Tom Graff is a fixed income strategist for Brown Advisory, an independent investment advisory firm in Baltimore, Md. Graff is also the manager of the Brown Advisory Tactical Bond Fund (BATBX), a long/short fixed income fund.
Prior to joining Brown, Graff was a managing director and taxable fixed-income trader for Cavanaugh Capital Management in Baltimore. Graff earned a CFA charter in 2002.
The opinions expressed here are Graff's own and in no way the statements of Brown Advisory, and may or may not reflect the strategies being pursued for clients of Brown Advisory.
Graff welcomes your questions and can be reached at firstname.lastname@example.org.
Why? Among other things, a full-blown EU breakup is off the table.
FOMC projections also allow us to do some interesting scenario analysis.
Contagion in Europe seems unlikely and Bernanke is compelled to be dovish.
If inflation picks up, then all bets are off.
If overseas buying falters today, then the bear trend will be firmly established.
Here are some of my observations and suggestions for how to play it.
Curve steepeners are the cheaper way to play long-term inflation risk.
We go beneath the headline economic data to separate reality from projection.