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

The Fed is probably paying more attention to wage growth than anything else in this report.
2019 is likely to be a rough year for stocks.
2019 is likely to be a rough year for stocks.
Where China needs to defend the renminbi from falling too far.

Powell Charts the Fed's Course Real Money Pro($)

Testimony this week from Federal Reserve Chairman Jerome Powell indicates he's plowing forward with rate hikes.
Tom Graff dives into China's use of currency manipulation to push the balance in its favor.
The central bank is in a new phase of monetary policy, but the market doesn't quite realize it yet.
It likely would defend against higher inflation, even if that meant exacerbating a weakened economy.
If money's already tight, long-term rates may have already peaked.
If this trend continues, the Fed's reaction function will come into play.


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