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

As inflation slows down, members debate significance of lower unemployment.
In the unlikely event of open conflict, here are principles for addressing the situation.
Unfortunately, for trading we are stuck in a holding pattern waiting for more definitive news.
Is a December rate hike now more or less likely?
Right now, waiting for the junk bond market to back up a bit before buying might be a losing strategy.
Right now, waiting for the junk bond market to back up a bit before buying might be a losing strategy.
But at the Fed, they must be scratching their heads right now.

Inside the Latest Fed Minutes Real Money Pro($)

It seems the central bank is nervous about unemployment being this low and trending lower.
If Yellen speeds up, Draghi slows down.
If the Fed keeps hiking, it will damage valuations, economic growth or both.


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