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

But tighter money may become a worry if the yield curve flattens further.
Potential reform of the Volcker Rule won't revitalize the bond market.
Auctions can provide important information about bond demand, yields and where things are headed.
So how tight is the economy, and what are the consequences as it get tighter?
Tricky crosswinds facing the central bank will have major implications on the markets.
Many people have the wrong impression about the relationship between interest rates and stocks, which could lead to trading mistakes.
If rates rise and earnings stall, that will be a problem for equities.

Is Unemployment Too Low? Real Money Pro($)

The Fed will keep raising short-term rates, but longer term yields are likely to fall.
The minutes of the latest Fed meeting show remarkable uniformity among FOMC members.
The narrative that the job market was reaccelerating now seems off base.


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