◀ The Principal Blog

Posts from the ‘Fixed Income’ category

Where We See Value Along the Muni Curve



Against the backdrop of strong economic growth in the United States and a job market and wage growth that are continuing to rise at their fastest clip since 2008, the Federal Reserve (Fed) is well on the path to an interest rate hike in the second half of 2015. Consequently, with inflation running…

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Goodbye Beta, Hello Alpha: The Great Exaggeration of the Death of Actively Managed Fixed Income



Just like the phoenix in Greek mythology that rises from the ashes, the debate over active versus passive management has come back to life, based on the misperception that 2014 was rather a bad year for active management. In reality, only the fourth quarter was a bad quarter for active fixed income…

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