Fixed Income Update

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Fourth Quarter 2018 Key Points

•  U.S. economic data remained firm, but signs of a potential slowdown in the U.S./global economy have been growing.
• The yield curve flattened, with the spread between 2 & 10-Year Treasurys reaching its lowest level in over a decade.
• The Federal Reserve delivered a muddled message and increased its target range by 25 basis points at the December Federal Open Market Committee meeting, and implied future rate hikes to come.