In this edition, our Co-CIOs share their perspectives on the latest market developments, what's driving yields, and where we see opportunities ahead.

• What pushed long-term Treasury yields above their 2007 highs, and why the Fed is only part of the story

• Why a hard September for munis created a better entry point

• How we're using the weakness, not hiding from it: buying yield, targeting the curve's sweet spot and putting losses to work

• Quality carry, not beta carry: why high-quality taxable bonds yielding above 5% beat stretching for credit with spreads near decade tights

*The contents of this commentary are intended for educational purposes only and are not intended to be relied upon as a forecast, research or investment advice, nor should it be considered a recommendation, offer, or solicitation for the purchase or sale of any security or to adopt a specific investment strategy. All opinions expressed in this commentary are subject to change without notice. Nothing in this commentary should be considered tax or legal advice and investors should contact their tax professional for information regarding their tax situation. Please refer to the Disclosures link below for additional information.

https://www.bellehaven.com/disclosures

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