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 tomgraff@brownadvisory.com.Collapse

My reaction to the Fed release, the SEP and Yellen's presser.

Unemployment vs. Wage Growth Real Money Pro($)

As one goes down, will the other go up?
Keep an eye on the Fed's path of rate moves.
Signs indicate more than one rate hike this year.
The 'dot plot' points to two, maybe three hikes in 2015.
Yellen needs to emphasize that the paths for hikes are varied.
Credit is trying to price rate hike effect on recession odds.
A rate increase in June is closer now.
And how you need to think in order to capitalize.
Here are 3 reasons it's almost irrelevant.

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