A volatile backdrop tied to the Iran conflict kept energy markets in focus and reinforced a higher-uncertainty tone across risk assets. Economic updates pointed to a jobs market that remains steady, inflation readings that are still not cooling meaningfully, and a growth picture that was revised from prior estimates. With next week’s FOMC meeting approaching, attention turns to how policymakers frame the inflation path and whether updated projections lean more restrictive than markets expect. In rates, repricing has favored a flatter curve and higher front-end yields, while in credit, demand has tilted toward higher-quality issuance with selectivity rising in lower-rated segments. Private credit headlines are being treated primarily as a liquidity story, underscoring the importance of structure and time horizon.

Speakers:

Brian Pietrangelo, Managing Director of Investment Strategy

George Mateyo, Chief Investment Officer

Rajeev Sharma, Head of Fixed Income

Stephen Hoedt, Head of Equities

01:32 — Three key data points: initial claims, CPI, delayed PCE, and GDP revision 

05:07 — Iran conflict, oil volatility, and why duration matters most 

14:58 — Fed dot plot stakes and yield curve flattening pressures 

17:24 — Heavy corporate issuance and preference for high-quality concessions 

20:05 — Private credit framed as liquidity risk, with selective opportunity

Additional Resources

National Call Replay: Navigating Noise, Finding Meaning: A Conversation with Brian Portnoy, PhD, CFA

Read: Key Questions: How Will Tariffs Impact My Financial Plan?

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