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

French election outcome calms some fears, but there are other reasons why rates have fallen.
French election outcome calms some fears, but there are other reasons why rates have fallen.

I Am a Bit Short on Duration Real Money Pro($)

I am sizing the trade to give me good staying power in case we do something irrational.
Treasury rates are likely headed lower in the near term.
The idea that perhaps March's very low employment reading is just statistical noise is boosted by two facts.
I don't see much scope for rates to keep falling without a meaningful change in Fed expectations.
Certainties have deteriorated amid GOP infighting and Russia issues.
Today's reaction reflects a common mistake traders make when analyzing the Fed.
Here's what this means for the Fed.
Every time the Fed hikes, we're one step closer to things 'breaking.'


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