Baird Asset Management
The latest research and outlooks in the ProAllocate library
- Fixed Income
October 2026 Municipal Market Comments
Robert W. Baird reports tax-exempt municipal yields fell sharply in October as Treasury rallies and lighter issuance improved technicals, while fund inflows continued and the curve steepened. The firm also argues state and local borrowing has lagged economic growth, leaving long-term infrastructure needs underfunded.
- Fixed Income
October 2026 Bond Market Comments
Treasury yields fell across the curve in October on weak payrolls and AI-capex jitters, while the Fed held rates 10-2 and signalled a shift to fewer policy meetings from 2027. Investment-grade corporate spreads widened to multi-month highs as AI-related debt issuance, including Microsoft's first bond sale since 2017, pressured Communications and Technology credit.
- Fixed Income
Senior Portfolio Managers Deliver Baird Bond Market Outlook
Baird's Warren Pierson argues that rising nominal and real yields have created the most attractive fixed income opportunities in years, with investment grade corporates and municipal bonds offering compelling risk-adjusted value versus equities.
- Equities
Q3 2026 International & Global Funds Market Commentary
Chautauqua Capital Management says its global equity funds outperformed in Q3 as market leadership broadened beyond AI infrastructure names into health care, software and Greater China holdings. The firm trimmed AI infrastructure exposure, adding to high-conviction names like Constellation Software, Adyen and Linde amid persistent inflation and rate hikes.
- Fixed Income
September 2026 Bond Market Comments
Baird reports Treasury yields jumped sharply in Q3 2025, led by a September surge tied to oil prices, tariff-driven inflation and a resilient labor market, despite a Fed rate move. The Bloomberg Aggregate Index posted its seventh-weakest quarterly return on record as corporate, mortgage and high-yield spreads widened.
- Fixed Income
September 2026 Municipal Market Comments
Robert W. Baird reports municipal yields rose sharply and the curve flattened in Q3 as Fed tightening and Treasury selloffs drove underperformance, even as record issuance met strong fund inflows. Separately, it warns declining enrollment, cost pressures and property tax relief measures are straining school district credit quality, though ratings remain solid.
- Fixed Income
August 2026 Bond Market Comments
Robert W. Baird reports the Treasury curve flattened in August as deficit concerns, rising debt and Fed Chair Warsh's hawkish Jackson Hole remarks outweighed soft payrolls and cooling inflation. IG spreads held steady amid record August corporate issuance while the Agg Index posted modest positive total returns.
- Fixed Income
August 2026 Municipal Market Comments
Municipal bond yield curves steepened sharply in August as short rates fell and long rates rose, boosting roll-down opportunities even as record issuance met strong fund inflows. Robert W. Baird & Co. argues the market retains ample capacity to finance rising infrastructure and climate-resilience borrowing.
- Fixed Income
July 2026 Bond Market Comments
Treasury yields surged in July, with the 10yr hitting an 18-month high of 4.74%, as the Fed held rates steady despite above-target inflation, oil-price volatility and deficit concerns. IG corporate spreads widened on record AI-related issuance while Agency RMBS and corporates posted negative excess returns.