TCW Flexible Income ETF Q1 2025 Commentary

2025-06-09 09:53:00 ET

Review – Meet the New Boss

The most significant market event of the first quarter happened on April 2 (yes, you read that right), when the Trump administration announced its tariff plan. Investors were surprised by the reach and magnitude of the proposals, which disrupted previous market trends, particularly the growth narrative that had pushed stock markets to all-time highs in February. Instead, the announcement emphasized what had been a volatile end to the quarter, where the administration’s focus on changing the status quo and government efficiency took a toll on investor confidence and increased anxiety among businesses and households. The deteriorating outlook was evident in weaker survey data and lowered GDP expectations, along with a general market reassessment of risk. As investor sentiment worsened and caution increased, U.S. Treasury yields dropped across the curve, with the 5-Year yield falling by 43 basis points (bps), and the 10-Year and 30-Year yields decreasing by 37 and 21 bps, respectively....

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