Investment Grade Bonds Show Dispersion Amidst Strong Inflows

“There's absolutely winners and losers, And I think the two things that people should be focused on are number one, the fundamental. So we're moving away from last week, which was an economic heavy week if you had Tier one data and you had a lot of FED speak, a lot of focus on WASH. This week, we're moving solidly into earning season. We're in the FED blackout period, so don't expect any FED commentary. We've got a lot of earnings this week and next week. And I think the two drivers are the fundamentals. Investors are looking at what are the earnings, what are the returns going to be from these investments that companies are making. And then the second is the supply side.”

“The market's healthy. I think there's a little bit of indigestion. You look at some of this issuance. We had nine issues that are greater than twenty billion dollars each this year. That's a big deal. You know, go back last year there was one of those. So the market's got a process.”

“Twelve consecutive weeks of inflows into the investment grade corporate bond market, and I agree with you, the market's healthy.”

“Steady inflows into our mutual funds, into our ETFs or ETFs in particular. We've also seen strong inflows from our into our institutional accounts. There's strong demand for fixed income here. And I think the answer pol is people like the yields here. You know, north of five and a quarter in investment grade high sixes low sevens for high yield bonds. You can get attractive yields and securitize credit as well. So I think investors are back to realizing there's yield and fixed income and that that's what drives the inflows.”