Bond yields are above 15-year medians, but market volatility is increasing. 40% of fixed income flows are moving to Active ETFs. Passive bond investing is a "blunt instrument" in a volatile rate environment. Active managers can navigate credit spreads and duration shifts (anticipating two rate cuts this year) better than rigid indexes. LONG. Capture high yields while using active management to mitigate volatility risks. Inflation resurgence forcing the Fed to hold or raise rates.