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Escalating geopolitical tensions drive uncertainty higher.
Spread sectors broadly outperformed Treasuries, with lower-rated segments showing particular strength.
While we’ve experienced unanticipated bumps on the final approach to the runway in the form of increased policy uncertainty and market volatility, today’s directional dynamics still point to the same or similar investment themes we saw at the start of the year.
Investing involves risk, including the loss of principal.
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