Unpacking the Bond Market with Warren Pierson on MoneyLife
In a recent conversation on the MoneyLife podcast, Warren Pierson, CFA, shared his thoughts with Chuck Jaffe about the state of the bond market and when investors may see growth opportunities despite challenging conditions in the current market.
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Fixed income is generally considered to be a more conservative investment than stocks, but bonds and other fixed income investments still carry a variety of risk such as interest rate risk, regulatory risk, credit risk, inflation risk, call risk, default risk, political risk, tax policy risk and liquidity risk. In a rising interest rate environment, the value of fixed-income securities generally decline and conversely, in a falling interest rate environment, the value of fixed income securities generally increase. Municipal securities investments are not appropriate for all investors, especially those taxed at lower rates. Ratings are measured on a scale that ranges from AAA or Aaa (highest) to D or C (lowest). Investment grade investments are those rated from highest down to BBB- or Baa3.