2015 3rd Quarter Fixed Income Comments

Alas, another quarter came and went without action by the Federal Reserve. Unfortunately, the Fed’s lack of movement was overshadowed by the mid-quarter devaluation of the Chinese yuan. The biggest event of the third quarter, the devaluation and subsequent market crash heightened fears of the already opaque Chinese economy. It became clear that the country’s growth targets were fiction, with predictable secondary effects on China’s major trading partners, especially in the emerging markets…