.I want to ask you does that matter to the markets. Does it matter to the Fed when we know there's going to be a lot of twist and turns before that next Fed meeting. Well, there'll definit ...

Core Viewpoint - Fidelity's bond ETF lineup, while smaller than some competitors, offers strategic options for investors looking to capitalize on the improved bond market environment heading into 2026 [1][3]. Group 1: Bond Market Environment - The fixed income market has seen a resurgence, with yields of 4% or greater available across various points on the yield curve, and inflation is now contained, allowing for a more favorable investment climate [2]. - The bond market is recovering from a challenging period, including a poor performance in 2022, and is now positioned to be a more integral part of traditional asset allocation strategies [1][2]. Group 2: Fidelity's Bond ETFs - Fidelity currently offers 13 bond ETFs, providing a range of options for investors to navigate the current economic landscape [3]. - The Fidelity Total Bond ETF (FBND) provides broad exposure to the total bond market, including both investment-grade and junk bonds, with minimal exposure to non-investment-grade and non-U.S. bonds [5][6]. - The Fidelity Enhanced Yield ETF (FDHY) focuses on the junk bond sector, employing a factor-based approach to select bonds with optimal value and quality characteristics, which may benefit from a healthy U.S. economy and stable credit spreads [10][11]. - The Fidelity Tactical Bond ETF (FTBD) combines features of both FBND and FDHY, covering all areas of the fixed-income market while allowing for tactical rotation based on valuation and quality assessments [12][13]. Group 3: Future Outlook - The bond market in 2026 is expected to be influenced by various economic factors, including growth, inflation, and labor market conditions, making a strategic approach to fixed income essential [7]. - Active management in bond funds is anticipated to yield better results as central banks approach the end of their rate-cutting cycles, shifting the focus from yield capture to security selection [14].

Federal Reserve Policy & Economic Outlook - The Federal Reserve cut rates for the third consecutive time this year, despite growing dissent [1] - The Fed is committed to purchasing $40 billion of Treasury bills per month [1] - The base case is a hold on further rate cuts, contingent on weakening labor market or improved inflation [3] - Markets are predicting a different path than the Fed's dot plot, with expectations of rate cuts between 3% and 3.25% [5] - There is a risk of losing Fed independence, which could cause yields to rise [17] Inflation & Labor Market - Tariffs are estimated to contribute approximately 0.5 percentage points to inflation [9] - The Fed is facing a difficult balancing act with inflation above target and a weakening labor market [8] - The Fed has delivered 175 basis points of cuts [43] Credit Market Dynamics - High-grade bond sales cooled in December, with $4.7 billion sold, a quarter below the previous period [26] - December bond sales in high yield exceeded $20 billion, the busiest December since 2020 [26] - Investment grade supply is expected to grow year-over-year, reaching approximately $1.8 trillion to $1.9 trillion in 2026 [30] - Tech supply was up 75% and is expected to double, driven by hyperscalers' CAPEX expansion [32]

Is it a catalytic moment to look more broadly or invest more broadly. So again, the narrative has been so much has been confined to these seven stocks, so much it is confined to these hyperscalers this particular sector. Is this the moment in which people begin to look more seriously at some of the other sectors and companies that you've been alluding to here in Lisa pointing out in the last hour what we've seen in small caps, what we've seen the Russell 2000 over the last week, an indication to you that th ...

Is it a catalytic moment to look more broadly or invest more broadly. So again, the narrative has been so much has been confined to these seven stocks, so much it is confined to these hyperscalers this particular sector. Is this the moment in which people begin to look more seriously at some of the other sectors and companies that you've been alluding to here in Lisa pointing out in the last hour what we've seen in small caps, what we've seen the Russell 2000 over the last week, an indication to you that th ...