Past performance is no guarantee of future results.

Views are as of the date above and are subject to change based on market conditions and other factors. These views should not be construed as a recommendation for any specific security or sector.

Investments are subject to risks and fluctuate in value. There is no guarantee that any investment approach will be successful.

Credit ratings of A or better are considered to be high credit quality; credit ratings of BBB are good credit quality and the lowest category of investment grade; credit ratings BB and below are lower-rated securities ("junk bonds"); and credit ratings of CCC or below have high default risk.

Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.

Diversification does not assure a profit nor protect against loss.

2s10s and 5s30s spread: The difference in yield between the 2-year and 10-year and the 5-year and 30-year Treasury bonds, respectively, is a measure of yield curve steepness.

Key rate duration (KRD) is a measure of a bond or bond portfolio's sensitivity to a 100-basis point – 1% – change in yield at a specific maturity point.

Effective Duration: A measure of a security’s price sensitivity to changes in interest rates. One of the methods of calculating the risk associated with interest rate changes on securities such as bonds.

Yield Curve: Graph showing the comparative yields of securities in a particular class according to maturity. Securities on the long end of the yield curve have longer maturities.

International investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards.

Prices of emerging markets securities can be significantly more volatile than the prices of securities in developed countries and currency risk and political risks are accentuated in emerging markets.

For additional information, including definitions of related terms and indexes, see the Financial Glossary and Benchmark Index Glossary. In addition, by accessing documents containing CUSIP information, you agree to the Terms of Use for CUSIP Information contained in the Financial Glossary.

Although the information provided on this website has been obtained from sources which Federated Hermes  believes to be reliable, it does not guarantee accuracy of such information and such information may be incomplete or condensed.

High-yield, lower-rated securities generally entail greater market, credit/default and liquidity risks and may be more volatile than investment-grade securities.

Bond credit ratings measure the risk that a security will default. Credit ratings of A or better are considered to be high credit quality; credit ratings of BBB are good credit quality and the lowest category of investment grade; credit ratings of BB and below are lower-rated securities; and credit ratings of CCC or below have high default risk.

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

Municipal bond income may be subject to the federal alternative minimum tax (AMT) and state and local taxes.

Federated Securities Corp.

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