The Bond Investing Podcast with Fexingo: Treasuries, Corporate Bonds, and Fixed Income Strategy

Lucas and Luna break down a surprising trend in fixed income: corporate bond ETFs are outperforming individual corporate bonds on a risk-adjusted basis this year. With the Fed funds rate stuck at 3.63% and the 30-year yield flirting with 5%, investors are questioning which vehicle offers better liquidity, diversification, and total return. The hosts examine two real-world portfolios—one using the...

Lucas and Luna dive into a surprising shift in the bond market: the 3-month Treasury yield has climbed above the Fed funds rate, effectively making the 'floor' of the yield curve higher than the policy rate. They explain why this inversion matters for money market funds, bank lending, and the curve normalization trade. Using current data—the 3-month yield at 3.78% vs. the Fed funds rate at 3.62%—t...

Episode 27 of The Bond Investing Podcast with Fexingo dives into the narrowing 2-10 year Treasury spread, which has compressed to 42 basis points as of June 2026. Lucas and Luna explore why the slope itself may be a more actionable signal than the absolute level of yields. They discuss how the flattening curve is influencing portfolio duration decisions, the role of the Fed funds rate floor at 3.6...

The 30-year Treasury yield is flirting with 5 percent again, hitting 4.99 as of late May 2026. Lucas and Luna dig into why long-duration bonds are under pressure, what it signals about inflation expectations and fiscal policy, and how bond investors should position portfolios. They contrast the 30-year with the 2-year yield at 3.98, highlighting the steepening yield curve. The hosts also discuss t...

Lucas and Luna examine why Treasury Inflation-Protected Securities (TIPS) are outperforming nominal Treasuries in mid-2026, even as headline CPI moderates. They break down the mechanics of breakeven inflation rates, explain why the five-year TIPS yield has turned positive for the first time since 2019, and discuss how real yields are driving demand from pension funds and foreign investors. With th...

This week the 10-year Treasury yield dipped to 4.45 percent, down from 4.48, while the 30-year yield sits at 4.98 percent and the 2-year at 3.99. Lucas and Luna dig into what this flattening yield curve means for bond investors, focusing on whether the long end has found a ceiling. They unpack the role of foreign buyers, especially Japanese institutions, and how the shrinking yield premium over th...

Episode 23 of The Bond Investing Podcast with Fexingo dives into the 3-year Treasury yield, a maturity that often flies under the radar. Lucas and Luna explain why the 3-year has become a stealth signal for rate expectations, especially as the yield curve steepens and the Fed holds the funds rate flat. Using current data — with the 3-year at 3.88% and the 10-year at 4.45% — they show how this mid-...

Lucas and Luna dive into the often-overlooked 3-year Treasury yield, which has become a key signal for bond investors navigating the inverted yield curve in May 2026. With the 3-year yield at 3.99%—nearly matching the 2-year—and the 10-year at 4.45%, the episode explores how this part of the curve is flashing a subtle recession warning. They discuss why the 3-year's correlation with Fed rate expec...

With over $2.6 billion flowing into the NASA ETF in two months, bond ETF liquidity is under the microscope. Lucas and Luna explore how the ETF structure masks true liquidity risk in fixed income markets. Using the 10-year Treasury yield at 4.45% and the narrowing spread between investment-grade and high-yield ETFs, they explain why the bid-ask spread on a bond ETF can widen faster than you think....

In this episode of The Bond Investing Podcast, Lucas and Luna explore how the interest on reserve balances (IORB) rate is quietly shaping fixed-income strategy in May 2026. With the fed funds effective rate anchored at 3.64 percent and short-term Treasury yields hovering nearby, the hosts explain why this technical floor matters more than most retail investors realize. Drawing on current yield dat...

Episode 19 of The Bond Investing Podcast: Lucas and Luna explore a critical but often overlooked dimension of fixed income: market depth and liquidity. With the 10-year Treasury yield at 4.45% and the 30-year flirting with 5%, many investors are fixated on yield levels. But Lucas argues that a deeper bond market—measured by bid-ask spreads, order book size, and dealer capacity—can matter more for...

Lucas and Luna unpack a growing stress point in fixed-income markets: declining liquidity in corporate bond trading. With the 10-year Treasury at 4.45% and credit spreads tight, the ease of buying and selling bonds has quietly deteriorated. They examine what's behind the shift — from dealer balance sheet constraints to the rise of electronic trading — and how it's reshaping execution strategy for...

