Basis Points

Private credit has surged in popularity, but how does it stack up against public credit heading into 2025? This week on Basis Points, Kevin Flanagan leads a discussion with Morgan Stanley’s Vishwanath Tirupattur to break down the competitive landscape, expected returns, and why both markets are carving out distinct roles in investor portfolios.

Basis point: 1/100th of 1 percent.

The U.S. labor market is proving more resilient than expected, with job growth on the rise just months after the Fed’s first rate cut. This week on Basis Points, Kevin Flanagan breaks down why this shift raises the bar for future easing and what it means for fixed income investors.
Basis point:1/100th of 1 percent.

For the first time since September, the Federal Reserve kept rates unchanged at the January FOMC meeting, holding the Fed Funds target range at 4.25%–4.50%. But is this pause a step toward more rate cuts or the beginning of a more cautious approach? This week on the Basis Points podcast, Kevin Flanagan shares the key takeaways from the January meeting, the Fed’s recalibrated stance and why the definition of a “neutral” rate remains a moving target.

Basis Point: 1/100th of a percent.

U.S. corporate bonds are currently exhibiting historically tight spreads, with investment-grade and high-yield spreads at +80bp and +270bp, respectively, levels not seen since 1998 and 2007. Despite potential headwinds like tight spreads and increased supply, this week on Basis Points, Kevin Flanagan covers why elevated yield levels and supportive macroeconomic conditions suggest a neutral outlook for U.S. corporates in fixed-income portfolios. 

Basis point: 1/100th of 1 percent. 

Could the U.S. Treasury 10-Year yields break the 5% threshold in 2025? This week on Basis Points, Kevin Flanagan explains why a modest U.S. economic outlook, bumpy inflation progress and historical trends suggest a trading range of 4%–5% in 2025.

Basis point: 1/100th of 1 percent.

As expected, the Fed delivered a 25-basis point rate cut at the December FOMC meeting, but what comes next is far from clear. This week on the Basis Points, Kevin Flanagan discusses why future rate moves depend on shifting economic signals and why the Fed’s definition of “neutral” may be evolving.

Basis point: 1/100th of 1 percent.

With U.S. interest rates back to “normal” levels, fixed income investors face a landscape many haven’t seen in years. This week on the Basis Points podcast, Kevin Flanagan is joined by Jim Bianco, President of Bianco Research to cover how blending active and passive bond strategies — now more accessible through ETFs — may help navigate this evolving environment.

Basis point: 1/100th of 1 percent.

Bianco Research Fixed-Income Total Return Index: seeks to outperform a comparable baseline neutral portfolio of fixed income securities.

Treasury Floating Rate Notes provide income without taking on duration risk—a key advantage while the 3-month/10-year Treasury yield curve remains inverted. This week on the Basis Points podcast, Kevin Flanagan explores how the WisdomTree Floating Rate Treasury Fund (USFR) could fit within an active/passive core fixed income portfolio.

Basis point: 1/100th of 1 percent.