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Market Review & Outlook - Investment Grade: Taxable and Tax-Exempt Fixed Income

> Rising short-term rates dampened total returns in the investment grade-taxable market in the second quarter as the yield curve continued to flatten. A flatter curve does not mean that recession is imminent, though so-called “synchronized global growth” appears to be at an end.

> The tax-exempt municipal bond market continues to digest the effects of the new tax law as banks and insurance companies became active sellers, and the elimination of advance refundings resulted in diminished supply.

z - Cover Image: Market Review & Outlook - 2Q18 - Investment Grade: Taxable and Tax-Exempt Fixed Income