In this episode of The Bond Investing Podcast, Lucas and Luna explore how the Fed funds rate—currently at 3.64 percent—serves as the foundation for every bond yield from 3-month T-bills to 30-year Treasuries. With the 2-year yield at 4.00 percent and the 10-year at 4.48 percent, the spread between short and long rates tells a story about market expectations for monetary policy. The hosts break dow...

The 30-year Treasury yield hit 5.01 percent this week, its highest level since 2023. Lucas and Luna unpack what's driving long-duration bonds lower, how the steepening yield curve changes strategy for retirement portfolios, and why pension funds are shifting allocations. They discuss the role of foreign buyers, the Fed's hold on short rates, and whether the long bond is a buy or a trap right now....

Lucas and Luna dig into the bond market's most underrated signal right now: inflation breakevens. With the 10-year Treasury yield at 4.50 percent and the 30-year pushing above 5 percent, the gap between nominal yields and TIPS yields tells a story about what investors really expect from inflation over the next decade. Lucas brings data on how breakevens have moved in May 2026 and why the market is...

Episode 14 of The Bond Investing Podcast dives into how the rise of bond ETFs is changing the way institutional and retail investors trade fixed income. Lucas and Luna examine the liquidity shift from individual bonds to ETF baskets, using the recent rally in TLT and LQD as a case study. They discuss how ETF creation-redemption mechanisms are compressing bid-ask spreads and altering price discover...

The 2-year Treasury yield has been creeping up relative to the 10-year, and the spread has narrowed from 49 basis points to 43 basis points in just a few days. Lucas and Luna unpack why the short end of the curve has become the dominant signal for rate expectations, what the Fed's next move looks like, and how bond investors should adjust duration positioning. They also discuss the impact of a pot...

Episode 12 of The Bond Investing Podcast with Fexingo: Treasuries, Corporate Bonds, and Fixed Income Strategy. Lucas and Luna dig into a shift that's easy to overlook when everyone's watching the 10-year: the 3-month Treasury yield has crept up to 3.68 percent, the highest level since late 2023, while the rest of the curve has been rallying. They unpack what this means for money market funds, cash...

With the Fed holding rates steady at 3.64 percent but the market pricing potential cuts, bond investors face a classic dilemma: lock in yields now or stay flexible. In this episode, Lucas and Luna drill into floating rate notes — FRNs — as a middle path. They walk through how FRNs reset their coupon based on SOFR, why the 2-year Treasury yield rising to 4.08 percent while the 10-year stays flat cr...

Episode 10 of The Bond Investing Podcast looks at a quiet shift in the Treasury market that most retail investors miss: foreign official holdings are declining even as yields stay elevated. Lucas and Luna break down the latest data from the Treasury International Capital report, explain why Japan and China are selling different maturities for different reasons, and discuss what that means for the...

Episode 9 of The Bond Investing Podcast with Fexingo focuses on the surprising outperformance of short-duration bonds in the current yield curve environment. Lucas and Luna break down why the 2-year Treasury yield has climbed to 4.08% while the 10-year stays flat at 4.57%, and how investors can capture yield without taking on duration risk. With the yield spread narrowing from 0.49 to 0.43, the ho...

Episode 8 of The Bond Investing Podcast with Fexingo dives into one of the quietest but strongest moves in fixed income this year: municipal bonds are crushing investment-grade corporates on a risk-adjusted basis. Lucas and Luna break down the mechanics — tax-equivalent yields above 6% for top-bracket investors, supply constraints as states sit on surplus cash, and the surprising role of the APEC...

Investment-grade corporate bond yields have fallen faster than Treasuries this quarter, compressing credit spreads to near post-financial-crisis lows. Lucas and Luna examine why — and what happens next. They walk through the math: with the ten-year Treasury at 4.57 percent and the average investment-grade corporate bond yielding just 4.95 percent, the spread is around 38 basis points. That's histo...

With treasury yields elevated and the yield curve still inverted between the 2- and 10-year, bond investors are hunting for extra yield without taking on credit risk. In this episode, Lucas and Luna explore the quiet surge in agency mortgage-backed securities — a $7 trillion market that many retail investors overlook. They break down how the 10-year at 4.57% and the 2-year at 4.08% are making MBS...

With 10-year Treasury yields hovering near 4.57% and the 30-year at 5.10%, Lucas and Luna drill into how the 'risk-free' rate is pulling capital away from corporate bonds. They examine the widening spread between investment-grade corporates and Treasuries, using real-time data from May 21, 2026. Specific focus: why the 10-year yield's flat trajectory despite a steepening curve is creating a dilemm...