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.Expand

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

It isn't great that average hourly earnings declined in November, nor is a drop in the labor force a healthy sign.
What economic policy under the incoming administration could mean, and how to play it.
Any decline in Treasury holdings likely would reveal a classic rotation, not a loss of confidence.
Stanley Fischer's speech suggests low risk of inflation overshooting.
Companies already have access to cheap funding -- and aren't investing.
Companies already have access to cheap funding -- and aren't investing.
Lower marginal tax rates don't kill the value of tax-exempt bonds.
The market is very confidently and violently trying to price in a set of outcomes that aren't congruent.

Have a Game Plan Post-Election Real Money Pro($)

Be prepared for volatility; make a plan and stick to it.
By far the most interesting part of this report is the big jump in wages.


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