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ETF Edge on bond ETFs amid Iran War uncertainty and Fed's Warsh

Watch on YouTube ↗  |  June 23, 2026 at 19:58  |  22:12  |  CNBC
Speakers
Steve Laipply — Global Co-head of iShares Fixed Income ETFs, BlackRock
George Bory — Chief Investment Strategist of Fixed Income, Allspring Global Investments

Summary

The show discusses implications of new Fed Chair Kevin Warsh for bond markets amid Iran war uncertainty, with guests George Bory and Steve Laipply offering trade ideas including short-dated TIPS, multi-sector income ETFs, municipal bonds, global government bonds, and long-duration Treasuries.

  • New Fed Chair Warsh signals less forward guidance and data-dependence, creating uncertainty.
  • Market pricing in multiple rate hikes, but oil and inflation may ease, allowing Fed to hold.
  • Short-dated TIPS attractive if still worried about inflation given low break-evens.
  • BINC and multi-sector income strategies capture high yields with managed duration.
  • US front-end yield curve steep; extending duration captures higher real yields.
  • Tax-exempt munis offer value relative to taxable bonds.
  • Global developed government bonds provide diversification and attractive front-end yields.
  • Emerging market bonds benefit from favorable economic tailwinds.
  • Long-term Treasuries may rally if inflation fears recede and Fed credibility grows.
Ideas
Steve Laipply Global Co-head of iShares Fixed Income ETFs, BlackRock 6:38
Buy short-dated TIPS for cheap inflation hedge
Market-implied inflation has fallen sharply, making break-evens cheap; if still worried about inflation, it is a good time to buy short-dated TIPS as an inflation hedge.
Short-dated TIPS MED
George Bory Chief Investment Strategist of Fixed Income, Allspring Global Investments 7:24
Extend duration for higher real yields
The front end of the yield curve is steep due to priced Fed hikes; extending duration modestly captures much higher yields without going far out, and real yields are attractive.
Short-to-intermediate US Treasury bonds MED
George Bory Chief Investment Strategist of Fixed Income, Allspring Global Investments 8:35
Munis offer superior after-tax yields
Tax-exempt municipal bonds offer more yield on a tax-adjusted basis compared to taxable bonds, with less credit risk and strong technical support from a wide range of issuers.
Municipal bonds (tax-exempt) MED
Steve Laipply Global Co-head of iShares Fixed Income ETFs, BlackRock 10:24
BINC offers income with managed duration
BINC (BlackRock Flexible Income ETF) focuses on income per unit of duration, capturing attractive yields while managing duration risk, aligning with the sweet spot of getting more duration but still focusing on income.
BINC MED
George Bory Chief Investment Strategist of Fixed Income, Allspring Global Investments 11:36
Emerging market bonds still have tailwinds
Emerging economies have had a strong run with favorable tailwinds; adding EM bonds provides incremental portfolio benefit through diversification and extra yield.
Emerging market bonds LOW
George Bory Chief Investment Strategist of Fixed Income, Allspring Global Investments 12:50
Global developed bonds offer diversification and yield
International developed market government bonds have priced in more central bank tightening than may be delivered, especially from inflation-focused central banks; short-to-intermediate duration offers attractive yields and diversification from US rate cycles.
IGOV MED
Steve Laipply Global Co-head of iShares Fixed Income ETFs, BlackRock 15:35
European credit markets look attractive
European investment grade and high yield have proven attractive over time and offer diversification outside the US; investor interest in these areas is increasing.
IGE IHY LOW
Steve Laipply Global Co-head of iShares Fixed Income ETFs, BlackRock 20:08
Long duration bonds offer upside opportunity
Markets are overly focused on front-end rate hikes; if inflation fears ease and the Warsh Fed builds confidence, the long end could rally significantly, making it a risk not to have duration exposure further out.
Long-Term U.S. Treasury Bonds MED
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This CNBC video, published June 23, 2026, features Steve Laipply, George Bory discussing Short-dated TIPS, Short-to-intermediate US Treasury bonds, Municipal bonds (tax-exempt), BINC, Emerging market bonds, IGOV, IGE, IHY, Long-Term U.S. Treasury Bonds. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Steve Laipply, George Bory  · Tickers: Short-dated TIPS, Short-to-intermediate US Treasury bonds, Municipal bonds (tax-exempt), BINC, Emerging market bonds, IGOV, IGE, IHY, Long-Term U.S. Treasury Bonds