Alex Petrone Discusses Opportunities for Fixed Income on Bloomberg’s The Close
On Bloomberg’s The Close, Alex Petrone, Head of Fixed Income at Rockefeller Asset Management, discussed why fixed income continues to play a critical role in portfolios today. With equity valuations near record highs and a steepening yield curve, she sees renewed opportunities across sectors — particularly in municipal bonds. “Bonds have a lot of value today, particularly as equity valuations continue to climb,” she said.
Petrone pointed to high yield municipals, with tax-exempt yields offering a compelling entry point for long-term US tax-paying investors. She also addressed market uncertainty around Fed leadership, encouraging investors to look beyond short-term headlines and consider where dislocations may present opportunities to add value. Watch the full interview starting at 3:00.
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Source: Bloomberg. The data is based on the Bloomberg Municipal High Yield Index as of July 22, 2025. The 10% tax-equivalent yield is calculated using the 5.95% YTW, assuming highest national effective tax bracket of 40.8% (top 37% federal income rate + 3.8% Medicare surtax).
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Fixed Income Risks: Investments in fixed income securities are subject to credit, liquidity, prepayment, and interest rate risks, any of which may adversely impact the price of the security and result in a loss.
Municipal Securities Risks: The municipal market is volatile and can be significantly affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. Income from municipal bonds may be subject to state or local income tax and/or the federal alternative minimum tax
High-Yield Municipal Bond Risks: The municipal bond market is subject to certain risks, including interest-rate, credit, issuer, prepayment, liquidity, and tax risk. Interest-rate risk refers to the risk that when interest rates rise, there is a corresponding decline in bond values. Credit risk is the risk the issuer may default or be unable to make principal and interest payments. The ability to make interest or principal payments generally depends on the financial health of the municipality issuing the bond. The risk of a municipal bond obligation fluctuates depending on the financial health of the issuer, which may be more susceptible to credit risk during periods of economic stress. Non-investment grade debt securities (high-yield/junk bonds) may be subject to greater risk than higher-rated securities including greater risk of default or loss of principal.
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